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China's Communist Party Bans... Golf
Submitted by Simon Black via SovereignMan.com,
High up Yuntai mountain in China’s Henan province is a glass bridge that lets tourists walk out across the sky and look down at the lush valley floor over 3,000 feet below.
Glass walkways like this are quite popular across China, stunning visitors with both beauty and the thrill of danger.
Recently, this one cracked. And many tourists took to social media claiming that pieces of glass in the walkway broke away altogether.
The government of course is spinning a different story.
They reported that the glass walkway is completely safe, even though they’ve decided to close the bridge ‘temporarily’.
This is probably the best metaphor for the entire Chinese economy right now, because the glass is cracking everywhere.
China’s manufacturing sector has been weak for months, and its industrial sector is completely in the dumps.
This week the deputy head of the China Iron and Steel Association said that “China’s steel demand has evaporated at unprecedented speed as the nation’s economic growth slowed.”
There are more signs of contraction all across the economy.
Most notably, years and years of idiotic capital allocation are beginning to muster serious consequences.
In an effort to stimulate growth and create employment, China’s national, provincial, and local governments have spent unfathomable amounts of money on useless infrastructure, primarily funded with debt.
You’ve heard of these infamous bridges to nowhere and empty train stations.
Now several Chinese companies have started to default on these debts, including two state-owned enterprises.
The bursting of this debt bubble has already caused major problems in the banking sector (which is a massive 3x the size of China’s economy), as well as in financial markets.
Chinese stocks saw a major collapse several months ago, and we may see a major crisis in the banking sector very soon.
Local Chinese with any real savings have been scrambling for months to move their money offshore.
And this ‘capital flight’ is reaching epic levels. In August alone, $141 billion was sucked out of China. That’s more than the entire GDP of Nevada or Ukraine.
Sooner or later (probably sooner) the combination of loan defaults and capital flight is going to cause major problems in the Chinese banking sector.
Chinese banks simply won’t have enough liquidity, or reserve capital, to remain operating.
I expect we’ll see the mother of all bank bail-ins and withdrawal controls in China.
But what really gets me is the Chinese government’s Jekyll and Hyde approach to the crisis.
The Chinese are known for being strategic thinkers. This goes back thousands of years to the days of Sun Tzu. Leaders don’t act haphazardly, they make long-term plans and execute in a disciplined manner.
But it’s becoming pretty obvious now that the Chinese government is in REACTION mode.
The stock market crash over the summer wasn’t planned. So they reacted. Poorly, at that.
In response, they jailed stock speculators, and even did the unimaginable–encouraging citizens to borrow money using their homes as collateral, then invest the loan proceeds in the stock market.
They promised several times to not devalue the renminbi. But then they did.
Then in order to stem the debilitating capital flight, they imposed even more severe capital controls and withdrawal restrictions for Chinese citizens traveling overseas.
But then yesterday in a nod to the IMF, they announced a pilot program to EASE capital controls and allow citizens to directly purchase foreign assets.
Last week they went on a crazy anti-corruption binge, banning excessive drinking, golf, and even extramarital sex.
And now, poof, they ended three decades of the One Child Policy.
None of this makes any sense. There’s no common thread or direction in Chinese policies anymore. No more long-term thinking.
Now it’s all extremely reactive. The grand plans and strategy have gone out the window, and instead they’re taking it day-by-day, making it up as they go along.
To me, this is a sign of how bad things really are.
Their system is based on a bunch of unelected policymakers sitting in a room and making decisions to control one of the largest economies in the world.
This just doesn’t work.
As China’s example shows, there are too many moving parts, too many levers to control. And it’s impossible to expect that some committee is going to get it right without eventually faltering.
But as you can probably realize, it’s not just the Chinese who have engaged this absurd system. Most of the world does it too. In fact, the West invented it.
The US and Europe have their own unelected committees sitting in rooms making policy decisions that affect the lives and livelihoods of everyone engaged in economic activity.
And for us to simply sit back and trust them to be smart enough to flawlessly steer the ship is incredibly foolish.
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obama is fucked
I don't think that sex with a tranny counts.
China doesn't care if he finds it difficult to hide that he putts from the rough
https://www.youtube.com/watch?v=ftl_ckcpZgY
Who said anyone w/ half a brain was trusting them?
