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Beijing, We Have A Problem

Tyler Durden's picture




 

Submitted by Jim Quinn via The Burning Platform blog,

The Chinese stock market hit a four year high today at 3,020. This is up 53% since the middle of 2013 low and up 48% in the last six months. I guess this must mean the Chinese economy is operating on all cylinders. If you think so, you’d be wrong. Barron’s interviewed a no-nonsense woman who has lived, worked and analyzed China from within since 1985. Anne Stevenson-Yang has spent the bulk of her professional life there working as a journalist, magazine publisher, and software executive, with stints in between heading up the U.S. Information Technology office and the China operations of the U.S.-China Business Council. She’s now research director of J Capital, an outfit that works for foreign investors in China doing fundamental research on local companies and tracking macroeconomic developments.

This lady is about as blunt as you can get about Chinese fraud, lies, mal-investment, and data manipulation. The entire Chinese economic miracle is a fraud. The reforms are false. The leaders are corrupt and as evil as ever. The entire edifice is built upon a Himalayan mountain of bad debt.

The slave labor manufacturer for the world’s mal-investments since 2008 make Japan look like pikers.

China, for all its talk about economic reform, is in big trouble. The old model of relying on export growth and heavy investment to power the economy isn’t working anymore. Sure, the nation has been hugely successful over recent decades in providing its people with literacy, a decent life, basic health care, shelter, and safe cities. But starting in 2008, China sought to counter global recession with huge amounts of ill-advised investment in redundant industrial capacity and vanity infrastructure projects—you know, airports with no commercial flights, highways to nowhere, and stadiums with no teams. The country is now submerged by the tsunami of bad debt that begets further unhealthy credit growth to service this debt.

The BLS should take lessons from the Chinese government in data falsification. But, the American MSM dutifully reports the Chinese data as if it was real. Faux journalism at its finest.

People are crazy if they believe any government statistics, which, of course, are largely fabricated. In China, the Heisenberg uncertainty principle of physics holds sway, whereby the mere observation of economic numbers changes their behavior. For a time we started to look at numbers like electric-power production and freight traffic to get a line on actual economic growth because no one believed the gross- domestic-product figures. It didn’t take long for Beijing to figure this out and start doctoring those numbers, too.

Real numbers from the real economy and real companies reveal the truth about the Chinese economy. If revenues are falling, why is the Chinese stock market up 48% in the last six months? The same reason the U.S. stock market is up. Rampant speculation created by blind faith in central bankers and central banks buying stocks.

I’d be shocked if China is currently growing at a rate above, say, 4%, and any growth at all is coming from financial services, which ultimately depend on sustained growth in the rest of the economy. Think about it: Property sales are in decline, steel production is falling, commercial long-and short-haul vehicle sales are continuing to implode, and much of the growth in GDP is coming from huge rises in inventories across the economy. We track the 400 Chinese consumer companies listed on the Shanghai and Shenzhen stock markets, and in the third quarter, their gross revenues fell 4% from a year ago. This is hardly a vibrant economy.

The Chinese are learning the same thing as Americans. Stimulus does nothing for the average person or the real economy. It benefits crony capitalists and crony communists. It results in mal-investment, booming stock markets and ultimately a bust – that will negatively impact the average person.

By our calculations, since June the central government directly and indirectly has added more than $400 billion of stimulus and relaxed lending terms for housing purchases. Yet, every spasm of new stimulus seems less and less effective in boosting the economy. So most likely, China is sinking into a deflationary recession that’s increasing in speed and may take some time to run its course. Investors have lost faith in the property market, which alone comprises about 20% of GDP, when taking into account the entire supply chain, from iron-ore production to construction to related financial services and appliance sales. Employment and wage compensation will suffer. Consumption will continue to suffer. There’s even an outside possibility that China’s economic miracle could end up in a fiery crash landing, if a surge in banking-system loan defaults outruns government regulators’ attempt to contain such a credit crisis and restore financial confidence.

The diminishing effectiveness of Keynesian claptrap projects is evident for all to see.

The giant government economic-stimulus programs since 2008 are rapidly losing their effectiveness. The reason is simple. Much of the money has been squandered in money-losing industrial projects and vanity infrastructure spending that make no economic sense beyond supplying temporary bump-ups in GDP growth. China is riding an involuntary credit treadmill where much new money has to be hosed into the economy just to sustain ever-mounting bad-debt totals. Capital efficiency, or the amount of capital it takes to generate a unit of GDP growth, has soared as a result.

Nothing like 50 million unoccupied housing units to create the greatest housing bust in world history. Maybe Blackstone can work its buy to rent strategy in China. It’s worked so well here in the U.S.

The Chinese home real estate market, mostly units in high-rise buildings, is truly bizarre. Many Chinese regard apartments as capital-gains machines rather than sources of shelter. In fact, there are 50 million units in China that are owned but vacant. The owners won’t rent them because used apartments suffer an immediate haircut in value. It’s as if the government created a new asset class that no one lives in. This fact gives lie to the commonly held myth that the buildout of all these empty towers and ghost cities is a Chinese urbanization play. The only city folk who don’t own housing are the millions of migrant laborers continuously flocking to Chinese cities. Yet, they can’t afford the new housing.

China should rename themselves Bad Debts R Us. I’m sure they can keep the bad debt balls in the air for another decade. Right?

Interestingly, liquidity seems to be a growing problem in China. Chinese corporations have taken on $1.5 trillion in foreign debt in the past year or so, where previously they had none. A lot of it is short term. If defaults start to cascade through the economy, it will be more difficult for China to hide its debt problems now that foreign investors are involved. It’s here that a credit crisis could start. Bad debt in China never seems to get written down. The huge pile of nonperforming bank loans that Beijing assumed earlier in the millennium in order to be able to take its major banks public still sits on the balance sheets of various asset-management companies.

China is still an evil communist nation that disregards human rights, murders its citizens, crushes dissent, and suppresses free speech. Other than that, they are a great bunch of guys.

In my opinion, the press is somewhat guilty of willing suspension of disbelief on developments in China. Xi’s agenda of Confucian [moral] purification has nothing to do with opening up the economy or social reform. He wants to bolster the power of the Communist Party and tamp down the cynicism about the system that is increasing in China. This explains in large part his bellicosity in the South China Sea, quashing of dissent on the Internet and elsewhere, and heavy-handed attacks on non-Han populations like the Uighurs. He openly disdains Western democratic values. As for Xi’s much-ballyhooed anti-corruption campaign inside China, it offends me that international media depict it as a good-governance effort. What’s really going on is an old-style party purge reminiscent of the 1950s and 1960s with quota-driven arrests, summary trials, mysterious disappearances, and suicides, which has already entrapped, by our calculations, 100,000 party operatives and others. The intent is not moral purification by the Xi administration but instead the elimination of political enemies and other claimants to the economy’s spoils.

