• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

China: Proudly Demolishing Buildings Before Completed In Pursuit Of The Glorious Housing Bubble Perpetual Engine

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Sun, 09/26/2010 - 19:41 | 606148 Midas
Midas's picture

First Post of my life Bitchez!  Welcome to me!

Sun, 09/26/2010 - 19:47 | 606163 weinerdog43
weinerdog43's picture

Well done Midas.  Now prepare for a bunch of posts advising how great China is, and how fantastic their economic model remains.  Oops, the Chinese have not created anything of value for 1,000 years. 

 

Let the flaming begin. 

Sun, 09/26/2010 - 20:18 | 606197 tmosley
tmosley's picture

Says the guy who buys 98% of his consumer goods from China.

Sun, 09/26/2010 - 20:26 | 606211 weinerdog43
weinerdog43's picture

Create dumbass.  Do you know the difference between copying and creating? 

Sun, 09/26/2010 - 20:45 | 606231 spartan117
spartan117's picture

What really is your point?  Or do you even have one?  So China "copies" and "makes" lots of consumer goods.  Most, if not all, are not of original design, yet the world wants and needs these goods.  Are you saying they don't play an important economic role in the global arena?  They provide cheap labor.  Are you upset that they have a a competitive edge when it comes to cost of production?  You hate China because of...?  Or you just hate China, period.  It's entirely your right to hate them, for whatever reason, but if your position is that they are irrelevant somehow, then you're incredily stupid.

Sun, 09/26/2010 - 20:56 | 606237 weinerdog43
weinerdog43's picture

"Are you saying they don't play an important economic role in the global arena?  They provide cheap labor."

Are you retarded?  Read the post.  Of course an economy that produces mass quantities is important.  Chimps can copy stuff too.   Are they as smart as a human?  My point is that when the West stops exporting it's ideas, we'll be competitive too.  Henry Ford paid his workers a higher wage because he wanted them to be able to buy his products. 

Sun, 09/26/2010 - 21:05 | 606250 spartan117
spartan117's picture

Really, chimps can build cars?  I didn't know that.  Now you're comparing the Chinese to chimps.  You obviously have an issue with China and see their competitive edge as a personal attack on your well-being.  The truth is, capital will flow to where it is most productive.  You need to get a grip and stop taking things so personally.  It's obvious since I am the second poster you have attacked regarding this topic.

And the last time I checked, the West did pay its auto-workers more than the Japanese paid theirs, and the west was still not very competitive. 

Sun, 09/26/2010 - 22:17 | 606348 weinerdog43
weinerdog43's picture

Christ, you must either be a chimp or a Republic. 

WHAT. HAVE. THE. CHINESE. PRODUCED. IN. THE. LAST. 1000. YEARS?

Go for it chimp.

Sun, 09/26/2010 - 22:42 | 606380 DaveyJones
DaveyJones's picture

your right they haven't invented much, their language is simple, and they're broke compared to us. Now give me a banana

Sun, 09/26/2010 - 22:46 | 606394 weinerdog43
weinerdog43's picture

Thanks.  I'm not picking on the Chinese people.  They've been misruled longer than virtually anyone. 

The fact remains:  Show me any Chinese product that was not invented/perfected in the West over the past 1,000 years. 

 

I would call this EPIC FAIL.  Prove me wrong.  Thanks.

Sun, 09/26/2010 - 23:13 | 606425 sushi
sushi's picture

Chow Mao Mein?

 

Gotta remember that 40 years ago China was a country of peasant rice farmers. Today it is the 2nd largest global economy still populated by peasant rice farmers. Don't know who they imitated to achieve that result but maybe the west should learn to copy and perfect the Chinese model. Perhaps replace bottomless debt with bountiful rice paddy (an Irish carbohydrate dish pefected by Han).

Sun, 09/26/2010 - 23:34 | 606445 tmosley
tmosley's picture

Mmm-hmmm.

Past 1000 years?  Ok, we'll start with gunpowder and the compass.  Move on a bit beyond that and they were the first to practice archaeology.  