The Chinese should do what the US did.
Outsource their manufacturing and import foreign workers.
Then begin never ending periods of QE and negative rates.
You know, if there's one area that the US is woefully behind the rest of the world, it's in banning things. But we're catching up quick.
Like that One Child Per Family Policy even worked.
Like how much has the population expanded while it's been in place?
Massively.
Assholes
And now, golf.
Double Assholes. 5 over par Assholes. (Altho in much of Asia, golf is truly a very expensive sport for only the massively wealthy, to be fair)
one post: USA IS SCREWED ESCAPE WHILE YOU CAN
next post: CHINA IS SCREWED AND THEY'RE ESCAPING TO THE USA
lol
The Once Child Policy worked fine. They were starving to death when they implemented it. Now nobody is hungry.
Try riding a bicycle in Palo Alto without a helmet.
The Party has your best interests at heart...oh don't ya know.
Some time ago I heard of a correlation between socio-economic classes and the size of the balls they play with. Lower-class African Americans played with basketballs, lower-middle class loved football, Latinos loved soccer, middle-classers were all about baseball, the upper-middle classmen were avid tennis players and the purview of the wealthy was golf. I presume that in all of this there is some sort of scientific conclusion about the size of one's balls and one's social status, but I always wondered what it said about the redneck class being into NASCAR.
Ironically, however stupid Central Planners can be, they are still smart enough to realize they don't want to dilute the Chinese gene pool with foreigners. LOL. I applaud them for that...multi-culturalism leads to no culturalism.
Somehow, I got into discussion with my colleague about why we should dismantle fed. He ,very confidently, kept arguing - "who will be the lender of last resort in absence of fed". And we kept discussing economic theories and principles for almost 20 mins.Exhausted, I finally asked - "what do you need last resort lender for". To this, he replied - "for people who want to lend their money risk free", you know, as last resort.
I did not know what to say. He walked off smugly.
Enlightened, thorough and nuanced. Exactly the kind that make up a wet dream of founding fathers.
Every bank on the planet wants to lend their money risk free. There is no such thing and they deserve to loose their ass.
"I did not have sexual relations with that woman." *Because she ain't a woman*
What is reason for party ban golf!? Maybe "party" is not so appropriate of name for dull boring political class structure...?
Party members must've been having difficulty gettting a tee time and got sick of 5+ hour rounds.
Tis easier to find balls in the woods.
Young people were golfing instead of going to longbow practice.
It makes sense in an old-fashioned Communist sort of way:
"You tie up several acres of land just so you can hit a little ball while most of the peasants don't have any land at all, or live in a shoe box. First we shall have decent housing and farm land for all the peasants, then if we have room for golf courses, we shall have enough golf courses for all the peasants."
...
"Hmmm, not enough land on mainland China. I know, let's reclaim some land in the middle of the ocean and build some golf courses there!" - SOLVED THE PUZZLE! ;)
Here's how golf works in china.
For normal people, it's 100% out of reach. The courses will charge a green fee of ~$500+ per person if you are a non-member. Membership can easily run upwards of $160,000 per year. When a golf club is built, memberships will be handed out to local officials. These memberships can then be used thusly:
You are a contractor, you pay the $500 green fee for a round with the official, you set a wager on each hole and then lose horribly. A relation of the official collects the winnings and you get the project.
Other uses for golf courses are so developers can squat on land rather than abide by the laws which require them to build or forfeit the land.
You owe me a new keyboard...,
and a beer.
Yeah, I bet politburo members won't have any problem getting a tee time now.
Cocksuckers.
If they no let serf enjoy drink and golf, soon maybe they realize anal raping by government and make necessary extradition for to make gulag camp?
Word is the top aparatchiks had a sucky round one day, got pissed and banned it. I can relate.
Golf changes that how, exactly?
Golf would be much more exciting if a Kraken....oh nevermind.
Obama is sitting pretty unless someone goes all Mussolini on him. The media will cover for him. See any media denouncements of Stalin or Mao? The denouncement of Hitler is because he lost. Divine right of kings and all.
Sex and golf in the same sentence? I'm confused.
Hole-in-one. Can't beat it.
Obama boycotts China next?