Nothing like a little blunt truth on the day the Chinese stock market hits a four year high. Nothing but smoggy skies ahead.

 

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Tue, 12/09/2014 - 20:35 | 5534830 Usurious
Usurious's picture

 

 

gotta love debt-money

Tue, 12/09/2014 - 20:50 | 5534883 Pool Shark
Pool Shark's picture

 

 

"The Chinese stock market hit a four year high today at 3,020."

That was yesterday.

Today, it was down over 5% from its high around 3,100 to just 2,856 

 

Tue, 12/09/2014 - 20:53 | 5534901 TheFourthStooge-ing
TheFourthStooge-ing's picture

Alas, alas, triple alas, Chinese citizenism citizens with MBAs from 'american' universities paid attention in class and applied those lessons. To their detriment.

Tue, 12/09/2014 - 20:57 | 5534915 AldousHuxley
AldousHuxley's picture

how is this different than USA?

 

USA is still an evil capitalist nation that disregards human rights (Guantanamo), murders its citizens (drones), crushes dissent (militarized police), and suppresses free speech (controlled Media).

Tue, 12/09/2014 - 21:10 | 5534946 Kitler
Kitler's picture

On the other hand it serves-up great steaks so essentially it's a wash

Tue, 12/09/2014 - 21:44 | 5535048 Real Estate Geek
Real Estate Geek's picture

That's cuz we slather 'em with butter, 'n everything's better with butter!

Tue, 12/09/2014 - 21:54 | 5535080 Frolf
Frolf's picture

Who will win the race to hit bottom?

 

http://y2u.be/tOW5eljyjms

Tue, 12/09/2014 - 22:30 | 5535180 FredFlintstone
FredFlintstone's picture

You are that vegan guy

Tue, 12/09/2014 - 23:24 | 5535302 old naughty
old naughty's picture

"How is this different...?"

SMOG and mirror (cap<--->com).

 

Tue, 12/09/2014 - 23:31 | 5535317 economics9698
economics9698's picture

Crap is about to get real.  Buy rope.

Wed, 12/10/2014 - 00:45 | 5535457 Ahoy Polloi
Ahoy Polloi's picture

So I'm wondering.

 

Does the CHINESE version of Simon Black's blog tell all the chinks to move their money into safer foreign countries [like the USA]?

Wed, 12/10/2014 - 01:29 | 5535512 7.62x54r
7.62x54r's picture

Black and and people like him endorse the Perpetual Tourist lifestyle.

You want your assets spread into at least three countries, none of which should be the same as your citizenship, your official place of residence, the country you make your money in, or where you actually live.

Bank, citzenship, official residence, income generation, and current actual residence need to be at least five seperate flags, with the bank being split into at the very least, two countries. Hence, "Five Flags", with six or seven flags being a safer bet.

So, no, Simon Black would not endorse putting all your financial eggs in one country's basket. The US is actually a faily safe place to bank, provided you don't live here, are not a citizen, and don't piss off someone in Washington. Make sure the bank you use has a Texas Ratio of under 10%, and be aware that the dollar absolutely will crash fairly soon. Agricultural real estate may be a better store of wealth in the US for foriegners.

Or better yet, gold, Bitchez.

Wed, 12/10/2014 - 05:03 | 5535689 old naughty
old naughty's picture

"perpetual..." gypsies !

biblical...(back to), no?

Countries rise and fall...NWO has no border, no?

Wed, 12/10/2014 - 07:42 | 5535789 Ahoy Polloi
Ahoy Polloi's picture

 "The US is actually a faily safe place to bank... GOLD BITCHEZ!"

 

 

So basically... Under 33 Liberty in NYC, or Ft. Knox ought to be pretty safe right? Whew ~ I was worried there for awhile.

Wed, 12/10/2014 - 08:04 | 5535809 negative rates
negative rates's picture

You still should be.

Thu, 12/11/2014 - 00:04 | 5539339 7.62x54r
7.62x54r's picture

Note that I suggested ag real estate. If you buy gold, I suggest storing it outside the US.

The Treasury and the Fed are criminal organizations ... strike that. Mafiosi are more honest.

Wed, 12/10/2014 - 10:05 | 5536103 TheMerryPrankster
TheMerryPrankster's picture

Ultimately, Gravity is the only winner.

Tue, 12/09/2014 - 23:14 | 5535280 Tachyonic
Tachyonic's picture

You mean BACON.  Everything's better with BACON.

Wed, 12/10/2014 - 09:00 | 5535902 TruthHunter
TruthHunter's picture

"That's cuz we slather 'em with butter"

"There are only two food groups; butter and butter vehicles"

Old Vermonter

Wed, 12/10/2014 - 10:07 | 5536107 TheMerryPrankster
TheMerryPrankster's picture

Bacon is a butter vehicle.

Tue, 12/09/2014 - 21:36 | 5534988 vato poco
vato poco's picture

"how is this different than USA?"

 

See what you did there, Aldous? See how you did that? Someone - doesn't matter who - says something - doesn't matter what - less than 1000% fawningly approval of an institution - doesn't matter what kind: nation, political ideology, mode of thought - less than wildly enthusiastic about a foreign institution, and quick like a bunny, you blurt out "Hey!! Thuh USA sucks too!! Even *worser*, in fact!!!"

Just like that Godlike figure of your youth, "teacher" instructed and indoctrinated you to. Say, apropos of nothing, are you at all familiar with the word "pavlovian", old sport? I am curious, though: when you blurt out those 'USA sucks too' kneejerk responses, are you at all aware you're doing it, or is it just a purely unconscious thing? Like when dogs drool at the sound of the dinner bell?

Tue, 12/09/2014 - 21:40 | 5535038 BigJim
BigJim's picture

The only problem with Aldous' post is that he described America as 'capitalist'.

Other than that., it was fine.

Wed, 12/10/2014 - 10:09 | 5536118 TheMerryPrankster
TheMerryPrankster's picture

I think he meant to say "Crapitalists" and his spell checker circumvented it.

the rise of the machines begins with the destruction of language and the means to communicate by humans.

Tue, 12/09/2014 - 23:58 | 5535371 Bach's_bitch
Bach&#039;s_bitch's picture

Say, apropos of nothing, are you at all familiar with the word "pavlovian", old sport?

The "stimulus" must have been the numerous memories of patriots like you chanting "USA! USA!" whenever the USA is said to be better in some respect than the lowest common denominator.

