As we noted last night, Soros warned the "parabolic" rise in credit  is very worrisome, and "eerily reminiscent of US in 2007-8," specifically adding that "most of the money that banks are supplying is needed to keep bad debts and loss-making enterprises alive." Soros' full discussion can be found below...

"Most of the damage occurred in later years," he said according to Bloomberg, referring to the spurt in US growth before the crash.

Simply put - as we highlighted with the shenanigans in the steel industry - China is attempting reflate its economy once again by reviving zombies who have now died twice. This can only end badly, and Soros was not alone in his opinions...