....First they came for my ping-pong paddles...and I said nothing....then they came for my croquet mallets...and I said nothing....then they came for my Titleist 5-Iron...and I said nothing...
You're killing me bud.
George Carlin is smiling..
the end may be near, when they criminalize bowling
it is all over.
I recommend the banning of golf be written in to all future trade treaties.
I want you to kill every GOPHER on the course
If you're gonna bitch about China, PLEASE have a modicum of understanding rather than appealing to the lowest common denominator.
It's a pilot program because they are desperate to get into the SDR. China's exit plan is to become a reserve currency. this might actually stand a chance as well, as it is common chinese reaction to do whatever is being restricted... forbidden fruit and all that. it's multi-pronged, but the key motive is SDR, secondary is to stem the outflow
They don't want drunk officials, golf is used here as a form of bribery, extramarital sex... they're tired of officials being blackmailed. Nothing wrong with any of this really, and i agree with all of it.
There's a demographic crunch coming that has been advanced by the policy. Unfortunately, the reform is too little too late. The other goal of this is to give a boost to housing, which has been falling.
It makes perfect sense if you understand China... the writer of this article obviously does not understand much of China and is looking for a reaction. If you are going to bitch about China, please bitch about real things. It's an insult to those who actually give a shit and quite frankly despicable behavior in general.
You are so right. So many foreigners have an attitude that they are smarter than Chinese or Chinese government.
+100, LAOMEI.
@ Laomei, How can a central economic power unit like China that creates money (out of thin air) have a need to have "bail ins" if they controll the banking system?
I'm a little confused.
Take 1K in China you produce everything for themselves and the world too - well they did.
Now remove the rest of the world consumption they only need 10 people to produce for their 1K and they are fucked like the West. (The contraction in western economies and trying to control the debt level achieved this)
Next step? End up printing money, not so much for the people more to service Sovereign debt you racked up in conjunction with selling US treasuries etc.
Now who are the creditors for all the sovereign debt, all those well connected bond holders? Economy still tanks, but those creditors don't care because they will receive their value wether it is freshly printed or raped from populations because IF NOT THE ONLY FORM OF ECONOMIC SYSTEM WE HAVE IS WIPED OUT.
Now we cannot get off their guaranteed income gravy train without collapse and you are NOT ALLOWED TO ATTEMPT TO IMPLEMENT ANYTHING ELSE THAT THREATENS IT.
At that point humanity is now locked in, all exits are forbidden. The single cause was the 10 people prodcing for 1K and the west sidestepped it for 40 years by moving production to lower cost economies and exponentially increasing debt.
Now we can't even pay the interest on the credit card let alone pay off any of the principal.
The chinese government is rather moronic actually. they have quite literally never solved a problem that they thmselves didn't create. And those solutions tend to be horribly flawed and result in even worse problems.
the chinese people... there are deep rooted flaws which hold them back. it's so frustrating here seeing the potential which goes unrealized and then after long enough you learn that it's been this way forever. china doesn't change.
you are completely wrong.
rule by decree is the rule. all the libertardians get confused about how rule by decree has been the defacto method of all empires and aspiring empires in history.
the chinese government , under mao, and now the ccp, has survived stalin and the soviet union. and they will survive the ussa and the eu.
under the ccp , the chinese nation state has become a leading world empire . will they collapse under their own misguided rule. possibly. but so far, that is not even coming close to happening adn through decades of leadership and rule by decree they have taken the worlds largest population of small farmer peasants , and turned them into an industrial empire that is now rapidly copying the financializatino and militarization of the west.
the japanese did this and the world laughed because they are occupied territory of the west. literrally occupied by 50k american troops.
china is NOT occupied territory. can the west undermine china with assinations sabotage and the use of triads and organized dissidence. possibly. but they will have to try. if they fail, the rising dragon shows no signs of sensence ( old age and deterioration ) .
the u.s. may not be approaching her end yet, but she has competition rising . the globalists can toot their own horn, but what will happen to the narrative should it end. all the anti-china tards think that china needs western markets . does america not need cheap labor?
i think a sudden loss of cheap labor is more politically destabilizing for the u.s. than a sudden loss of expensive paying customers for china. china can always just sell to africa. after all, IT ALREADY IS.
how much is the ussa selling to africa? strong dollar got you down?
good stuff.
any chance you're a hot chick?
