Marc Faber : people that made money in China are the locals

Marc Faber  : " whenever you have proliferation of fraud on a massive scale as we've sen now with Chinese companies it's a very very clear symptom of a bubble of a mania and of course you have more Chinese fraud companies in the US because the public does not know anything about China , secondly here in Hong Kong the regulators are also relatively relaxed but if you cheat Hong Kong Chinese you have to watch your kneecaps may be you do not have your kneecaps anymore , so I think that people are very careful in cheating Honk Kong people , plus the Hong Kong public is not totally stupid like in the US , people go and buy anything they buy anything , anything here in China is good , growing , China will be the biggest economy , it is already in many sectors the biggest economy but it does not lead necessarily to making money , in the 19th century in America you had canal boom railroad boom foreigners were always taken to the cleaners repeatedly , in China the people that had made money are the locals , the people that make money here in Asia mostly are the locals there are some foreigners that have made money but by in large it is a local story - in Bloomberg TV 23 June 2011