From CounterPunch
''China is preparing to launch a program that will create the same complex debt-instruments that triggered the global financial crisis in 2008. The pilot program will allow banks to convert pools of loans into securities via off-balance sheet securities firms called Special Purpose Vehicles (SPV) or Structured Investment Vehicles (SIV). The process, which is called securitization, helps banks to circumvent capital requirements by hiding debt on off their books, thus, allowing them to increase leverage by many orders of magnitude. Securitization turbo-charges credit expansion while concealing the risks from shareholders, investors and depositors.''
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