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How A Chinese Farmer Lost More Than Everything Trading Stocks
Last night, just six weeks after one Chinese farmer Liu Jianguo invested his life savings in the Chinese market, proclaiming "it's a lot easier making money from stocks than farm work," we wondered if it was time for a sequel:
It's time for the sequel: how the Chinese farmer bet on stocks and lost everything http://t.co/l1EEAHFiEg
— zerohedge (@zerohedge) July 28, 2015
A few hours later we find out that it was because as CNBC reported in its sequel, another farmer has lost it all... and more. As CNBC's Eunice Yoon reports, just a few weeks after his glorious gamble in China's manipulated market, the farmer "trader "now owes - thanks to wonders of margin calls and leverage - as much as he originally invested.
From the hope-filled exuberance of early June to Yang Cheng's utter hopelessness, "I have lost everything," after he followed the government's 'grand plan' to open the economy and encourage stock market speculation.
Having piled his life savings (plus his relatives' money) into the market, thanks to encouragement from his broker he borrowed $1 million in margin and bet it all on one stock - a local mining company.
Now, after being forced to liquidate by the same risk-encouraging brokerage, he has suffered catastrophic losses... and he is not alone...
"I don't know what to do... I trusted the government too much..." he exclaims, adding "I won't touch stocks again, I have ruined everyone in my family."
We can only hope Yang Cheng's breakdown at the end will serve as a lesson to those betting on "The Fed has your back," or whatever meme the moment requires.
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Dear Chinese Farmer
You were defrauded by the bankers who run the stock market. The Chinese government was either complicit or fooled by the bankers as well.
Grab your torch and pitchfork and join your fellow farmers in a march on the BoC. Tear down the vault door and take the gold out.
After all, those fucks aren't doing nything with it.
Welcome to Casino Capitalism, Chinese Style. Whether they speak English, German, Russian or Mandarin, the Banksters ALWAYS win.
Natural selection. Fuck `em.
Propaganda. He bought into it.
So if I can sucker you, you 'deserve' it?
Can't he bet his debt now? If he loses, it should decrease!
Right, think like a bankster.
It's far easier trusting in Bitcoin than doing farmwork.
https://localbitcoins.com
Trust. Government. Two words that don't belong in the same sentence.
New #1 Chinese karaoke song this year is Da Gamberer
When I read this, all I want to do is hang these short selling murderers. They're ruining peoples' lives! This didn't even need to happen - everything was going well in the Chinese markets until it was raided by a cabal of hedge funds and a shameful handful of retail investors trying to profit from other peoples' misery. Equities should be a stable long term investment - stock market crashes like this are completely unnatural and preventable. It's just sad that we couldn't sort out this short-selling issue earlier - it would have saved the livelihoods of millions of people.
Damn farmers
No sympathy at all.
"You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
Know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done"
~ K.Rogers
His statement is very typical of the traditional Communist thinking; I remember asking people there, "Do you think house prices will go up or down?" and they would answer, "Whatever the gubmint wants them to do."
Most understand there is no such thing as a "free market." This guy just happened to get burnt by buying and selling at the wrong time or using too much margin. The usa is now the same way, very corporate/banker socialistic; no such thing as a "free market" anymore. It's up to the banksters to decide.
I made and lost $85 million in 5 years day trading stock markets :)
This story reminds me of 10 million Americans who trusted Barney Frank when he said everything was fine....fuck me.
Anyone who has not the discipline to save 20% for a downpayment on a house shouldn't be buying one. Home ownership is a huge responsibility...yes, "responsibility"...one of those words we've seem to have lost here in merika. Same as "accountability"... lost ....
One big problem is when a banker losese everything, he gets bailed out by the Middle Class taxpayers by force ...but if a Middle Class person loses, he gets screwed and eats his loses.
