Citi's Chief Economist Says China Is 'Financially Out of Control'

Willem Buiter, Citigroup chief economist, sees a storm brewing in China. This week, he estimated that there is a 55 percent chance of a made-in-China global recession in the not too distant future, which he defines as a period of sub-2 percent global growth. Without a massive, consumer-focused stimulus plan, he argues, Chinese growth will slip below 4 percent. This would constitute a recession for the world's second-largest economy, according to Buiter, and the rest of the world wouldn't be insulated from the slowdown. Read more