Luxury Chinese Boat Launches, Sinks Immediately

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Wed, 10/12/2011 - 17:17 | 1767216 Mongo
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Wed, 10/12/2011 - 17:22 | 1767242 rajat_bhatia
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See. They need a floating currency!

Wed, 10/12/2011 - 17:31 | 1767286 Smithovsky
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Dim sunk

Wed, 10/12/2011 - 17:32 | 1767294 Elooie
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I'm trying so hard not to laugh at my desk right now.

Wed, 10/12/2011 - 17:44 | 1767349 Troll Magnet
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coming soon to a walmart near you!

Wed, 10/12/2011 - 17:48 | 1767362 MsCreant
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Currently available at a Wallmart near you.

Wed, 10/12/2011 - 17:53 | 1767376 akak
akak's picture

Will the yellow smiley face on the price sign have slanted eyes?

(OK, stupid question --- if they don't all by now, ...)
(At least we know why they are yellow.)

Wed, 10/12/2011 - 17:54 | 1767383 Haywood Jablowme
Haywood Jablowme's picture


So when's the maiden voyage for that refurbished navy carrier they're working on again??


Wed, 10/12/2011 - 18:01 | 1767401 nope-1004
nope-1004's picture


So the best way to sink a Chinese boat is.....

Put it in water?


Wed, 10/12/2011 - 18:02 | 1767416 akak
akak's picture

The naming of the traditional Chinese boat as a "junk" might have been a clue.

Curious how they managed to foresee their main 21st century export hundreds of years before the fact.

Wed, 10/12/2011 - 18:12 | 1767463 theXman
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Actually the characters "??" means Wine Steel. But to ordinary Chinese they sound like Wine Jar. 

Wed, 10/12/2011 - 18:36 | 1767573 Fish Gone Bad
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China, known for poisoning pets and children, now known for making shitty boats as well.

Wed, 10/12/2011 - 18:37 | 1767577 dwdollar
dwdollar's picture

"In China, you float boat. It not float you."

Wed, 10/12/2011 - 18:46 | 1767609 Schmuck Raker
Schmuck Raker's picture

Lead-based bottom-paint?

Wed, 10/12/2011 - 19:12 | 1767681 Triggernometry
Triggernometry's picture

Ummm, hey Ren?


Stimpy, you idiot!!

Wed, 10/12/2011 - 19:18 | 1767710 SMG
SMG's picture

Perfect metaphor for the Chinese economy perhaps?

Wed, 10/12/2011 - 19:58 | 1767816 vato poco
vato poco's picture

Metaphor for the long-term survival of the giant Three Gorges Dam, as well?

Wed, 10/12/2011 - 20:03 | 1767831 boiltherich
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You think that is bad you should try their baby formula. 

Wed, 10/12/2011 - 20:41 | 1767933 prains
prains's picture

melamine milk for all........hoooooray

Wed, 10/12/2011 - 22:04 | 1768008 flacon
flacon's picture

"SUPPLIES!" ->uhf




Wed, 10/12/2011 - 23:54 | 1768359 Smithovsky
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I'm going to go out on a limb and say that the person who gave a -1 to everyone above is of Chinese origin.  

Me no rikey!

Wed, 10/12/2011 - 19:51 | 1767799 e_goldstein
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Nah, but maybe they lined the hull with all that overpriced tungsten Robert Ruben sold to them.

Wed, 10/12/2011 - 21:06 | 1768002 chumbawamba
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Shut your uselessly flapping jabber lips long enough to read this article, then send it to something like 3-7 friends.  Then you can resume chattering like parakeets.

Tuesday, October 11, 2011
The Atomic Bomb that is About to Explode at the Federal Reserve

I have consistently contended that Federal Reserve chairman Ben Bernanke is something akin to a mad scientist who, in his development of new "tools" to manage monetary policy, is probably unaware of all the nuances and ramifications of the new tools he is developing. Indeed, one problem with one of his new tools may be about to blow up in his face.

It turns out that Bernanke's decision to pay interest on reserves held at the Fed by member banks has some twists to it that make what he is doing likely illegal. The blog Uneasy Money points this out in a post titled, Is the Federal Reserve Breaking the Law:

In a comment earlier today to this post, David Pearson shocked me by quoting the following passage from the Financial Services Regulatory Relief Act of 2006:

Balances maintained at a Federal Reserve bank by or on behalf of a depository institution may receive earnings to be paid by the Federal Reserve bank at least once each calendar quarter, at a rate or rates not to exceed the general level of short-term interest rates.