Tue, 12/09/2014 - 23:37 | 5535332 TrustbutVerify
TrustbutVerify's picture

Actually, I saw similarlties, too.  In the last sentence of the last quote this phrease was used..the elimination of political enemies...

It is just so Obama. 

Tue, 12/09/2014 - 23:42 | 5535344 williambanzai7
williambanzai7's picture

The big ass TV celebrity craze has not landed in China as of yet...but gloriously hopeful people's scientists at Beijing Univarsity  are hooking to rectumfy that spoon.

Wed, 12/10/2014 - 01:28 | 5535515 aVileRat
aVileRat's picture

Wait what ?

They have a whole rank and PLA branch related to this. I'm 100% serious Bill. Check out the last 3 pop bands to come out of the mainland.

 

Wed, 12/10/2014 - 08:06 | 5535814 negative rates
negative rates's picture

Yea but he's about to lose his wife.

Wed, 12/10/2014 - 01:36 | 5535522 MrPalladium
MrPalladium's picture

So the Chinese are going to turn their backs on slender femininity?

Why is it that the rest of the world copies every stupid idea or trend to come out of the U.S.?

Wed, 12/10/2014 - 02:05 | 5535566 williambanzai7
williambanzai7's picture

The wolrd is one big ass bubble.

Wed, 12/10/2014 - 02:51 | 5535610 Ward no. 6
Ward no. 6's picture

you've got that right

Wed, 12/10/2014 - 07:47 | 5535793 Ahoy Polloi
Ahoy Polloi's picture

ooh that smell

Wed, 12/10/2014 - 08:05 | 5535815 negative rates
negative rates's picture

Only yours there einstien.

Wed, 12/10/2014 - 12:18 | 5536658 TBT or not TBT
TBT or not TBT's picture

Cheap vegetable oils and cheap carbs make cheap sheeple fuel.   Steak, bacon, cheese, butter, vegetables, quality fats and legumes cost more.   

Wed, 12/10/2014 - 00:12 | 5535395 Stuck on Zero
Stuck on Zero's picture

Differences: 

China:  "... the nation has been hugely successful over recent decades in providing its people with literacy, a decent life, basic health care, shelter, and safe cities."

USA:    "... the nation has been largely successful over recent decades in giving its people illiteracy, a declining life, ObamaCare, unaffordable shelter, and unsafe cities."

Wed, 12/10/2014 - 01:39 | 5535527 Trogdor
Trogdor's picture

Hey - but both governments embrace the same foundational philosophies ... it's just that the US hasn't gone through it's "Order from Chaos" phase just yet....

Wed, 12/10/2014 - 07:27 | 5535769 strangewalk
strangewalk's picture

It's a decent life until you die from the poisoned, toxic air, water, soil (and therefore food), which has led to China having an epidemic order of the highest cancer and birth defect rates in the world, and rising rapidly. Chinese cities aren't that safe--petty thievery and break-ins are much, much more prevalent than in the US. While there is something to be said for public banking: so has Japan, but its economy has contracted by nearly 50% since its peak in 1989. With the massive trend toward automation in labor intensive manufacturing and its movement out of China anyway, how will they make up for the low skilled job losses? As for corruption, it's visible everywhere you look--massive, shodily constructed and unoccupied building projects overgrown with weeds and falling apart are ubiquitous, even in city centers, and if you look closely at the Shanghai and Beijing night skylines, at least half the units are vacant. All this was driven by collusive corruption between land developers, local governments and bankers. The recent, mysterious skyrocketing moves in the Shanghai and Shenzhen indices actually signify an internal panic...   

 

Wed, 12/10/2014 - 17:44 | 5538048 vato poco
vato poco's picture

"Oh, YEAH?? Well, the USA sucks TOO! Even *worser*, in fact!! Also, SLAVERY!!!" - legions of mind-numbed indoctrinated shitwits who no doubt think of themselves as worldly

Wed, 12/10/2014 - 12:20 | 5536668 TBT or not TBT
TBT or not TBT's picture

Or more accurately, Democrat party policies have...

Wed, 12/10/2014 - 01:42 | 5535534 InanimateCarbonRod
InanimateCarbonRod's picture

"Evil" is a strong word. I think "incompetent" or"kleptocratic" would be more appropriate, but those terms have been used already on ZH.

Wed, 12/10/2014 - 02:35 | 5535597 luckylongshot
luckylongshot's picture

Because the Chinese have a public banking system they can cancel loans or make them interest free so they have the ability to work through this mess, The USA does not have this ability because they do not have a public banking system.

Wed, 12/10/2014 - 09:17 | 5535934 venturen
venturen's picture

yes we should convert to Islam the only truth   /SARC 

Tue, 12/09/2014 - 20:58 | 5534917 ZerOhead
ZerOhead's picture

< Hard landing

< Fiery crash

Tue, 12/09/2014 - 22:59 | 5535241 Escrava Isaura
Escrava Isaura's picture

 

 

TheFourthStooge-ing

To their detriment.

Sorry, but that is wrong.

To detriment of others.

 

Tue, 12/09/2014 - 23:07 | 5535268 TheFourthStooge-ing
TheFourthStooge-ing's picture

To their debtriment.

Tue, 12/09/2014 - 23:16 | 5535281 Escrava Isaura
Escrava Isaura's picture

 

 

LOL!

That too, I am afraid.

I just can't think of everything.

 

Tue, 12/09/2014 - 20:58 | 5534912 SWRichmond
SWRichmond's picture

But starting in 2008, China sought to counter global recession with huge amounts of ill-advised investment in redundant industrial capacity and vanity infrastructure projects—you know, airports with no commercial flights, highways to nowhere, and stadiums with no teams. The country is now submerged by the tsunami of bad debt that begets further unhealthy credit growth to service this debt.

OK let's put this myth to bed right now.  Debt lets nations acquire assets from foreigners, and even from themselves, and build infrastructure; debt bubbles contribute mightily to asset accumulation.  So after the crash, the assets get repriced, but they are still owned "in country".  We bought lots of shit on credit from China, for example, and after we renege on the loans that China made to us, by paying them with crap fiat, we will still have the shit we bought, won't we?  We'll pay back ourselves and our foreign creditors alike with crap fiat confetti, and China will pay themselves off similarly, but the Chinese will still have their cities, however empty they might be, (and all the factories and infrastructure-building machinery, plants and equipment, by the way) and we'll still have our houses full of useless consumerist Chinese junk.

Who will be better off?

