Chanos Sees `Overheating and Overindulgence' in China 

All those who have spent late hours playing SimCity 3000 and never understood why the damn thing would never get any people to move into it, will derive a deranged pleasure from the following clip. In China, where 8% GDP is guaranteed and has to be "goal seeked" by any and every increasingly more deranged economic project, the authorities have taken the game of SimCity and applied it to real life. Alas, they started out on "difficult" level

Read the whole article over here at Zero Hedge

Air pollution in Beijing will not significantly improve before next year's Olympic Games, a United Nations report suggests. In some cases, pollution is said to be more than three times the safe limits set by the World Health Organization. The report seems to contradict claims from Olympic officials that air quality will not be a problem. International Olympic Committee President Jacques Rogge said events may be postponed if pollution was too bad.