GDP in the second quarter may fall below 4.5%, the central bank quietly changed its tune; it takes 17 units of capital to generate 1 unit of GDP, bank interest margins are only 1.2%, land finance has evaporated two-thirds in five years, and the whole nation is queuing up to repay loans. Interest rate and RRR cuts in the third quarter are not easing, but a clearance sale of the toolbox.