Tue, 12/09/2014 - 21:03 | 5534933 AldousHuxley
AldousHuxley's picture

it is all depreciating consumer goods even the infrastructure which gets outdated due to better technology, changing commodity prices, etc.

 

only people who benefit are the ones with no loyalty. money in swiss bank accounts allows you move around depending on your needs.

 

also when both countries go to shit wars, at least americans had fun while chinese slaved away.

Tue, 12/09/2014 - 21:21 | 5534985 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Those giant cities which are unoccupied will rot if no one gives them upkeep. They will be worthless ghost towns in a few years.

Tue, 12/09/2014 - 23:02 | 5535252 The Big Ching-aso
The Big Ching-aso's picture

You mean all this time it was the wok calling the Weber black?

Wed, 12/10/2014 - 07:13 | 5535764 Squid-puppets a...
Squid-puppets a-go-go's picture

The swiss are not as discreet with their clients deposits as they once were. They've been folding to international pressure and delivering info on tax evaders in spades to other nations

Tue, 12/09/2014 - 22:50 | 5535198 Wild Bill Kelso
Wild Bill Kelso's picture

You, sir, have obvisously never lived in a Chinese house. Or worked in a Chinese factory. The biggest problem is that building 'code' is rarely adhered to to start with. Upkeep is almost non-existant. Since water is 'clean', it's used to clean everything. The same bucket to clean the urinal, the sink and your computer screen. In that order. One of the biggest problems foreign companies have here is that their factories are built 'good enough for China' and not up to their international manufacturing and safety standards. 

The building I live in is about 5 years old. From the way things are crumbling, you would think it was closer to 30 years old. Those cities that they will still have are manufactured just about as well as the useless Chinese junk we will be stuck with.

Tue, 12/09/2014 - 23:52 | 5535357 MeBizarro
MeBizarro's picture

Yup.  If it is made in China, it is $hit.  I can't believe how bad some of power tools and other equipment that is made in terms of durability and failure rate.  Getting harder and harder to find stuff though that isn't built in China.  Either have to buy it directly from a specialty manufacturer or buy an older second-hand piece of equipment built in the US.

Tue, 12/09/2014 - 23:59 | 5535372 bunnyswanson
bunnyswanson's picture

Quality is so low of any product I buy that I am convinced there is an actual attempt to make shoddy merchandise.  Microsoft's charm bar is just one example.  How the hell is a person supposed to navigate a page when the charm bar and tool bar appear, obstructing access to the right side of the page?  And Fox fire crashes within 1 hour of installation.  IE is useless as well.  I do not know what these people think we use the fucking computer for, games?  Some of us WORK ON IT and need to TYPE and READ.  Such bullshit sucks up an enormous amount of time and the frustration level is off the charts after a few hours of this nonsense.  Someone tell me why Bill Gates is so fucking rich again?  Coffee makers burn out in under a year.  I dread any of my 15 yr old major appliances needing replaced as I would be forced to buy the newer, inferior models for more money.

 

Wed, 12/10/2014 - 01:12 | 5535491 Vendetta
Vendetta's picture

coffee makers - went thru 6 of them in less then 10 years..... its more practical and economical to build my own and never buy another

Wed, 12/10/2014 - 03:15 | 5535633 Ward no. 6
Ward no. 6's picture

i have an italian stove top espresso maker

lasts forever

Wed, 12/10/2014 - 08:08 | 5535817 stilletto
stilletto's picture

You are correct. Many consumer product are designed to fail. My son is a materials engineer, and told me how they design and mix plastics to perform to any criteria you want. They can make them pretty much unbreakable and lifelong lasting, but they design them to become brittle after a certain time period, usually just beyond the guarantee period. The piece of plastic then becomes brittle and fails and you need to buy a new Item. So a coffee maker may have lots of stainless steel but there will be a small plastic switch in it that will become brittle and fail - they also design them to be unrepairable so you cant get the glue out. Likewise TVs have brittle switches that will fail. Plastic doesnt have to be weak - it is only if its designed to be!

Wed, 12/10/2014 - 02:47 | 5535606 Ward no. 6
Ward no. 6's picture

i don't have a problem finding things not made in china

i go out of my way to buy things from
France, Italy and Germany, etc.

i don't give a shit if i have to pay more

it's worth it..

Wed, 12/10/2014 - 03:03 | 5535624 Sirius Wonderblast
Sirius Wonderblast's picture

To my surprise, I found recently that we still make stuff here in Britain, too.

Wed, 12/10/2014 - 03:12 | 5535626 Ward no. 6
Ward no. 6's picture

yes there are these shoes made in Britain that i want to get

(Got a catalog the other day in the mail featuring shoes from Britain)

they are called hotter shoes

here is a link :

http://www.hotter.com/us/en/info/AboutUs

 

anyway as i was saying there are lots of places to buy from other then china...

seriously.

 

Wed, 12/10/2014 - 07:19 | 5535768 localizer
localizer's picture

If it is made in China, it is $hit. 

I beg to disagree with this statement. First of all it appears there are several tiers in China made quality - lower, medium and high grade. I assume you would be referring to the first two, but there are indeed very high quality products coming out of China too, - of course they cost more, but they are there. Blanket statements like "anything made in China is crap" are not really accurate. And the second point is that often times people are buying branded US/German/UK etc. products that are made in China and overpaying for them quite a bit even though they can buy essentially THE SAME non-branded product directly from China... those products are made exactly from the same materials and by the same people... but many people are just not aware of that.

Wed, 12/10/2014 - 08:32 | 5535858 RadioactiveRant
RadioactiveRant's picture

I disagree about the Chinese being able to produce high grade goods, they just can't. Even if factory A tried it would most likely be let down by its suppliers. Everything Chinese is substandard.

I do, however, agree that a lot of "Western" produced goods are just Chinese junk with a minute bit of assembly that allows it to be legal sold as "Made in Germany/UK/USA" and marked up accordingly.

Wed, 12/10/2014 - 09:43 | 5535971 localizer
localizer's picture

Well, I guess we need to agree to disagree on that Chinese ability to produce high grade stuff. I've owned Chinese made products that are of very high quality, in no way inferior to the Western made products, - these, however, probably make less than 5% of their total output... On the other hand, I've also owned quite a few Western made products that have been crap... so it's not all absolutes, I think it's a mistake to use blanket statements on anything, there are always exceptions. But the mark-ups on some "Western" made stuff is just ridiculous... people need to do their research before spending money.

All that being said there's no question that most Chinese made stuff is junk and Western made products are of much higher quality. The only problem here is that it's becoming increasingly difficult to determine where the parts are being sourced from and who the actual suppliers are... the fucking globalization has ruined the identity of manufacturers, it's the same crap everywhere.

