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China Has Its Own Debt Bomb
Wall Street Journal, by Ruchir Sharma
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Original Article
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Posted By:LittleHoodedMonk, 2/25/2013 9:21:27 PM
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| Six years ago, Chinese Premier Wen Jiabao cautioned that China´s economy is "unstable, unbalanced, uncoordinated and unsustainable." China has since doubled down on the economic model that prompted his concern. Mr. Wen spoke out in an attempt to change the course of an economy dangerously dependent on one lever to generate growth: heavy investment in the roads, factories and other infrastructure that have helped make China a manufacturing superpower. (Snip) Even more staggering is the amount of credit that China unleashed to finance this investment boom.
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Comments:
I admit my "blind spot" in economics, but reading this makes it sound like China is headed to financial collapse. And, it doesn´t seem to care. It just keeps on doing all the things that brought economic disaster or hard times to most other countries. I don´t get it. No mention of their military growth, yet one would think that is a big part of where they are building up and spending money.
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Reply 1 - Posted by:
horacer, 2/25/2013 9:35:17 PM (No. 9196160)
A boom brought about by credit will always bust
You’ve then got two choices, decide you must
Abandon the addiction, the credit lust
Or the currency collapses, it just turns to worthless dust
Debt bomb debt bomb you´re a debt bomb, a bailout oh you turn me on
3 dollars of debt for 1 dollar of growth is a danger sign.
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Reply 2 - Posted by:
BaseballFan, 2/25/2013 9:42:36 PM (No. 9196168)
China´s set for collapse because they´ve loaned too much to... US.
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Reply 3 - Posted by:
ColonialAmerican1623, 2/25/2013 10:13:34 PM (No. 9196201)
The fact that We give them foreign aid on top of everything else, is still mind numbing.
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Reply 4 - Posted by:
stablemoney, 2/25/2013 10:30:10 PM (No. 9196219)
We have a debt bomb. China has a lot of debt, but consumption would seem easily increased in a nation of 1 billion people not very well off, room of privatization of many more enterprises for productivity gains, and China gets its technology and R&D from the rest of the world for the cost of theft. Chinese numbers are not very clear or accurate, and so who can figure it out?
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Reply 5 - Posted by:
Charactercounts, 2/26/2013 1:12:14 AM (No. 9196353)
#2, your comment reminds me of the old saying, "if you owe the bank $10,000 and can´t pay it, you´ve got a problem. If you owe the bank $10 million and can´t pay it, the bank has a problem."
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Reply 6 - Posted by:
JimJr, 2/26/2013 11:10:03 AM (No. 9197036)
The real estate market is a major driver in this, but not for the same reasons that caused our problems.
1. Chinese developers, no doubt "encouraged" by the government, have been overbuilding, massively, even to the point of creating "ghost cities". This has been done, in part, to artificially boost China´s GDP.
2. This is causing a huge problem in the banking and debt markets because the Chinese real estate market does not work the same as those in the West. In China, buyers are expected to make down payments of 25%-50% and pay off the remainder of the note in 3-6 years. As most of the new housing is on the high-end and the average (or even the more well-to-do) Chinese worker is simply unable to buy in this market. Couple that with the fact that normal market forces, that would normally result in prices or supply dropping to meet the demand, aren´t in play and you have the recipe for China´s debt bomb.
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Below, you will find ...
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Posted By: LittleHoodedMonk- 4/4/2013 10:47:20 PM
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Posted By: LittleHoodedMonk- 4/4/2013 10:38:11 PM
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Shanghai & Hong Kong - China said it was mobilizing resources nationwide to combat a new strain of bird flu that has killed six people, as Japan and Hong Kong stepped up vigilance and the United States said it was closely monitoring the situation. All of the 14 reported infections from the H7N9 bird flu strain have been in eastern China and at least four of the six dead are in the financial hub of Shanghai, a city of 20 million people. The strain does not appear to be transmitted from human to human but authorities in Hong Kong raised a preliminary alert and said they were taking precautions at the airport.