Seems the 20% down I put on my home in 2008 did me abso-fucking-lutely no good. I played the game like a good little sheep and promtly paid the price in 2009. At the time I had no knowledge or interest in "the markets", i just wanted a simple house that I could afford. What a wakeup call when my $250k house was suddenly worth $90k cash. I made no payments for 1.5 years, short sold the hell out of it and BK'd on the rest of my debt. Fuck the banksters, fuck phony repayment morals to banks, and fuck the entire system. Debt free ever since and never looked back.
To me, this sounds like greed on the part of the farmer. Who suggested that he invest (gamble) everything and then some on a SINGLE MINING STOCK? He must have been convinced by someone of "insider information" about this "can't miss opportunity."
Obviously he knew the game was rigged, but thought he could "beat the house". He was mistaken. It is rigged, but you can't beat the house.
Homes can also be a liablility: Property taxes, expensive fixes (broken furnance, septic, etc). Job securty vanished more than decade ago. Most people will need to either relocate every few years for employment, or be prepared for very long commutes.
I would recommending NOT using the phrase "f*ck me" and Barney Frank in the same sentance. He might just show up at your door!
Typical Chinese: get rich quick by excessive and compulsive gambling.
How about that gold standard and all that Chinese gold buying? Think that will blow up in their faces as well? Looks like the Chinese bought everything too late: from US government bonds (>$3 trillion worth), to real estate ("poof and it's gone") and now down to stocks.
The only thing the Chinese can do is copy others, copy Louis Vuitton bags, copy DVD's, copy iPhones, copy fiat currency, copy real estate bubbles, copy stock market bubbles and copy government bailouts and central planning.
FORGET about the Chinese riding to your rescue and send gold prices higher! Just FORGET it!
p.s. pretty rich 'farmer' when he has $160K in savings in a country where the average wage is only a few thousand Dollars...per year!
Guess how maoism happened last time? Just like this. This time though, the adoption will be everywhere with all the central bank that's helping screw people. Now you've got two options. No wealth or BitCoin which eventually leads to no wealth with technology helping do the heavy lifting since you lazy fucks are 2000 years behind where you should be.
There is no running from this because this will happen. Only choices on the table are fast and painful, or a nice weaning and cessation with BitCoin.
The value/problem of bitcoin is that it is capable of being the greatest ponzi the human race has ever known. The suckers are too freshly blow torched or power washed to smoke your pipe brother man.
it's often a life lesson. Take something you're an expert at (farming), that youi've spent your life attempting to perfect....and then risk that on something you have zero experience in, or expertise on. My advice, never ever ever do this. YOU and your family are ALWAYS you're best investment. Never use them as collateral....if you want to gamble, go for it....just do it with what you're prepared to lose.
You are such a simpleton idiot.
Welcome to Robo-sign, Corzined, Silver Fix and Libor market where you can checkout anytime you want but you can never leave.
Trust. Government. Two words that don't belong in the same sentence.
True, but people here on ZH (supposedly well educated and outside the box thinkers) seem to place a lot of trust in the Chinese government smartness of buying gold and they are big fanboys of Donnie Trump.
I like Trump because he is the most entertaining clown in the circus. This shit show is going to burn, it's unavoidable no matter what moron is selected. Might as well enjoy watching the play unfold while trying to do what you can to lessen the blow for those close to you. Hell, there are good arguments to hope for the worst of the worst and bring us to the final act sooner.
If I bothered to vote, this would be my choice:
https://www.facebook.com/pages/Dwayne-Elizondo-Mountain-Dew-Herbert-Cama...
"I like Trump because he is the most entertaining clown in the circus."
Trump need to win to enable him to enact laws to bail out his failing businessaes and investments.
Comacho for Prez! (what could possibly go wrong?)
Don't trust your government.
Put them in one sentence. Well, that was easy!
Trust. Government. Two words that don't belong in the same sentence.
Sure they do, Realmoney:
I don't Trust the Government.
"Trust. Government. Two words that don't belong in the same sentence."
Not true, here is an example: " I fully trust the goverment to do the worst possible thing when addressing a problem". :)
They do if you add in "the", "to", "fuck" "it", "up" in an assorted order.