Too old for you?  in 1972, they discovered the anti-malarial properties of artemisisnin (artemisinin).

That's the "A"s for the last 1000 years.  Now for the "B"s:

The bomb, the bristle toothbrush, and the bulkhead partition.

The C's: Co-fusion steel process was perfected, the use of coke for fuel, and the chain drive.

In the D's, they have only dominoes for the last 1000 years.

They make up for this in the E's, where they founded the study of endocrinology, created the escapement (useful for clockworks), and exploding bombs.

Everyone knows about fireworks, but they might not know that they also invented aerial flares.  They should also be noted for the invention of forensic science.

They created the gas cylinder.  They were the first to develop hybrid rice (in the 1970's).  

They were the first to inoculate for SMALLPOX, at least 400 years prior to its discovery in the West, and it may have been in sporadic use for several hundred years before that.

They invented Jacob's staff, a surveying tool.  Their junks, while in existence for hundreds of years prior, were still traveling the open ocean as far as Africa, and some say America (though evidence of this is sketchy at best).

Aerial signaling using kites was perfected during this time.

In 2006, the Chinese invented maglev wind power generators.  They also invented modular architecture.

They invented the naval mine.

They invented the pound lock (as in canal lock, allowing ships to be raised and lowered between waterways and canals).  Also, porcelain.

The raised relief map, the restaurant menu, rocket bombs.

Suspension bridges.

Toilet paper (actually came BEFORE fiat currency, but didn't see widespread use until around 1200).

So, is that enough for you, you raving jackass?

 

Mon, 09/27/2010 - 07:19 | 606803 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

 Also, porcelain.

you don't invent porcelain, it is a clay, natural formula from the earth. maybe they found it, but not invent. it is clay.

Mon, 09/27/2010 - 17:07 | 608223 tmosley
tmosley's picture

I guess no-one invented the integrated circuit either, since it is made out of sand and metal?

Porcelain is NOT a natural clay, it is a specific blend of minerals that forms and exceedingly strong ceramic at super-high temperatures.

Mon, 09/27/2010 - 20:09 | 608586 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

well i would go dig clay out of the ground locally. i thought porcelain was found in great britian along the cliffs of dover. cause dover clay. i have become some what forgetful lately. it has been a few years since i used porcelain. it is very very hard to throw porcelain clay because it doesn't have much grog. can't throw large pieces. i used a white stoneware that fired similarly to porcelain. porcelain cracks easy, too. thanks for your technical reasoning.

*Dover (Cone 6-10) An awesome high fire white stoneware! ... *Jiki (Cone 8-10) means Fine Porcelain. This clay is the ultimate in translucent porcelain

 

Mon, 09/27/2010 - 08:15 | 606894 aurum
aurum's picture

they are transferring "wealth" from toilet paper into hard assets....taking advantage of the US to protect their future..they've been doing it for quite a while....while we here in the US indebt ourselves into oblivion...in my opinion theres not much else that is more intelligent....duh.

Mon, 09/27/2010 - 08:57 | 606951 spartan117
spartan117's picture

I might be a chimp, but at least I didn't dig myself into a hole and attempt to argue my way out of it.  Any other stupid blanket statements for today?  Next time you open your mouth, you should do a little research.  Moron.

Sun, 09/26/2010 - 22:33 | 606372 kujo
kujo's picture

You mean China is Vegas?

Sun, 09/26/2010 - 22:59 | 606409 kujo
kujo's picture

How come they got money to build shit and we don't?

Sun, 09/26/2010 - 23:01 | 606415 kujo
kujo's picture

How come they got money to build shit and we don't?

Sun, 09/26/2010 - 23:30 | 606441 Kali
Kali's picture

Well, SOMEBODY is.  Walking around town yesterday, saw a building that isn't even 10yrs old, being torn down and a new CRE building going in!  Remember when it was built, had a Subway and a Supercuts and something else, don't remember what now.  Even though, a guesstimate, 30% of CRE around it is for sale or lease, mostly newer buildings.  I even commented out loud, who would finance a new CRE in this climate?  Very strange.