Wed, 12/10/2014 - 10:21 | 5536162 TheMerryPrankster
TheMerryPrankster's picture

Chinese capacitors destroyed billions of electronic devices from LCD's to computers, musical devices, etc.

One tiny little component made very  crappily destroyed billions of dollars of goods.

I have never owned a decent product that was made in China. I have taken to buying second hand american made power tools, because despite being 20 years old, they still work well. I can't say that anything I have bought from China has lasted more than 5 years.

My apppliances I will rebuild as they fail rather than buy Chinese junk. Most of the improvements in the last 20 years are gimmicks like lcd screens and digital timers, shit that breaks and disables the device. Ain't worth the headache to nurse a pretty toy,

Tue, 12/09/2014 - 23:37 | 5535330 sprintjump
sprintjump's picture

Serious questions here...

 

SWRichmond, how does the BRICS pact play in to this? I mean, is this really only about the US, and China?

Wed, 12/10/2014 - 08:16 | 5535829 RadioactiveRant
RadioactiveRant's picture

I'd rather dispose of a broken Chinese toaster than a malfunctioning nuclear plant or crumbling high rise. I doubt their cities are built to any higher standard than the crap they export which means it'll last a tenth of the time you'd expect.

UK construction firms are now refusing to accept Chinese steel on site because of the regularity in which it fails: Major contractors refuse to use Chinese rebar

I resent buying Chinese crap because I know in 6 months time I'll be wasting more of my time buying it again.

Wed, 12/10/2014 - 09:10 | 5535922 TruthHunter
TruthHunter's picture

we will still have the shit we bought, won't we? 

Not necessarily, when the hopium bubble bursts, people trash everything.

When the going gets tough, the tough turn on each other. The Chinese are tough.

Tue, 12/09/2014 - 21:00 | 5534921 drendebe10
drendebe10's picture

Is she not really talking about the USSA ?

Tue, 12/09/2014 - 21:58 | 5535089 Freddie
Freddie's picture

How is Obola's Amerika any different or any less corrupt?  The GOP-e will do nothing to stop him or the Dems or improve anything.

Wed, 12/10/2014 - 02:21 | 5535580 Bokkenrijder
Bokkenrijder's picture

Finally! I'm regularly in China for work and I completely agree with this lady. The Chinese are corrupt fraudulent bastards with an absolute disregard for other human life and the environment, and I strongly disagree with all the goldbugs here who think that China will be the panacea for declining gold prices. If the western TBTF banks are corrupt and fraudulent, then the Chinese probably wrote the manual on how to achieve that dubious status.

China will introduce a Gold standard and "honest" money? Hahaha, the Chinese will jump at ANY opportunity to fake something, whether it's DVD's, Louis Vuitton bags, Rolexes, fake gold bullion bars or fiat currency. It makes no difference to them, as long as they can make a quick buck and screw everybody else.

The Chinese only copy paste the corrupt and fraudulent western economic and political models, perhaps only fine tuning those systems under their communist totalitarian rule in order to suit their purposes.

Dream on folks, the Chinese will be the worst combination of George Orwell and Maynard Keynes, and yet people pin their hopes on China pushing up gold prices: http://www.zerohedge.com/news/2014-12-09/7-questions-gold-bears-havent-a...

Tue, 12/09/2014 - 20:35 | 5534831 Beam Me Up Scotty
Beam Me Up Scotty's picture

"The BLS should take lessons from the Chinese government in data falsification."

LOL!!!  The Chinese probably LEARNED it from the BLS!!!

Tue, 12/09/2014 - 20:39 | 5534848 kliguy38
kliguy38's picture

Too funny.......wait until they pull the plug on the ponzi...and they will......blowback over hear will be deafening

Tue, 12/09/2014 - 20:45 | 5534860 Beam Me Up Scotty
Beam Me Up Scotty's picture

Ya, it will happen sooner or later, but the STAWK market will go parabolic probably.  The sad thing is, the BLS lying is just the tip of the iceberg.  Our WHOLE FUCKING GOVERNMENT IS FULL OF LIARS!!

Remember, when things get bad, we lie.

Tue, 12/09/2014 - 23:31 | 5535319 Solio
Solio's picture

With money from nothing it is going parabolic in what exactly?

Wed, 12/10/2014 - 01:49 | 5535544 Beam Me Up Scotty
Beam Me Up Scotty's picture

Unicorns and skittles?  Or US$$$.  A million Zimbabwe dollars doesn't buy you much does it.  Sometimes the past predicts the future.

Wed, 12/10/2014 - 18:52 | 5538346 Salah
Salah's picture

WalMart China inflates earnings with jicky accounting fraud

http://www.bloomberg.com/news/2014-12-10/wal-mart-report-found-profit-bo...

Tue, 12/09/2014 - 20:41 | 5534843 armageddon addahere
armageddon addahere's picture

?

Tue, 12/09/2014 - 20:41 | 5534855 Bro of the Sorr...
Bro of the Sorrowful Figure's picture

+1

 

although i have to say at least chinese people arent completely fucking delusional about their government and how it operates. america is equally as corrupt and murderous, if not more so since we kill hundreds of thousands of people around the world every decade or so. yet americans still believe we live in the land of the free. to quote RATM: "the land of the free? whoever told you that is your enemy"

Tue, 12/09/2014 - 20:51 | 5534888 Beam Me Up Scotty
Beam Me Up Scotty's picture

"yet americans still believe we live in the land of the free"

And Obama said he outlawed torture, yet he still drones the shit out of people.  I guess its not torture if you just outright kill someone---and its usually a lot of collateral damage that occurs as well, on completely innocent people---they get tortured to death in an instant.

Wed, 12/10/2014 - 02:51 | 5535613 Ward no. 6
Ward no. 6's picture

right on !!!!!

Wed, 12/10/2014 - 10:24 | 5536184 TheMerryPrankster
TheMerryPrankster's picture

Nobel peace prize winning lying cocksucker,is an apt description of our fearless leader.

Tue, 12/09/2014 - 20:40 | 5534846 LostWages
LostWages's picture

We burrshitted some forks.

Tue, 12/09/2014 - 20:50 | 5534850 suteibu
suteibu's picture

As bad as Americans think things are here, China is much worse than the US.  The lies are bigger, the corruption is deeper and more systemic, and they are pure evil in human form.  It's all relative, you see.

My Chinese friends know what is going on with their economy and their government.  They have no delusions about it.  They actually keep up with such stuff.  And yet, they see freedoms their parents never had.  I don't think American children can make the same statement.  Two trains heading in opposite directions.