I've got that, you know, the yellow fever, there?
That's good stuff, too, although I learned the hard way to give Japanese porn sites the swerve.
Yeah this post seems extremely biased. It would be nice if Zerohedge avoided super-biased posts like this completely. What is wrong with banning golf? It is basically just a game for elites that wastes vast amounts of land and consumes a shit ton of resources and all of the profits are garnered by people who don't spend on normal stores or local markets...they are rich and mostly just stuff that money into investments. They want to curb that sort of behavior unlike USA.
So you're saying that China:
I'm a laowei in Qingdao. Every day I shake my head at the ignorance written about China by people who obviously never been there. And the crowd chimnes in with applause. Straight out of the movie "Idiocracy".
The land area used up by Golf courses in America is larger than Rhode Island and Delaware combined!
http://www.omgfacts.com/sports/8012/The-land-area-used-up-by-Golf-course...
Hey - man, you see all that land they're talking about?
You could grow your weed in there, man.
OT - holy fuck. I just got my "affordable care" bill. My premium went up fucking 56% in one year. Never been sick. Good luck to all because you're going to fucking need it.
Just think of all those who are exempt and get those cadillac (cough) plans.
edit. I see section 8's living the life and cannot fathom what they did to their bodies. Lots of kids and the associated freebies. The parents fuck off all day and do absolutely nothing....(I am serious) they play fucking video games all day after the kids go to school. No drugs but no effort on their part. Sounds like congress. The landlord is trying to evict them but the process is a bitch even though they home is literally wrecked, filled with trash. Good luck to all those who try to cash in on section 8 money.... No bailouts are forthcoming.
It's called "social justice", or something like that.
The evasion fee is still less, right?
Luckily they're not banning Volkswagen Golf.
Japan's economy fell apart after it exported heavily to the US for decades. It was a giant manufacturing economic super power.
From the mid 50's when it started to the late 80's.
China took over that roll and it's been about 30 years as well.
It's about time for China to degrade.
They probably own a couple of courses here... In the meantime wookie has been banned from certain restaurants...
They're just trying to put a twist in Obama's panties.
Not a big story. I lived in China for 6 years 2004-2010 and leaders were encouraged not to golf all the time. Comes off as elitist, you know like the magic mulatto
translating Titliest was just too hard, so thy dropped golf.
If it happened here Reggie would lose his ball washing job
Golfing can be very dangerous.
https://www.youtube.com/watch?v=OSPZ0fCEetg
"Now it’s all extremely reactive. The grand plans and strategy have gone out the window, and instead they’re taking it day-by-day, making it up as they go along."
Isn't that what the FED is doing?
"China's Communist Party Bans... Golf"
Obama is banned in China?
Exploding golf ball terrorist threat contained. Golfers will travel elsewhere. Lost revenue for the dumbfucks.
Hilarious ! Exploding Golf ball Prank gone BAD ...
This is a spoon-full of propaganda. .
Was I not supposed to notice parallel abuses by the US Gov?
As for long term planning and the banning of irrelevnant matters which while seemingly innocuous could also be associatd with behavior manifestations such as idleness, decadence, lack of work ethic, moral behavior, stewardship of the culture?
Yeah, I could see where it'd be in the negative interests of a culture to plead for a get back to the basics of what made you great in the first place kind of a campaing when you're getting your ass kicked. Sure….
China can flog golfers with a 9 iron or use a big Bertha for chewing gum on golf-course. Mark Zuckerberg will talk to them in Mandarin, offer free ad placement on flagship algorithm farming sites.
+100 that there....is some funny shit alright. he he hee
Obviously you didn't read the part wher the article says "...it’s not just the Chinese who have engaged this absurd system. Most of the world does it too. In fact, the West invented it."
Then what's the point of writing about China, China etc. when its a world-wide phenomena?
Then what's the point of writing about China, China etc. when its a world-wide phenomena?
American exceptionalism. Oh, and why do you people hate America? /s
On the subject of golf, I am in total agreement with Mark Twain.
Simon, come on ... Our system is based on a bunch of unelected policymakers sitting in a room and making decisions to control one of the largest economies in the world.
This just doesn’t work.