.
A man should never gamble more than he can stand to lose.
...but...but, I was investing, not gambling.
because of you they added a bunch of chairs and sofas.
Uh, yeah. If you're too stupid to learn about something before doing it, it's your fault that it was done. That doesn't make what was done TO you right, or even acceptable, but it's still YOUR fault.
I remember back when day trading became popular and in the end lot of people lost everything they had. It's all just a variation of "the big lie" Get rich quick=get poor quicker......
The slogans of the modern era ought to be "caveat debitor" and "sic transit promeritum mundi".
"So if I can sucker you, you 'deserve' it?"
As a matter of fact, yes. One of the most sound and important tenets of authentic libertarianism is that coercive attempts to help or protect "the people" in general will always fail, backfire, come back to haunt you, or worse, even if it takes a century or three. As someone or other said, we have arrived at the age of consequences ... consequences for approximately 300 years of just such moronic and ill-conceived attempts to micromanage the world into a utopia ... and make a handful of us very briefly, but inconceivably, rich at the expense of all other humans, unborn included, and, well, the entire planet. The inevitable crash is just desserts.
Or would you have us believe that it takes a truly towering and remarkable genius to appreciate that exponential growth, actually exponentially increasing waste which produces zero enduring value or prosperity or peace or _____, is unequivocally not sustainable? Those are the choices. It was not lack of intelligence, but excess of greed.
So I guess Blue Horseshoe didn't love Anacott Steel?
Are they at least going to EAT Blue Horseshoe?
Beat him with some Anacott Steel?
pods
haha how is that natural selection? For all we know the people have reproduced a dozen times and their apparent "flawed genes" will carry on and on for decades.
Darwinists/natural selectionists are so fucking stupid. I especially like when they say "natural selection" when some redneck hillbilly with 5 trillion offspring does something dumb. Yep, natural seleciton showed them! That the human species is getting dumber and mroe useless each passing generation should clearly show the whole "natural selection" idiocy is just that- idiocy, but apparently it's lost on some people.
I wonder what had happened to one individual investor in the 1929 Dow crash when US started its journey of development?
Does anyone know how many Americans lost money at that time?
No one wishes to blame their own intellect or decisions when they lose but they feel very happy when the stocks rise!
People need to learn....nothing goes up in straight line ever.....
I blame the individual (for making a decision), the Govt (for not having the margin controls or KYC in control) and the broker (for facilitating) . But blaming the broker will not do, because he is doing what a policy maker has allowed him to do and the investor who is pushing him and signing everything without understanding a bit!
Although it is sad to see people losing money on margin but people need to accept responsibility for the same. A large dose of understanding how markets work and knowledge/education is also required!
Blame needs to be shared not placed on the Govt or the broker!
You can give 100% margin, but if there is no investor, it simply wont work!
I am pretty sure people will learn fast!
On top, the advisors, bankers etc never knew anything about investments. Markets always went up since WW2 until 2008 because the global GDP of all large countries ALWAYS went up. Now that the global GDP is always going down and banks and various companies are shutting everywhere, there is no one who can forecast anything accurately, least of all bankers and investment advisors.
They are all clueless and took credit for rising global markets since the 1960's. Now that the global markets are down, not only bankers are being fired by the millions but they are unable to attract any business because they simply cannot persuade anyone on where the markets are headed next, worldwide, or how to make profitable investments! (because they do not and did not know anything in the first place and simply piggy backed on a rising economy). No wonder dozens of banks are collapsing or shutting because there is simply no business globally, except in China!
Everyone needs to invest in a VERY diverse manner into as many countries/stocks/bonds as possible and then do it in 2-3 tranches and keep a VERY close eye on a regular basis.
Even though China is great but you cannot invest more than 10% there. Same in US or Europe or Asia or bonds or whatever else...10% in each will keep the cart steady and not lose ALL your money in one shot. If you bet on one company, the loss will be all yours!
Pity the farmer though!
WTF, they still have farms after all that?
