Lawrence Person: Remember the bank runs in China story after all those bank accounts in Hunan were frozen? I’ve been looking for signs of wider contagion amidst the Chinese banking sector, and mostly haven’t seen it. But I have seen a lot of other cracks appear in China’s overall economic system, so here’s a roundup.
@ 1 minute in the video, “Some discontentment brewing” lol…
Steven K Bannon was speaking of this today, while I slowly slurped my too hot coffee. One of the finest cups of coffee I’ve had in awhile.
Taiwan still on medium high alert? imbeciles in Washington and Ottawa still thinking “this will never happen here”..
You got the imbeciles in Washington and Ottawa right.
China Insights YouTube channel has the best China news. New about the stuff described here months ago. Lots and lots of stuff never reported on our useless msm.
Great article. Thanks for posting.
Where were those stories on flooding and Three Gorges dam collapse from a yr or so back? Talk about Chinese collapses.
I am very sceptical too. I remember all the stories from the usual conservative sources that predicted a major dam collapse. And then nothing.
It’s not “usual conservative sources” that predicted problems with Three Gorges. And to say so indicates you don’t really know what you are talking about.
Great article!
One aspect that wasn’t clarified regards Chinese mortgages. Apparently in China you don’t put up a deposit for a condo/apartment the builder promises (cough) to build . You sign up for a full blown mortgage , which the builder uses the payments to finance the project … how charming.
This is what has fueled a lot of anger , if the builder defaults , the buyer is left holding a mortgage for a property that doesn’t exist!
Brian
Prefab selling is quite common here in Kanukistan as well!
I am reminded of the eighties when interest was 18%, the price of oil dropped, small oil companies were mortgaging the last well to pay for the next, and Dome Petroleum was taking 270 days to pay contractors.
Then Dome (the house that Jack built) collapsed and took the oil field with it.
The only equipment that moved was transporting rigs et al south to the States. It was gut wrenching to lose my job overnight and to see thriving companies collapse within days.
Houses sold for a dollar until the government stepped in to protect the banks by enforcing the original mortgage against the mortgagee.
I already knew the rules were designed to protect the rich, but that era soured me against the establishment forever.
BTW, the tax code is easy once you remember the rules are designed to protect the rich. Ignore the blather about taxing the rich; the tax laws always, I say again, always have loopholes I could drive a semi through.
Who writes the Tax Code?
It is not your Congress or Parliament. It is the lobbyists that put together a wonderful set of tax laws and give them to the political party apparatus. The next time a year or five later they give them some wonderful new laws to “Close the Loopholes,” and open wide brand new ones.
Who pays the lobbyists? You cannot even afford to pay for one day’s breakfast, lunch, and dinner expense for a lobbyist and the legislative staffers, much less a campaign to change the tax laws. Most corporations cannot do it either, they rely on their dues paid to organizations representing the entire industry and dozens, maybe even thousands of corporations and businesses.
According to the experts I listened to, China was on the verge of collapse since 2013, ten years ago. Then I slowly remembered the Soviet Union was on the verge of collapse since 1925; and survived it all, including WW2. It even came out of that war with a huge Eastern European Empire to exploit. It finally collapsed in 1989.
China may collapse Tuesday at 6 pm for all I know. More likely, it will keep rolling on for another 40 years. Who knows, it may even conquer Taiwan, maybe even Japan and the Philippines too before it collapses?
I think it would be a gross error, let alone bad for everyone, if China destroyed Taiwan. The golden goose and all that. Support Tawain, the Real China.
Serpentza on youtube has a post on this.
Chirer has a spankin new completely empty city with apartments and retail space.
all empty from the get-go. is this a sign of an overheated economy? and when they burn out as anything from a match to a star burns faster when hotter.
is this a sign?