ETA:  And what's the deal about Japan and slave labor?  Are you insinuating Japan's post-war economic rise was done with slave labor?  Are you rewriting history?

Tue, 12/09/2014 - 21:03 | 5534926 Atomizer
Atomizer's picture

Good for you. If we don't buy US outsourced shit from your nick of the woods, you get laid off. Welcome to Globalization. I have no needs to buy Zionist shit sparkled under Christmas gifts, take down the Christmas tree in the mall.. its offensive. Political Media directive to instill Happy Holiday’s. FUCK THEM. Sit on your mislays by not calling it a shopping holocaust.

My best Christmas is that my wife & I are healthy and alive. If you want me to send a gift.. I’ll send Obama a boxer turd in the mail.. Kidding.

 

PS, we know based on feedback from China..

Tue, 12/09/2014 - 21:08 | 5534948 suteibu
suteibu's picture

"If we don't buy US outsourced shit from your nick of the woods, you get laid off."

And so will millions of American retail workers.  The Chinese workers will go back to their farms and survive.  Where will the American workers go?

Read Wild E Coyote's comment (5534890)

Tue, 12/09/2014 - 21:16 | 5534974 Handful of Dust
Handful of Dust's picture

The previous ZH aticle discussing that nearly 50% of wealthier Chinese want to move out of their country is an indication of what's happening there. Every Chinese person I work with has a relative who wants to send their kids to school here in the USA [or next best, NZ, Australia or Canada].

Tue, 12/09/2014 - 21:26 | 5534999 suteibu
suteibu's picture

So China's 1% are mobile and want the best for their children.  So are the Western bankers who live in secluded, gated communities and buy their children the best educations possible.  It is an indication of nothing about the macro-economy.  Those without the economic resources to do likewise have to turn to their culture for survival.  The Chinese have a good culture and the grandparents of today's children remember what real survival was like under Mao.  They will survive this and come away stronger.  America has no such culture to fall back on any more. 

Tue, 12/09/2014 - 23:06 | 5535265 Escrava Isaura
Escrava Isaura's picture

 

 

But America has plenty of demagogues and mysticism. I noticed the other day two shop malls became churches.

 

So, we will be fine……… I mean, in a lower level, and kind of rough and delusional…., but…. It’s what it’s.

 

Wed, 12/10/2014 - 00:01 | 5535376 MeBizarro
MeBizarro's picture

It is more about a 'bug out' plan than anything.  Yeah they want what is best for their kid but they also want it as a want to move money abroad too in a bit of an easier fashion especially to purchase hard assets in the US especially land/buildings with secure property rights.  

Wed, 12/10/2014 - 00:45 | 5535458 suteibu
suteibu's picture

To be sure.  But leaving China has always been open to the wealthy.  They have to pay.  Very similar to what the US is doing.  And note the increasing number of Americans "bugging out" these days.

Tue, 12/09/2014 - 21:19 | 5534977 Atomizer
Atomizer's picture

American workers are the slaves who razzle retail advertisement to sell shit products on a narrow window of opportunity. Merry Christmas and wish your family a Happy New Year.

Tue, 12/09/2014 - 21:27 | 5535006 suteibu
suteibu's picture

Okay.  And that is the fault of the Chinese how?

Tue, 12/09/2014 - 22:48 | 5535217 Wild Bill Kelso
Wild Bill Kelso's picture

I would have to disagree with you that the Chinese people know what is going on. From those that I have talked with, it's like talking to someone that only gets their news from the Glenn Beck show, and take his word for gospel and takes no other inforation into consideration. No one I have talked to here seems to realize the bad debt building up. The slowing economy. The fact that their government executes more people per year than the next 5 worst offenders combined. 

And I would classify this as more two trains starting at opposite sides of the track, heading towards each other. The US started as free market capitalist where current China started at total communism. They are both headed somewhere in the middle as totalitariian cronyism. Some freedom, but heavily restrited by the state with the real economic winners being those on the inside. 

Wed, 12/10/2014 - 00:47 | 5535462 suteibu
suteibu's picture

Perhaps we know a different class or generation of people.  Most of my contacts are 25-35 and employed.

Wed, 12/10/2014 - 04:33 | 5535674 Wild Bill Kelso
Wild Bill Kelso's picture

so are mine. but perhaps of a higher echelon (see more politically connected)... or just in a higher class where they choose not to see everything. They did get hired into special schools and have a job more or less for life because the company owns them. 

Wed, 12/10/2014 - 00:32 | 5535426 noben
noben's picture

I'm amused by the irony of paying more for a condo on the higher levels -- just to enjoy "the view".

Of course, the height premium is now for the "fresh air", right?

Wed, 12/10/2014 - 00:39 | 5535447 Ahoy Polloi
Ahoy Polloi's picture

Hey you, get off of my cloud!

 

Smog looks much better on the 99th floor than it does at street level.

Wed, 12/10/2014 - 01:19 | 5535500 Vendetta
Vendetta's picture

the smog is kind of pretty.... soft, fluffy .... like a natural cloud kind of

Wed, 12/10/2014 - 10:26 | 5536195 TheMerryPrankster
TheMerryPrankster's picture

Japan's pre war economic rise was done with Chinese slave labor. a fact most japanese don't know.

china and korea hate japan, japan tried to conquer both.

some see japan's fate as karma.

Tue, 12/09/2014 - 20:41 | 5534851 Bennie Noakes
Bennie Noakes's picture

That picture reminds me of the world in the movie "Blade Runner".

Tue, 12/09/2014 - 21:05 | 5534937 Karlus
Karlus's picture

"He say you Braid Wunner."

Tue, 12/09/2014 - 21:06 | 5534943 buzzsaw99
buzzsaw99's picture

the fifth element looked like that too

Wed, 12/10/2014 - 00:41 | 5535448 Ahoy Polloi
Ahoy Polloi's picture

Where's my goddamned flying car?!

 

& oh, by the way, I want the COAL FIRED CHEVY VOLT version so I can save the polar bears while I'm zipping around town.

Wed, 12/10/2014 - 08:09 | 5535820 negative rates
negative rates's picture

SAY WHAT?

Wed, 12/10/2014 - 11:03 | 5536349 ThankYouSatan
ThankYouSatan's picture

imply the eletric used for car comes from coal fired plant...

Tue, 12/09/2014 - 20:42 | 5534853 Atomizer
Atomizer's picture

Krugman is still waiting for alien invasion. EO isn't signed because Obama goes to jail and loses all Presidental power.

These two are like watching a dog lick his balls.

https://www.youtube.com/watch?v=nhMAV9VLvHA

Tue, 12/09/2014 - 22:04 | 5535111 Freddie
Freddie's picture

The GOP are coward scum who are helping Obama and the Democrats every step of the way.

