First Person Account From Inside The China Protests

Tyler Durden's picture

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66Sexy's picture

Powder Keg. Look for drastic economic action. China government cannot affford to have union style protests over wages.

Try buying gold or silver in CHina... it's much more expensive than in the U.S.

The peg is what's killing 'em. About that rumor of Yuan upward valuation this weekend? Possible....

SheepDog-One's picture

Yuan revaluation seems to have a bit more legs in light of trucker strikes and riots over pay and taxes. Well this clownshow can only go on so much longer, its getting real flaky. 

MarketTruth's picture

Have went to buy gold and silver in China, the rate is about 3% over spot for standard bars. Would not call it huge premium as go try buying gold in Vietnam where premiums are higher as the people are smart and truly value gold over paper currency. The USA is the cheapest, as you can get kilo bars @ spot price and 10 oz Pamp Suisse bars in the USA for only $18/oz over spot. Was in Austria and their Philharmonic 1 oz coin is available at normal banks; about four years ago it sold for about $30 over spot and odds are it is probably a bit higher premium nowadays yet have not been back to check.

reader2010's picture

I heard some of the gold bars sold by the Chinese banks in China are actually fake. Buyers Beware!

TGR's picture

I think there is an additional 17% sale/VAT tax you have neglected to mention. Last time I bought physical in China (which is why I dont buy here) ICBC - a key bank - tacked on the 17% VAT, which you could call it a premium.

When you negotiate/price physical at gold outlets in China, they give you the spot price plus in-house premium. When you actually buy it though, the mandatory 17% surcharge is tacked on.

I will confirm it this weekend.

Did you actually go through with the purchase? I am guessing not as then you would have had the surcharge added.

Tail Dogging The Wag's picture

"Investors need to diversify, they need to own some real estate, they need to own some farmland, they need to own some equities, some cash, and some precious metals..."   Marc Faber —Investment analyst

Got real estate and farmland outside your home country yet?

http://www.thorssoncapital.weebly.com

tmosley's picture

Tyler,

I might remind you that truckers DID protest in 2008: http://www.msnbc.msn.com/id/23903144/ns/business-oil_and_energy/

I can only speculate as to the reason they aren't protesting again.  My guess would be that all the independent truckers have gone out of business, and those working for companies don't pay for their own fuel.

cat2's picture

Yes, I think your reasoning is sound.  There are few independent truckers left.  (As there not much anything free market left in USA, just big government assisted/blessed business left.)

SheepDog-One's picture

The independant trucker I know sold his truck and said to hell with it, he's going fishing. He said his last 2 months of trucking were pointless and he made no money at all.

tmosley's picture

Yeah, we had a number of friends of the family who were truckers.  Some of them have disappeared, one joined the Army, and one is driving a dump truck (lots of road construction going on in Lubbock).

I only know one person who is still an over the road trucker, and she isn't independent.

LawsofPhysics's picture

I can confirm more of this as well.  I know one big-rig repair shop that was picking up trucks abandoned on the side of the road by independent truckers.  All their work is now coming from large corporate trucking.  The independent _____________ is dying in this country.

LawsofPhysics's picture

I can confirm more of this as well.  I know one big-rig repair shop that was picking up trucks abandoned on the side of the road by independent truckers.  All their work is now coming from large corporate trucking.  The independent _____________ is dying in this country.

farmer1's picture

Similar to what our independent truckers went through 30 years ago.  Now bought and paid for.  We got us a convoy...

http://youtu.be/T5RI30RJIPk

farmer1's picture

Similar to what our independent truckers went through 30 years ago.  Now bought and paid for.  We had us a convoy...

http://youtu.be/T5RI30RJIPk

farmer1's picture

Similar to what our independent truckers went through 30 years ago.  Now bought and paid for.  We had us a convoy...

http://youtu.be/T5RI30RJIPk

farmer1's picture

Similar to what our independent truckers went through 30 years ago.  Now bought and paid for.  We had us a convoy...

http://youtu.be/T5RI30RJIPk

tomster0126's picture

Sad to hear so many similar stories...American truckers are some of the most hard-working men in our great country, it's horrible that independents have been forced out of the industry.  i thought about becoming a trucker as a kid, but now kids today see the profession as something lower than what it should be seen as.

 

www.forecastfortomorrow.com

JailBank's picture

Independent truckers like Lincoln Hawk of "Over The Top" fame?

hognutz's picture

If it becomes to serious, look for a Tiannamen style event.

Sudden Debt's picture

1 guy that ignored the red traffic light and who was confronted by a oncomming tank that was just barely able to stop in time?

And instead of being thankfull to that driver, he compained a waived a flag sho the thankguys couldn't get home in time to watch The Simpsons...