I can understand the banning of golf. I mean, look what playing too much did to Barry. The rest of the stuff, however, is questionable.
I suppose shitting on the side of the road has been banned too, but that doesn't stop millions of Chinese peasants from doing it every day.
Better dead than Red.
!!! Wow !!! This is truly hilarious! The first sign of them "going off their rockers" was when they threatened to arrest [and execute] people for selling their stocks!
That totally ruined the illusion the "leaders" or "government" of China were gradually becoming reasonable, rational beings.
From now on, everything from them will likely be down hill... and increasingly hilarious... and probably dangerous on occasion too?
Oh, I'm sure they mean well - as do ours.
Bwaaaaahahahahahaha!
"But then yesterday in a nod to the IMF, they announced a pilot program to EASE capital controls and allow citizens to directly purchase foreign assets."
Smart, because telling people they can't move their money out of the country sounds an alarm and makes them want to move their money out of the country. Their reversal on the ban is smart. Besides, people were obviously managing to get their money out anyway.
"And now, poof, they ended three decades of the One Child Policy."
Their demographics are very bad and they should have done that a long time ago.
"None of this makes any sense. There’s no common thread or direction in Chinese policies anymore. No more long-term thinking."
The two items I listed make a lot of sense and the end of their one child policy is an example of long term thinking.
However, they're still going to have a very hard landing and, with them, the rest of the world.
I was drunk as fuck bangin this drunk chick on the 14th green, when a party official ran up and yelled,
"MOM!....What the hair?", pulled out a funny looking little pistol and started shooting. Those little fellows are sticklers for the rules. Whatever they are.
The article was probably written by a western Banker.
After all the western Bankers created the Chinese miracle.
As they also did in ASEAN to create so call tiger economies.
All those economies were mirages. And promptly failed.
But the Bankers manged to transfer the debts onto the Governments.
But China is well prepared and is dancing to a different tune,
Of course, western economists sure cannot understand Chinese moves.
Watch and learn.
Isn't the US littered with burning suburban nuclear waste dumps and festooned with leaking geriatric nuclear (oh, I'm sorry, Nuke-ular) reactors?
Didn't the EPA turn off ALL the radiation monitoring sites the other day?
Seems churlish to pick on China over this golf/glass bridge non-issue.
A stupid and childish distraction even.
Aren't those blimps that detect launches and/or incoming cruise missiles across the east coast out of commission now?
Didn't the navy have a drill last month that greatly impaired radar and signals coverage on the entire east coast?
Hmmm?
Maybe instead of arrogantly pontificating about fucking golf, pick on them for "visiting" and placing 2 highly modern and able cruise missile boats under the currently diminished US radar umbrella in a Florida port instead (104 nuclear capable cruise missiles). Or question why these missile boats have been allowed there during a time of increased tension over the south china sea provocations. Can't they hit New York from there?
Must be a coincidence I guess. Definitely NOT a set up. NO.
Then again Simon Black is a complete fucktard/mouthpiece so what would we expect from this dribbling toddler bonobo? ; )
Let's see if anything happens on say Nov 3 or 5. I hope nothing does.
USA is another country headed for the trash heap of history, just wait and see.
A consequence of implementing fiat and attempting to manipulate markets in a reactionary manner because the economic pressure comes from the external global economy.
I can plan for my own actions strategically, I cannot predict the global economy for sure as all other nations atttempt to manipulate it for its own end includes the FED at 80 billion a month QE or potential interest rate hikes.
No nation can carry out a strategic long term economic plan under such a mechanism because it will be undercut in a matter of months as the fantastic economic plan is revealed ... want a piece of that, oops reset back to square 1.So out of the window goes any long term stability a nation may crave and maybe China would be better served behind it's great wall although I think the economic virus by the actions of people has already left them contaminated.
Go for consumption and efficiency, tine words with a destructive downside for change.
Chinese are desperate to get out and are trying to coe here to Singapore left and right with our wealth immigration policies. We have been told that now with Japan's new investor visa they are trying to get into there as well.
I expect that whole country to go the way of USSR. And that is a good thing, especially for Chinese people. No one voted for CCP; they just took power. Time for them to leave and for the various countries to rule themselves now.
Are they angry 'cause too many of them have to use the children's sized clubs?