Seriously - how the f**k does he go to jail?   I am all for it.

Tue, 12/09/2014 - 20:44 | 5534861 ebworthen
ebworthen's picture

Morlocks in the basements, ghosts in the above floors.  Winning!

Tue, 12/09/2014 - 20:45 | 5534868 himaroid
himaroid's picture

It's OK, as long as you turn all of them sideways.

Tue, 12/09/2014 - 22:58 | 5535245 reTARD
reTARD's picture

We got Gremlins in the White (or is it Black) House!

Tue, 12/09/2014 - 20:47 | 5534865 Philo Beddoe
Philo Beddoe's picture

One day in the future people will marvel at the Pyramids of Bullshit that we have now much in the same way we stand in awe at how the ancients built the Pyramids of Egypt.

 There will be tours of the Fed where tourists can view Krugman the first all wrapped up in fiat. 

Tue, 12/09/2014 - 21:02 | 5534931 The Most Intere...
The Most Interesting Frog in the World's picture

I'm picturing the first death by US Dollars.  Stuff them down his throat until he stops breathing.

Tue, 12/09/2014 - 22:50 | 5535219 Oldwood
Oldwood's picture

Maybe, but they will be building their own pyramids of doom. Humans never change, never learn, but will remember every perceived injustice till the end of time.

Tue, 12/09/2014 - 20:45 | 5534866 q99x2
q99x2's picture

Bankers the worst vermin that ever lived. Yes the Chinese learned from the FED and they are using that ability to take over the world. The FED personnel should be arrested for treason. They will get their due.because there are so many fewer of them than the Chinese. Expect a lot of retaliation against the Chinese as the FED tries to rein in the monster that it has unleashed.

Tue, 12/09/2014 - 20:46 | 5534869 AvoidingTaxation
AvoidingTaxation's picture

I went to Shenzen in 2011. Prices of good and humans were very low. Smog everywhere. From my friend apartment I could not see the high rise in front of his high rise. Actually in my three days stay, I never saw the sun. An horrible place packed with people and concrete. People, concrete and smog everywhere. 

Tue, 12/09/2014 - 22:34 | 5535183 Freddie
Freddie's picture

China (and Obala Amerika) reminds me a bit of George Lucas THX 1138 with more people and all the smog.   Arguably the best thing Lucas ever did. 

Tue, 12/09/2014 - 20:52 | 5534890 Wild E Coyote
Wild E Coyote's picture

I think everyone has forgotten that Chinese economy is largely run by western banks. 

As Chinese President have reminded several times, the party with the business and the associated debt are mostly western corporations. The profits of western corporations are taxed by China Government but are dutifully used to buy US financial instruments. The nett profits are all held by western corporations. 

However, the western corporations arranged huge loans for their Chinese local partners to build factories and equipment, most of which were supplied by other western corporations too.

Just as it happened in 1998 withitn ASEAN, the western corporations are trying to shift the bad debts of their local (chinese) business partners to the Chinese Government. But China Government have stated and also demonstrated that they will not bail ot their local companies going bankrupt. They are also not worried about Chinese working in factories either. China Government have always requested its people to go back to their villages.

Thus the article will be more clearly understood if we read it with this background. There is nothing new. 

Even the huge unoccupied properties and ghost towns are funded by western Banks. One would be correct to assume that the Chinese are waiting for the collapse of the western financial system then to confiscate the properties. For now, they would not even sell it to their own rich. We cannot underestimate the cunningness of 5000 year old civilization.  

 

Tue, 12/09/2014 - 21:13 | 5534964 ListenToTISM
ListenToTISM's picture

"One would be correct to assume that the Chinese are waiting for the collapse of the western financial system then to confiscate the properties. For now, they would not even sell it to their own rich."

They are busy buying up the useful land in other countries, such as Australia. And it seems our banks are helping them do it. It might be worth Tylers' time looking into what is happening in Australia with regards to farmland fire sales.

http://pickeringpost.com/story/bastard-banks/4237

And for a more in-depth look at the recent Aus-China FTA than you will find in Aus msm, see the following:

http://youtu.be/XKWQRG6VkAU?t=47m9s

Wed, 12/10/2014 - 08:29 | 5535849 RadioactiveRant
RadioactiveRant's picture

Australia is a giant Hong Kong, its western in many ways and basically a laundry/depository for Chinese wealth but increasingly populated by Chinese nationals. New apartment buildings in Sydney and Melbourne sell in weeks off-plan while the underlying economy gets weaker and weaker. Mines are being mothballed, factories closing and retail food outlets going into admin but the apartments fly off the shelves.

I'm sure if Australia ever tries to compulsory purchase or seize the assets back China will feel justified in launching a Putin-style "defence of their citizens" attack.

Tue, 12/09/2014 - 20:57 | 5534909 The Most Intere...
The Most Interesting Frog in the World's picture

Please forgive the re-post from about a week ago, but I thought it would go well with this article.  The "Chinese Miracle", including that POS Jack Ma, is the biggest fraud in the history of planet earth.  And, THAT is saying something!!!

 

Alibaba Massive Fraud

Unrelated, but I believe highly important none the less.  We have some smart people on ZH and curious if anyone else has heard or read about this.  I am hoping someone that has the time and resources can look in to this and do some homework.

I was listening to The John Batchelor Show one night about a week or so again.  He is on the radio and can be found online.  Incredibly well versed on many international topics and world history.  I highly recommend you tune in to him when you have a chance.

In any event, he had three guests (from China) on and the discussion was surrounding a massive fraud at Alibaba.  The story goes something like this.  Alibaba is a marketplace and they collect a fee on each purchase from merchandisers that operate via their website.  Alibaba understands net profits and margins are of little concern to Wall Street, but growth in revenues and now we are talking.  Many multiples for "growth" in a global economy that is barely creeping along.  So, Alibaba hires a network of thousands to simply buy and return products all day.  If Alibaba held inventory this fraud would be somewhat more difficult to pull off, but with thousands of businesses connected to Alibaba it is very easy to hide the costs of labor and returns in underlying (most likely very closely held) companies.  Afterall, billions of $'s in stock price appreciation will pay a lot of people to sit on a computer all day and buy and return stuff on their website.

This is massive securities fraud and according to the guests, the scheme is "well known" in China.  Besides the financial statement fraud, one would have to wonder what type of due diligence was done by the investment bankers that brought Alibaba to market?  

I don't know about you, but I think this could be a watershed Enron-like, Madoff-like story.