And while you're at it, hang the broker who took advantage of his naivete.
"And while you're at it, hang the broker who took advantage of his naivete. "
its likely his broker was previous a farmer, that also bought the same stock and have a boatload of margin debt. Most brokers are that smart to con a man out of his savings and also not get conned by the bigger fish.
Smells like 1929.
Except that the Chinese investors expect to be 100% bailed out now and will demand such. There is an excellent chance this will happen.
China is using their stock market as a way to create a consumer economy; instant middle-class, just add wealth effect. The authorities managing events have a lot of incentive to lie about things and then to make all kinds of mid-course corrections when shit blows up. In the end, to helicopter money into communities. The investors will be made well otherwise there will never be a middle-class.
If you are thinking "this is a Ponzi scheme it cannot possibly work" notice that it worked in the US since the 1970's. Given that track record I can't see the Chinese not trying the exact same thing. And notice, if they can pull it off they will continue in ascendance at the very same time the US and Europe are headed into insolvency, having started the same Ponzi 50 years before.
It's a case of whoever laughs last laughs best.
You see signs of all this working it's way currently through the US west coast real estate market. Hot money from China, buying everything in sight, as desperate home owners running out of options sell at a loss. Now imagine all that on a global scale.
In some ways, China has already won this game. The only bad thing can happen now is the leadership get greedy and forget to "fix things" for the illiterate farmers buying stock. Without those guys pushing up the markets every day and creating artificial wealth, the game falls apart really fast.
In every bubble, someone has to be left holding the bag. Guess in China it is a poor farmer. They got him. They brought him in with thoughts of big money and an easy life and then handed him the bag while taking his life savings. This kinda interaction should really help Chinese society.
One million dollars in the market? Doesn't seem like he was poor. Dim maybe.
If you are in China and have that kind of money isn't the priority to just GTFO? Hence all the Chinese buying property on the west coast.
Or is that only the multi-millionaire Chinese?
He didn't have a million dollars. He borrowed a million dollars.
"Having piled his life savings (plus his relatives' money) into the market, thanks to encouragement from his broker he borrowed $1 million in margin and bet it all on one stock - a local mining company."
I suspect he was given margin amounts of 5 (or more) times what he actually had in the account. Then he put it all on red.
Always bet on black(-hearted banksters).
Look, even though defrauding is what the banksters do, still it takes two parties to participate in the action. People look at the market as a casino where one can win, but one can also lose. And if the casino is set up by the banksters one should really understand how things work before jumping in with all his savings. There are elementary principles for investing in stock market and people ignore them because they think there is going to be even more stupid sucker behind them who will continue the insanity. So, there is no one to blame but the farmer himself. And there is going to be a lot of these stupid “farmers” on this side of the fence, and if they lose everything-totally their fault. One more thing. First of all Chinese government propagandized gold and silver, at least that was my impression based on long lines of people trying to get the precious metals. Government encouraged investing money in the market and the industry, not use the market as a casino. These are two different things.
We fleeced a few folks
Shoulda stuck to gold farming in MMOs
Wi Tu Po.
His fortune lay in growing opium to soothe all the other stock market victims.
(H)opium wars
Now I know why they call brokers "brokers".
They send you broke.
Old-timer once told me- Always remember- the first 5 letters of broker, spell broke.
This video clip is bankster porn, they climax when he's holding his head crying.
LOL
http://i.imgur.com/fF68AzE.gif
This is Wong...
So much for the wealth effect.
More to come, popcorn please.
It's a casino. You bet, the house wins. Welcome to central banking 101, where the bankers always win.
Buy some gold and stuff it under your mattress.
A bird in hand is better than a million in the casino
The key sentence here is, "I trusted the government too much".
The lesson to be learned is, Don't ever trust the government.
We Libertarians know this. Everyone else, not so much.
you mean 'ol Ping didn't get the memo from uncle Warren to stay out of the casino?
I wonder how many people sold their "cheap" phyzz silver and gold over there for fiat just to lose it all on margin in the Chinese casino?