As I said to David Pearson in my reply to his comment, I am flabbergasted by this. The Fed is now paying 0.25% interest on reserve balances while and the interest rate on 3-month T-bills is now 0.01%. Yet the statute states in black letters that the rate that the Fed may pay on reserves is "not to exceed the general level of short-term interest rates." In fact, as can be easily seen on the Treasury’s Daily Yield Curve webpage, only on rare occasions was the 3-month T-bill rate as high as 0.25% in 2009 and it has been consistently less than 0.20% for most of 2009 and all of 2010 and 2011.

Got that? The Fed, as I have pointed out a number of times, is paying interest to bankers many times what is available in the marketplace and this turns out to be illegal.

Now it just so happens that the Congressional wording is a bit sloppy and says the pay out of "earnings" instead of interest, and you can be sure Bernanke is going to attempt to dance on the head of this pin , but the spirit of Act is clear, Fed member banks aren't supposed to be receiving payouts from the Fed that are greater than what they can get in the open market.

In other words, Bernanke is breaking the law, and one would think that now that this is public, he will have to cease paying interest at 0.25% to Fed bank members.

And as for him getting the law change, good luck to Bernanke trying to get new legislation through Congress, with the current anti-bankster sentiment in the country. Is there a Congressman around who will vote to allow the Fed to pay banks 25 times the current market rate?

This is where the atomic bomb explodes. Since Bernanke started paying interest on reserves (especially excess reserves),excess reserves have climbed from a few million to $1.6 trillion. If Bernanke stops paying interest at 0.25%, the money is likely to fly out of excess reserves and into the economy quicker than you can say, "hyper-inflation fiat money".

Maybe Bernanke will find a way to squirm out of this mess or simply ignore the law, the way recent Presidents have ignored many laws, but it will be nice to know that when the trials come Bernanke will be up there, with the other lawbreakers, having to explain why he ignored the law and paid the banksters interest 25 times greater than what is allowed by law.


I am Chumbawamba.

Wed, 10/12/2011 - 21:08 | 1768005 chumbawamba
chumbawamba's picture

That goes for all of you, in case any one of you gets personally butthurt.


Wed, 10/12/2011 - 21:51 | 1768087 flacon
flacon's picture


> " Is there a Congressman around who will vote to allow the Fed to pay banks 25 times the current market rate?"


 There are TWO United States:


Thu, 10/13/2011 - 08:04 | 1768869 Pope Clement
Pope Clement's picture

Flaco- Thanks for the Freeman link

Wed, 10/12/2011 - 23:16 | 1768290 AustriAnnie
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"when the trials come Bernanke will be up there, with the other lawbreakers, having to explain why he ignored the law and paid the banksters interest 25 times greater than what is allowed by law."

Like he has had to explain all his other illegal actions?  Gimme a break.

If Bernanke and all the other banksters are actually punished for breaking the law, well, I'll eat my iPad!  It just is not going to happen.

There has been no respect for the law by the Fed up until now, why would they suddenly be held accountable?  The law will be changed to accomodate a "flexibility" regarding rates, or whatever they have to do to get their way.

Thu, 10/13/2011 - 03:20 | 1768638 fajensen
fajensen's picture

The risk is very small, but ... leave out the battery: The lithium will make funny pyrotechnic colours with your stomach acid, the surgeon stitching up that mess will retire in luxury - eventually.

Wed, 10/12/2011 - 23:38 | 1768335 old naughty
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The name translated to "Liquor Steel"...why/what? Your guess is as good as mine?

As to how they managed to foresee...hundreds of years before the fact? Guess they would have to hyper-jump back to their future, to their re-drawing board.

Wait, weren't there significant influence in the early part of last century from Europe to have the communist party established in China?


Thu, 10/13/2011 - 01:25 | 1768531 OldPhart
OldPhart's picture

You sure that isn't a homonym?

Maybe "Lick Her Still"?  (sophmoric, yeah, I know, but it's been a long assed day)

Thu, 10/13/2011 - 01:25 | 1768530 o2sd
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In fact, Chinese 'junks' were far superior vessels to European ships for nearly 800 years. They had sealed, isolated compartments in the hull, so that a leak in one part of the hull would not sink the ship (unlike the Titanic, whose hull segments were not sealed, and you know the rest).

The Chinese 'junk' was the first vessel to have a foresail, so they could tack against the wind hundreds of years before European vessels, which relied on the trade winds.

As the for ship in the video, it looks like European design. Maybe if they had modernised the design of the 'junk' for the 21st century with new materials, it would float.

