China is one of biggest debt bubbles in the world, so why haven't we seen a credit crisis yet? Brian McCarthy, chief strategist at Macrolens, makes his Real Vision debut to dissect the structure of the Chinese banking system and to examine the probabilities of a full-blown financial meltdown. McCarthy walks through why he believes Chinese economic growth will continue to deteriorate and explains the dollar shortage through Mundell's framework of the impossible trinity. He then argues that China is on a path towards self-decoupling from the rest of the world, similar to that of North Korea. He notes why the Chinese Yuan will continue to weaken and considers the near-term ramifications from Hong Kong and the trade war. Filmed on November 13, 2019.