Just hold only your phyzz and keep stacking and stay the fuck on the sidelines with your popcorn, folks. Let this shit sort itself out. Because it definitely will.
Old Ping there is a future Libertarian.
Do the world a favor and kill your broker.
Not funny -
People do kill themselves over shit like this - breaks up marriages , ruins lives.
Broker not self.
Presumably, you hoped to make a lot of money, right? You didn't seem very concerned about who you planned to take it from, and the welfare of their family,so your brokerage helped you out with your "plan." Brokers have kids too.
LOL, nothing ever changes.
Go big or go home! If it wasn't the stock market, he would have gone to Macau casinos losing it all. Just be glad his story made it all the way to ZH. Now he is some what famous and he can brag to the cows.
Go big or go home! If it wasn't the stock market, he would have gone to Macau casinos losing it all. Just be glad his story made it all the way to ZH. Now he is some what famous and he can brag to the cows.
"And it's gone."
No cows, no land.
Fucking idiot. Many ZHers will blame the govt and blah blah blah, but homeboy made a choice.
Just like the other stupid sheep
A pathetically stupid one, at that. Reminds me of the joke, why did the man cross the road? Because his dick was stuck in the chicken's ass.
Got that right, Meat. Get rich quick in CHinese still means the same as it does all over the rest of the world: sucker.
A choice based on false economic signals sent by the government and their central bank.
A choice based on bad information is not a choice. It's a puppet string. Sure, you can cut them, but you're still stumbling around blind, and have to pass through a wall of fire or unknown thickness (ie hold PMs) before you can get out.
Conceptually sounds just like the emails Cramer and Gartman inevitably receive on a daily basis.
The lessons are? Invest in someone or something you know. Invest in tangibles like gold and silver. There is no rule of law for peons like you and I. Assume all paper government related investments such as the stock markets are carnival games to defraud you of your savings.
The depopulation event is to leave the people of the world destitute when they can no longer work. You die quicker when you have no savings, live under a bridge, and pick food out of the garbage.
It's simple. His timing was off. Should have cashed in months ago. Oops.
This guy is stupid, he has been trading since 2008..... this is not a new commer...after 7 years I do not feel sorry for you.
You had SEVEN FUCKING YEARS to get educated on the risk. I am surprised it took 7 years. Chinese stock market seems to be a government welfare program for the stupid.
He WAS educated. In 7 years he LEARNED that stocks ALWAYS GO UP. He was SMART. Smartest person in the whole VILLAGE. Until he wasn't...
BTFDoh!
Everybody is a genius when they are winning. He probably thought he was God's gift to trading. Seven years a trading, and he's using 500% margin and all his money in one position. Amazing.
Never underestimate our capacity for stupidity.
It's a Ponsi scheme, higher returns than anything else, so you stay on board because you're getting richer than the next guy. And when the Ponsi crumbles, it's already too late.
What keeps him in is the higher than normal returns. Naive Rational greed doesn't exist. (Callous Rational greed is what the banksters are proficient at)
ONE stock? $2m on ONE stock?!
Go big or go home. If he'd shorted, he'd look like a genius now. Maybe Texas Hold'em was his calling.
If he was short, he'd be in prison now.
I guess the snakeskin broker, he obviously didn't have etrade, gave him the line that he should invest what he knows. Naturally, he margined up to the gills and took a dive. Now some banker is going to swoop in and buy his farm for pennies on the yuan.
Not only that, he put $2m on ONE MINING stock with as much leverage as possible, ha ha. Lunacy! Did he not realize the paltry prices that mined commodities are selling for these days?!?
The guy is a farmer who might not even be able to read properly! The broker who lured him into investing 1mn into a single stock should be prosecuted for sure and the risk manager responsible for allowing the farmer to run up a 1mn additional debt in margin (that likely will never be paid back) should be fired too..