But dont let the FACTS get in the way of your frothing-at-the-mouth China bashing. Carry on ...

Thu, 10/13/2011 - 03:30 | 1768644 European American
European American's picture

The boat seemed to have a shallow hull. The angle of launch was steep. The boat appeared to angle in off center. Probably not the boat. Primitive launching method. "Junk Launch".

Thu, 10/13/2011 - 04:24 | 1768683 Marigold
Marigold's picture

I agree, the frenzy of China bashing here although some are extremely witty is frightening and this from the supposedly ZH intelligent elite.I shiver to imagine what Joe Sixpack and his ilk are thinking if the sinking of some small boat in China draws such a rabid response and outpourings of shadenfreude. In any case it seems that Amerikan politicians have already sniffed blood and are busy getting ready to implement Smoot-Hawley No.2.How American centric their world is. Please don't forget that made in Japan, Taiwan and Korea labels were originally indications of poor quality.The Chinese cock may yet have the last crow !

Thu, 10/13/2011 - 04:36 | 1768690 jeff montanye
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excellent points all and, as you note, the sinophobia will turbocharge the decline as it spills out into international financial relations.  

Sun, 10/16/2011 - 09:33 | 1778619 Shooting Shark
Shooting Shark's picture

Yes, yes, it was the launch angle, but you take the thing in its totality, so F 'em, and have some SchadenF*ckyoutoo.  A rocket launched incautiously deserves the same respect as a boat launched improperly--none.  If your point is that the boat would have been fine with somebody else launching it, well, that hardly sticks up for your red commie pals.


Thu, 10/13/2011 - 06:43 | 1768760 mjk0259
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Not so good at finding things with them though. Like North America.

Thu, 10/13/2011 - 12:04 | 1769847 SilverRhino
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This happened to the Swedish Navy as well back in the day.  

If the mandarins had not have stopped Zheng Ho the New World would have been Chinese.

Wed, 10/12/2011 - 18:02 | 1767418 CClarity
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That's a "luxury" boat?

Wed, 10/12/2011 - 18:10 | 1767435 akak
akak's picture

Well duh!

Did you see any shackles anywhere on it at all?  I hear that it actually has some seats on it, as well --- although that is just a rumor.   And what hygenic facilities it has!  Did you know that there are actually restrooms on it?  Yep, no more hanging one's ass over the gunwales!  (Of course, the toilets still empty directly into the river --- but now one can pollute in luxurious privacy.)

Why, I bet they only allow 200 people on the roof of it while in transit, too!

Wed, 10/12/2011 - 18:10 | 1767458 CrankItTo11
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It actually sunk because of the toilets (aka, giant holes) in the floor. Someone thought that would be a luxurious feature.

Wed, 10/12/2011 - 19:06 | 1767666 nmewn
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A Chinese beday!!!

Wed, 10/12/2011 - 22:48 | 1768233 Yen Cross
Yen Cross's picture

 Another plus 1. Yen

Wed, 10/12/2011 - 18:26 | 1767527 AldousHuxley
AldousHuxley's picture

"luxury" as in "unleaded" paint from china.

Thu, 10/13/2011 - 03:00 | 1768625 toothpicker
toothpicker's picture

whatever floats your boat

Wed, 10/12/2011 - 18:09 | 1767446 CrankItTo11
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And who doubts their Ghost Cities are falling apart as we speak?

Wed, 10/12/2011 - 18:24 | 1767485 akak
akak's picture

Good thing ghosts aren't picky about little things like moldy drywall and crumbling substandard concrete.  I hear that ghost dogs are just wild about the flavor of melamine, too.

Wed, 10/12/2011 - 22:00 | 1768107 Freddie
Freddie's picture

It gets worse.  The chinese also "thin out" rebar. Anything to lower the cost.  They also run steel mills a bit cooler to save money which mean inpurities in the steel melt remain.  Bad drywal, bad concrete and bad rebar.

Wed, 10/12/2011 - 23:04 | 1768267 DoChenRollingBearing
DoChenRollingBearing's picture

Bad bearings too.

Wed, 10/12/2011 - 20:34 | 1767913 taxpayer102
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Best way to sink the United States in debt - buy Made in China products

Wed, 10/12/2011 - 21:05 | 1767998 Bruin4
Bruin4's picture

I cant believe I am saying this but there is something so remarkably sad about this that I actually feel sorry for the Chinese. I am no naval engineer but look at that POS.

Forgive me ZH I know not what I say

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