Sun, 09/26/2010 - 20:45 | 606232 Carl Marks
Carl Marks's picture

They said the Japs were copycats too

Mon, 09/27/2010 - 05:28 | 606748 jez
jez's picture

Yeah, I remember that. And then came the 1969 four-cylinder Honda CB750, which, if you were an open-minded motorcyclist, changed everything:

http://world.honda.com/history/challenge/1969cb750four/text/01.html

Nobody's ever been able to tell me what they copied when they designed that.

It's a lesson that the West never seems to learn. We started off by sneering at these funny little men with their funny little motorcycles. As late as 1966, BSA (in England) was making more bikes than any other company in the world. By 1973, BSA-Triumph was bankrupt. And the sneering had lessened somewhat.

Same with cameras and optical equipment. Same with cars, TVs, radios, photocopiers, and so on and so on.

But of course, unlike in the 1960s, Japan is now a comparatively high-cost country. China has taken Japan's place. I bet that within 10 years, China will be offering BMW-quality vehicles at decidedly unBMW prices. And, once again, some will sneer at these funny little men with their funny little vehicles.

It will last a couple of generations, and then some other low-cost country will start to displace China. I wonder which one it will be . . .

Mon, 09/27/2010 - 17:17 | 608246 tmosley
tmosley's picture

No-one will displace China until they fully reverse coarse on their drive from socialism to capitalism.  They have the breaks on the floor right now, though in some places, the gas is also to the floor.  We'll see.

The most useful predictor of a nation's long term global power is this:  population/(Government spending as a fraction of GDP).  There is likely an exponential term in there somewhere, but this is the simple version.  The US lead the world in 1900, with a score about what China's is today (but with a MUCH smaller population).  Lack of government spending implies freedom for the citizens, who will use that freedom to advance their own lot in life, creating a huge amount of capital.  If the government leaves it alone, that capital will grow exponentially forever, until you get a bunch of immortal energy beings floating around a dying universe.  Life is quite good in the meantime for the average person.  Even the poorest of the poor will have access to at least some minimal capital, as it will be so cheap it can be given away for free.  Governments try to force that process to happen early (when they have their citizens best interests in mind), or they try to take that capital and more for themselves and their friends (when they don't).  Either way, you wind up with slowed, then stopped, then reversed progress.

Mon, 09/27/2010 - 20:12 | 608590 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

i thought you bought a BMW for the brand, and that they were expensive. all about the amount of money something costs, not the quality¿

Sun, 09/26/2010 - 20:42 | 606226 snowball777
snowball777's picture

If you can find 1% of your house that doesn't have their little yellow fingerprints on it, I'd be impressed.

Sun, 09/26/2010 - 20:21 | 606200 stewie
stewie's picture

Midas Bitchez!

Sun, 09/26/2010 - 21:16 | 606265 kato
kato's picture

fag

Sun, 09/26/2010 - 19:41 | 606149 Fast Twitch
Fast Twitch's picture

Globalization is out of control! Talk about imploding the ambition of construction workers...WTF

Sun, 09/26/2010 - 19:42 | 606151 gwar5
gwar5's picture

That's amazing. China and the whole world is bubblicious too.

At least they're not directing all their endeavors to the military. They are expanding their capabilities, but it only represents a small part of their economy and it could be much much worse.

Sun, 09/26/2010 - 19:46 | 606155 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Hey, isn't that first picture of building 7?

Sun, 09/26/2010 - 19:50 | 606166 CrockettAlmanac.com
CrockettAlmanac.com's picture

It's funny because it's truth.

Sun, 09/26/2010 - 20:04 | 606184 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

or maybe it isn't funny because it's true.

Sun, 09/26/2010 - 20:24 | 606204 Careless Whisper
Sun, 09/26/2010 - 20:41 | 606224 repete
repete's picture

Do you think china will be ok with this new building forever being refered to as "Building What"?  http://buildingwhat.com/

Sun, 09/26/2010 - 20:58 | 606240 Max Hunter
Max Hunter's picture

Amateurs!... When Americans take down buildings we get way more bang for our powder... Did it in 2001 got the following:

-Increase in Defense spending

- Public behind senseless war to kill 1 million muslims

- Patriot Act... Free spying for anyone able. No more civil liberties.