It's a centrally planned economy and has been for 70 years if you don't count the 3,000 years of emperors before Mao came along. You need to sit back and think about what that means to people. They give up on ever having any say in their own affaires ... and then refuse to take loses when the government sucks them into a bad deal. Well of course they are pissed. If the government is going to own lives, education, housing, businesses and all production then the deal is the government has to make good on loses. That's the deal, that's the central part of central planning. Plan it for everyone, and make good if you fuck it up.
Here in the US, we get the central part fisted off on us, too. Everyone here at ZH knows that and agrees. But we still individually cling to this laughable notion of "market forces". Those forces used to be what handed out rewards and punishments, everyone could play at whatever level they were comfortable with including the iconic 10 year old running a lemonade stand. But no more and never again. Now the rewards go to the central planner 0.01% and the punishments go to anyone not in the club (being 99.99% of us). The Chinese, they can see that is a raw deal, and it's not what they signed up for 70 years ago when they murdered the emperor. We on the other hand don't even know we have an emperor, we think this silly "market" thing still works for us at our desired level of participation.
But a 10 year old can't have a lemonade stand without the local Starbucks completely losing their shit over it. Think about that one.
The illiterate farmers should be made well. 100%. Because there is no market over there, just government rigging and string pulling. Pull the wrong string, fuck the people over, and someone named Mao is going to point out that this was not the deal. You can hate central planning (I don't know why you would, you live under it) but you cannot from here play that game for them, they have to play it out by the rules that were accepted 70 years ago.
Here in America, we have a choice. We can fight to get our free market ideals back. Or we can accept central planning and instead go after the planners by holding them to a standard of national responsibility.
We in America are doing neither. We're stuck in the worst possible situation, and the 0.01% are eating us alive every single day.
This situation will not change. There is no mechanism for change.
But it might burn. And a guy named Mao could tell you something about making shit burn.
Pretty fun, huh? We are all Maoists now.
Steve LIESman just went on Chinese TV and said this is a great time to invest.
Cramer was next to him and vigorously nodded.
China: Where farmers trust the government and want to become investors.
ZH: Where investors detest the government and want to become farmers.
Meat Hammer that was one of the best things I've ever read on the web. You are funny and wise.
Meh, a good farmer will never starve.
US/E will be alot worse. You can count on it. Think about it, the collapse is due to margin borrowing gone awol. Think Macao Casino style. They are like leveraged maybe 10x. Think what the US derivatives are leveraged at, including the EU. You can only manipulate a market for so long before it starts to implode (you are actually witnessing it in the bond market now!).
Fools and their money never remain together for long.
Exactly! This shit is no different in the US. Just look at all the MSM articles put out in previous months telling people not pay off their car loans, student loans, mortgages and credit card loans and plough it in the stock market, because stocks never go down and the FED has your back sarc/. As much as the talking heads act shocked at the extreme measures the chinese are using, our own FED is right there with them along with Japan. China just happened to be the one that lost control first.
gotta feel sorry for the gook :(
"Gooks" are not Chinese, but Korean, Vietnamese and other south asian peoples. Here is a link to the correct racial terms for the Chinese: http://www.rsdb.org/race/chinese. Please keep this in mind next time you wish to ignorantly disparage a group of people.
Don't trade on margin folks. Never.
Idiot. Apparently he had NO trading experience, let alone trading on margin.
He got greedy and got burned, should have pulled out at the peak.
How do you identify the peak in the present and not after the fact?
A lesson learnt, he was not informed of the perils of placing your money with slick talking vultures.
Better yet, how do you identify sarcasm? ;)
What are you suggesting? Coitu$ Interruptu$ ?
Yeah, give'er a "Pearl necklace!"
You have to have a lot of money to pay the people that make the laws in order for you to have someone have your back. In other words it is best to be a dictator first before believing someone will protect you.
I love to trade bitcoin. 1st because I was lucky. Then forever after because it seems to function as a free market. It could go to zero or to $500,000
Clearly, if Bitcoin is traded speculatively, then it has no value as a stable currency.