Tue, 12/09/2014 - 23:09 | 5535266 Freddie
Freddie's picture

I really like John Batchelor.  His show is always interesting and he comes off as pretty libertarian.  Almost all radio is total shit now.  Limbaugh, Hannity, and Beck do all powderpuff crap for the last 4 years.  Total joke.  Savage is better but a NeoCon.

John Batchelor's show is always interesting almost riveting at times.  He is easily the brightest radio talk show host around.

Thanks for the tip.  +100

Wed, 12/10/2014 - 06:12 | 5535733 laomei
laomei's picture

wow, you're an idiot. i could easily go into details and point by point explain why and how you are an idiot, but I'm not going to waste my time arguing with an idiot.

Wed, 12/10/2014 - 09:49 | 5536051 The Most Intere...
The Most Interesting Frog in the World's picture

What a dumbfuck.

Tue, 12/09/2014 - 21:00 | 5534924 smacker
smacker's picture

"The entire [Chinese] edifice is built upon a Himalayan mountain of bad debt."

Oh dear!  Why the hell did they follow the Western ponzi model?

Tue, 12/09/2014 - 21:03 | 5534932 Bro of the Sorr...
Bro of the Sorrowful Figure's picture

because it's an excellent, time tested method of stealing wealth from your population without them understanding how badly theyre getting fucked.

Tue, 12/09/2014 - 21:06 | 5534938 Roger Shermanator
Roger Shermanator's picture

 <= Chinese Economic Data

<= USA Economic Data

(Which is more fraudulent?)

Tue, 12/09/2014 - 23:28 | 5535312 alphamentalist
alphamentalist's picture

which is heavier, one kilo or 1000 grams?

Wed, 12/10/2014 - 09:01 | 5535904 IndyPat
IndyPat's picture

Ah, one Kiro!

Wed, 12/10/2014 - 09:27 | 5535955 TruthHunter
TruthHunter's picture

"which is heavier, one kilo or 1000 grams?"

Depends, is it potatoes or crack?

Tue, 12/09/2014 - 21:09 | 5534953 WillyGroper
WillyGroper's picture

>>>>>China is still an evil communist nation that disregards human rights, murders its citizens, crushes dissent, and suppresses free speech. Other than that, they are a great bunch of guys.

 

Unlike their mentor the USSA.

Tue, 12/09/2014 - 21:21 | 5534987 Atomizer
Atomizer's picture

Weak argument, tell us what is really on your mind..

Tue, 12/09/2014 - 21:19 | 5534980 robertocarlos
robertocarlos's picture

Even the ad clicks are a lie.

Tue, 12/09/2014 - 21:33 | 5535015 Atomizer
Atomizer's picture

Don't tell Zuckerberg's investors that. LOL

Tue, 12/09/2014 - 21:26 | 5534998 The Duke of New...
The Duke of New York A No.1's picture

And the avg. Chinese savings rate is?????? = alot higher than everyone elses.

Tue, 12/09/2014 - 21:35 | 5535019 Atomizer
Atomizer's picture

What conversion ratio are you using, USD or SDR?

Tue, 12/09/2014 - 21:31 | 5535012 The Duke of New...
The Duke of New York A No.1's picture

By the looks of all the "Made in China" crap cluttering the shelfs at all the Walmarts, I'd say the Chinks have the manufacturing thing down to a fine science..... what to the Chinks do when they get paid in fiat for their Walmart work? - they exchange it for 999 pure Gold Bullion.

Tue, 12/09/2014 - 21:42 | 5535042 Atomizer
Atomizer's picture

Ni Hao |A Gold Farmers Story

Oldies ..

Wed, 12/10/2014 - 02:56 | 5535620 Ward no. 6
Ward no. 6's picture

hey bruce lee would kick your ass for saying chinks...

china may suck for manufacturing

but they rule for kung fu

i love china for its kung fu

Wed, 12/10/2014 - 09:04 | 5535908 IndyPat
IndyPat's picture

And Bruce Ree built his empire in Seattle.

Can still see his crib up there on the hill....

Tue, 12/09/2014 - 21:36 | 5535024 reader2010
reader2010's picture

Stop your brainwasing bullshit. IMHO, It's still much better than wasting trillions on killing millions people around the world to enrich the elite, isn't it?

Tue, 12/09/2014 - 21:45 | 5535049 Atomizer
Atomizer's picture

We are actually choking them off, you just don't see it yet. Time will reveal..

Tue, 12/09/2014 - 21:47 | 5535060 Irishcyclist
Irishcyclist's picture

USA, Japan, and now China.

What a toxic mix.

One of them goes under the rest ,and the rest of us, are well and truly goosed.

Like the chaingang manacled together, all depending on the weakest to keep going. Welcome to the new paradigm.

Tue, 12/09/2014 - 21:53 | 5535077 homiegot
homiegot's picture

SUM TING WONG

Tue, 12/09/2014 - 22:52 | 5535224 Choomwagon Roof Hits
Choomwagon Roof Hits's picture

WI TOO HIGH

What a shame the owner of my favorite Chinese place here got busted for punching his wife in the head in front of customers. 

Tue, 12/09/2014 - 21:59 | 5535098 billwilson
billwilson's picture

Sitting in China now:

1. Never seen so many cranes in my life even in middle of nowhere cities.

2. Never seen so mnay cranes doing NOTHING, just sitting there. Construction seems to have stopped at a huge number of sites.

3. Apartment buildings seem to grow in bunches of 25 or 30 (not one at a time). Start with open field in the middle of nowhere, plant 25 30 story blocks and presto ... new ghost city ... if the buildings ever get finished.

4. Never seen so many high end cars in my life, and they cost double what they would at home. 

5. Infrastructure is gleaming ... but don't scratch the surface.

6. Restaurants, hotels, services all massively overstaffed.

7. Corruption crackdown IS having an impact for certain, but is it enough?

8. Never thought I would miss google so much. Pain in the ass is this Great Firewall of China. It really is so bloody stupid and inefficient.

 

This will all blow up eventually - guaranteed - but it is a mugs game to pick the date.

 

Tue, 12/09/2014 - 22:30 | 5535178 Casey Stengel
Casey Stengel's picture

Counted 55 cranes on my way to city center. Also starting to see a halt to some projects. Maybe they are waiting for materials? This is also the land of the 1 1/4 inch step. How can you miss getting the stairway to match the floor? I have caught my toe so many times.....grrrrrrr.

Tue, 12/09/2014 - 23:24 | 5535305 Bro of the Sorr...
Bro of the Sorrowful Figure's picture

dood, get a vpn

Do NOT follow this link or you will be banned from the site!