- A whole new department to waste untold amounts of USD's

- Americans wetting the bed at night worried about that crazy muslim at work coming in one day and going postal.

- And last but certainly not least, enhanced love and admiration for the great state of Israhell..

Wow... what a bag full of goodies... Like coming home from a birthday party at the rich kids house.. mmmmm....

 

 

Sun, 09/26/2010 - 21:25 | 606273 goldfish1
goldfish1's picture

- and, a great coverup to the missing $2.1 trillion at the Pentagon announced by Rummy on 9/10/2001

Mon, 09/27/2010 - 03:26 | 606682 umop episdn
umop episdn's picture

http://www.youtube.com/watch?v=3kpWqdPMjmo

2.3 trillion actually. I guess 200 billion is chump change these days, tho.

Mon, 09/27/2010 - 07:25 | 606810 Incubus
Incubus's picture

There was a muslim where I used to work a few years ago: what a scary, terrible, horrible person. 

 

All he talked about was honey.

 

...who talks about honey?  I bet he was hiding something in that honey.

Mon, 09/27/2010 - 11:17 | 607256 scratch_and_sniff
scratch_and_sniff's picture

He talked about honey? Man that's fucked up, he was obviously a nutcase. 

Mon, 09/27/2010 - 20:13 | 608595 kathy.chamberli...
kathy.chamberlin@gmail.com's picture

h o n e y     m o n e y,  bitchez

Wed, 09/29/2010 - 21:37 | 614317 Political Athiest
Political Athiest's picture

No, not clean enough. The Chinese government need to call Inside Job Demolition Crew to implode buildings to collapse PERFECTLY in their footprint at free fall speed.

Sun, 09/26/2010 - 19:46 | 606156 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

"Creative destruction" translated into CCP speak.

The US firebombed Tokyo and out of the ashes sprang a booming economy.

For the Chinese, who better to create the rubble from whence to spring forth than themselves ...

 

Sun, 09/26/2010 - 23:42 | 606455 FEDbuster
FEDbuster's picture

We should learn something from this.  It seems we like to go elsewhere to blow shit up and then pay to rebuild it using the locals that are still alive to do the rebuilding.  Why don't we carpet bomb Detroit, Cleveland, Newark, etc.... Then put out of work construction workers back to work rebuilding some cities right here in the USA! 

Take a look at Hiroshima after we dropped the bomb on it and what it looks like today.  Talk about urban renewal.  Let's keep those destructive dollars working right here, right now. Time for the government to blow some shit up here.

http://www.youtube.com/watch?v=wcW_Ygs6hm0&feature=related

 

Mon, 09/27/2010 - 05:45 | 606759 jez
jez's picture

Dead right, FEDbuster. I've been saying the same thing for years, ever since seeing economics commentators on TV telling me that Hurricane Katrina would be good for the local economy, because of all the reconstruction work that would be needed.

So, let's give the Air Force some useful target practise. We obliterate one major US city every week. Why not nuke the San Andreas fault while we're at it? Pretty soon we'll all be rich! 

Mon, 09/27/2010 - 11:24 | 607272 FEDbuster
FEDbuster's picture

Vegas is the perfect example.  The avg. life of a casino is about 25 years, then they tear it down and build something bigger and better on the site.

Sun, 09/26/2010 - 19:46 | 606157 alien-IQ
alien-IQ's picture

The Chinese version of "Hiring one man to dig a hole and hiring another to fill it"?

I fear this will give many home builder lobbyist much ammo for charging towards a congressional mandate to do something similar here...because, obviously, this makes perfect sense?

Sun, 09/26/2010 - 20:34 | 606216 mikla
mikla's picture

Yes -- of course this makes sense.

People are getting too excited over this topic.

There is, of course, a very rational reason for this demolition.

These buildings were the wrong color.

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