 

 

All I know is that if something like that made the news, it only means that traffic must be real safe in China.

I've walked through a red light many times... and here in Europe, I didn't make the news because I did so.

 

66Sexy's picture

"it only means that traffic must be real safe in China"

kidding, right?

Traffic in china is suicidal.... its who blinks first.

dogbreath's picture

bullshit.   I've seen a guy on a bicycle (la la la) cross a major intersection diaganolly, stopping all traffic.  It was astonishing for me the westerner that there were no blaring horns and him not getting run over.  Afterwards I thought the guy on the bike had a great sense of humor.

tomster0126's picture

traffic is great in China compared to New York City...considering Beijing is like a can of sardines compared to the Apple I'd say they've done a pretty good job of facilitating their transportation infrastructure.

 

www.forecastfortomorrow.com

Ethics Gradient's picture

I've told you before about the traffic in Belgium! Traffic lights merely indicate suggested behavior.

duo's picture

I got the riot act for jaywalking in Belgium from a cop.  Kortjik, IIRC.

msamour's picture

The Simpsons were not out during the incident at Tianamen Square in 1989, unless you are referring to The Tracy Ulmann Show, where they first appeared, then i'd say perhaps.

Sudden Debt's picture

There's always one smartass...

 

 

Ivanovich's picture

Sorry to interrupt this important bulletin, but did anyone notice a $1, 10 second jump in silver just a moment ago or is my seemingly screwy feed broken.??

tmosley's picture

I don't think silver is trading right now.

66Sexy's picture

they are just getting ready to post those 8's and 9's next week.....

Sudden Debt's picture

It's broken. Markets are closed.

 

Ivanovich's picture

That's what I thought.  I'm in a forex platform, and just happened to look at XAG/USD and it showed a $1 spike up.  So it must be bogus.  I'm hoping it's real, but oh well.

Sudden Debt's picture

Today is a fucking boring day...

27 degrees outside...

All the smart people took the day off and I'm sitting here like all alone at the office...

I didn't do shit today...

Markets are closed today...

Tyler is sleeping it off...

And I still need to "work" 1 hour before I can take off...

 

Hephasteus's picture

Don't worry about the boredom. Things are going to get fully fucking barnum and bailey real quick.

pazmaker's picture

tell me about it sudden....I'm sitting in a 630,000 sq ft warehouse with only 2 other people here....(on the other side of the warehouse at that)

breezer1's picture

markets are open in asia...

Sudden Debt's picture

I was talking about the grown up world.

 

 

pazmaker's picture

It went from 46.81 to 47.71....it is now back down to 47.28

pazmaker's picture

yes I saw it on oanda platform

SheepDog-One's picture

Still just a BIT too comfortable in america right now, 50 million still eat a bit due to food stamps and mass numbers of fired can contribute to their parents grocery bill and house payment since they moved back in with their whole family...for now. 

But give it another $1 buck up in gas prices and things will start to get squirrelly. 

66Sexy's picture

And that $1 up is coming.... hard and fast.

It still hasnt sunk in yet. $4.00+ gas here in nevada is already armaggedon. We're in the middle of nowhere, and now we aint GOING anywhere.... let alone people coming here!

FullFaithAndCretin's picture

I speet on your $4.00 gas. Try the UK where it equates to about $8.16. Ow

j0nx's picture

Don't count on it. Americans are neutered and petrified of their government. They will piss and moan on the internet just like they have been doing for the past 3 years and that will be the extent of it.

alien-IQ's picture

If ever Americans do rise up to protest...it will be a flood not a trickle..

But I ain't holding my breath.

Things would need to be OBVIOUSLY (to all not just the informed) well beyond the point of no return and no hope. Then MAYBE people will get it together. MAYBE.

You can always count on Americans to do the right thing...but only when it's too late.

Vendetta's picture

yep.  They'll vote in the next globalist republican or democrat and think it is going to get better.  Fact is US govt wants to be totaltarian like China and China wants what was America's wealth production.  The two govt's are totaltarian whether communist or fascist ... flip sides of the same coin

downwiththebanks's picture

When people protest for basic economic rights here in Babylon, Tyler, they're vilified on ZeroHedge.

Tyler Durden's picture

Are people protesting for change or for retrenchment of encroaching communism?

alien-IQ's picture

"Just who are these goddamn reds, anyway? A goddamn red is anyone who wants 30 cents when I am paying 25." -- John Steinbeck

downwiththebanks's picture

Your comment was that people in 'America' do not protest.  The material basis of their demands is irrelevant to this thread.  People on Uncle Sam's Plantation DO protest against the economic warfare launched against them.  

From your little perch, you just ACT like they don't because you actually support the attack of liquidationist capitalism when it happens "here".