Clearly, if Bitcoin is traded speculatively, then it has no value as a stable currency.
No, seriously, That's hilarious
'It could go to zero or to $500,000'
I don't think it'll go to either, but whatever it does go to it will be much closer to zero than the half a million dollars you so optimistically propose.
You little 'Bull' you, get out of here scamp!
chinese peasants
only the last in a long line of suckers
Only the latest
ouch. you're right
Who could have seen this coming?
This guy must have been watching wolves of wall st for his info.
Mr. Farmer,
Don't be sad. You're should be proud that you're part a larger worldwide system of debt slavery now. Just think of it like you're growing debt instead a rice crop.
Lloyd B.
and unlike rice, once planted - debt will continue to grow - especially if left unattended.
He really spent it all on hookers and blow - but saying you lost it all in the market sounds better.
Most of the people in China are under-educated. But to say "I trust government too much" warrant the pain and suffering. Living in China for all his life, how can he ever trust the communist government ? That is the fatal mistakes.
Communists and Islam are two worst thing human invented.
It's not the government, per se. You have to ask: Who is the Chinese Bernie Madoff. "Give me your money! I invest! Make you rich!"
China isn't worried about people losing confidence in the market. It's worried about people losing confidence in the government.
China's government will just start killing people until they have more confidence.
No worries.
If I bet all mine and my families money on a horse...and lost, would people feel sorry for me, or would they say "That's the piece of shit that gambled all his family's money away."..??
Exactly!
The guy's a piece of shit.
...and if it was a case of he really believed what his government told him...then he's a moron and a piece of shit!
I love the farmers profile though. I guess they are easy piicking for any type of media profile.
Be warned all that hold paper wealth, what you see in China isn't isolated. It will appear elsewhere. Be prepared.
The lose of ones nest egg is not something to laugh at. Its a very sad event.
The government wants your land. STUPID!!
Never go full chinese farmer retard. "I trusted the government too much...." Ahahahahahaha.
"Don't trust the government" is the moral of the story, and a lesson he and his family won't soon forget.
Bleating Cunt! Keep it quiet, maybe just a suicide note. Go hang yourself in your barn quietly and don't announce to the world you're a Dumb Fuck; same goes for your relatives or anyone who trusted your hubris on a whim.
You've helped prop up a criminal global banking system.
May many others around the Globe like you drown in a tidal wave of piss. You too Eunice Yoon you bitch Shill.
Farm Workers losing their jobs, grab your pitchforks and find these brokers.
Thomas Friedmanstein wrote a book about how much smarter these people are.
Aside from stock market distractions, I wonder how the work ethic of the average Chinese stacks up against the average American?
And..its gone!
Gonna be hearing the same crying here soon enough.
"I trusted the Govt. to keep pushing stocks higher...Now I'm ruined."
How in the hell does a farmer amass $1M in spendable funds?
The family was drunk on the same green koolaid. You are a farmer, here is my life savings for you to play the stock market with.....said no cogent person in prior history.
saving is very important to the chinese, so i would hazard a guess that this farmer is not very uncommon.
The wealth effect is working great. Everyone leverages up, goes bankrupt, and the widespread bankruptcies will lead to increased consumer spending somehow.
Well you must admit Mr. Farmer. It is better than selling at the top and getting a bullet in your head. You checked in, you just can't check out.
I think CNBC is making hay over mining shares declines in the gold sector. This is the only reason why such a maudlin story would be presented in North America.
Documentaries on the Klondike and how only the few made it rich, Chinese farmers losing it all, presentations on buy the dip in mining shares(which would actually discourage investors dismayed at HFT wranglings in bullion trades which amount to a hill of beans )
Wall St. is very heavily leveraged on the short side in mining shares, where all of the publicly held float has been shorted, and they want people out.
As reported by CNBC so I know it is true.
I bet there are over a billion Chinese who didn't buy stocks.
Government: "Face it farmer, you fucked up, you trusted us."
I pity the fool who bets his life savings on a margin