In 2006, during my second of many trips to China, I had the chance to have dinner with a banker in Beijing. A quintessential 洋鬼子, I was stunned to learn at the time that many of the loans being underwritten were based on valueless collateral and I expected the correction and liquidation of the century to occur any day. Almost 13 years later and I am still waiting for the correction. I know its coming, and I know it will be epic, but I can't tell you when. I view recent disappearances in China and various crackdowns on dissent as indicators the time is near.