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Posted By: LittleHoodedMonk- 4/4/2013 10:27:06 PM
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Nashua, N.H. - Declaring that he’s likely not done with politics, former U.S. Sen. Scott Brown from Massachusetts refused Thursday to rule out a run for office in New Hampshire, while describing the Granite State as “almost a second home.” (Snip) Asked if he might challenge Democratic Sen. Jeanne Shaheen of New Hampshire in 2014, Brown said: “I’m not going to rule out anything right now.” The former senator, now a Fox News contributor, won election to the Senate seat long held by Democrat Ted Kennedy after he died in 2009. Brown has been out of politics since January after losing
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Posted By: LittleHoodedMonk- 4/4/2013 10:18:39 PM
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In 2011, a little-known group called GOProud was a sponsor of the Conservative Political Action Conference, the annual marquee event for the right. A staunchly right-wing, fiscally conservative group that also promoted a pro-life message, GOProud seemed like a great fit for the event. There was just one problem: GOProud´s main function was as a gay-rights group. Enter Cleta Mitchell. Mitchell was, and is, on the board of the American Conservative Union, which runs CPAC. After calls from angry social-conservatives who threatened to boycott the event if GOProud was allowed to
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Posted By: LittleHoodedMonk- 4/4/2013 9:59:57 PM
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Brussels - They are a large and diverse group that includes a Spanish heiress; the daughter of the former Philippine dictator Ferdinand Marcos; and Denise Rich, the former wife of the disgraced trader Marc Rich, who was pardoned by President Bill Clinton. (Snip) But the enormous size of the data dump obtained by the International Consortium of Investigative Journalists, a Washington-based group that, along with affiliated news media organizations, announced its coup on Thursday, has punched a big hole in the secrecy that surrounds what the Tax Justice Network estimates are assets
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Posted By: LittleHoodedMonk- 4/4/2013 9:49:34 PM
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Tokyo - Haruhiko Kuroda, the new governor of the Bank of Japan, delivered on his promise to drastically change Japan’s economic policy to end a long, debilitating era of deflation. The nation’s central bank announced on Thursday that it would double the amount of money in circulation and try to produce annual inflation of about 2 percent. (Snip) This major shift in Japan’s monetary policy is a stark contrast to years of what many economists said was a halfhearted battle to end deflation. Deflation is a damaging fall in prices, profits and wages, and it weighs on economic growth.
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James Holmes´ psychiatrist
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Associated Press, by Staff
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Posted By: LittleHoodedMonk- 4/4/2013 9:38:45 PM
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Denver - A psychiatrist who treated James Holmes told campus police a month before the Colorado theater attack that Holmes had homicidal thoughts and was a danger to the public, according to documents released Thursday. Dr. Lynne Fenton, a psychiatrist at the University of Colorado, Denver, told police in June that the shooting suspect also threatened and intimidated her. It was more than a month before the July 20 attack at a movie theater that killed 12 and injured 70. (Snip) Whitten said Fenton was following her legal requirement to report threats to authorities, according to a search warrant affidavit.
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Chicago Tribune [IL], by Katherine Skiba
Original Article
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Posted By: LittleHoodedMonk- 4/4/2013 4:04:18 AM
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Washington - Sen. Mark Kirk (R-Ill.) on Tuesday announced that he supports gay marriage, joining a growing list of U.S. senators who offer such support. "When I climbed the Capitol steps in January, I promised myself that I would return to the Senate with an open mind and greater respect for others,” he said in a statement. "Same-sex couples should have the right to civil marriage. Our time on this Earth is limited, I know that better than most. Life comes down to who you love and who loves you back -- government has no place in the middle," Kirk said. Kirk, from the Chicago suburbs,
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Federal judge who sent racist
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Los Angeles Times, by Kim Murphy
Original Article
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Posted By: LittleHoodedMonk- 4/4/2013 3:57:11 AM
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Seattle - The former chief federal judge in Montana has decided to retire at the conclusion of a misconduct investigation into a racist email about President Obama he forwarded to friends from his work computer last year. U.S. District Judge Richard F. Cebull, who had taken less-active senior status on the bench after the incident, will retire in May, the U.S. 9th Circuit Court of Appeals’ chief judge, Alex Kozinski, said in a statement. (Snip) The email had implied that Obama's mother was so drunk at the time of his conception that he was lucky his father was not a dog. Cebull admitted sending it,
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Posted By: LittleHoodedMonk- 4/4/2013 3:48:11 AM
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Washington - A sophisticated airborne radar system developed to track Taliban fighters planting roadside bombs in Afghanistan has found a new use along the U.S. border with Mexico, where it has revealed gaps in security. Operated from a Predator surveillance drone, the radar system has collected evidence that Border Patrol agents apprehended fewer than half of the foreign migrants and smugglers who had illegally crossed (Snip) The new tally of unlawful border crossings could complicate White House efforts to pass comprehensive immigration reform after Congress returns from recess next week.
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Alabama Legislature Passes
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New York Times, by Erik Eckholm
Original Article
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Posted By: LittleHoodedMonk- 4/4/2013 3:28:38 AM
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The Alabama Legislature late Tuesday adopted stringent new regulations for abortion clinics that supporters called a step to protect women but that others called medically unnecessary and a disguised effort to force the closing of the state’s five abortion clinics. The bill, like measures passed last year in Mississippi and Tennessee and last month in North Dakota, would require that doctors performing abortions have admitting privileges at local hospitals. (Snip) The bill will be sent to Gov. Robert Bentley, a Republican, who previously said he planned to sign it. The American Civil Liberties Union said that if the
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New York Times, by Pam Belluck
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Posted By: LittleHoodedMonk- 4/4/2013 3:21:05 AM
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The most rigorous study to date of how much it costs to care for Americans with dementia found that the financial burden is at least as high as that of heart disease or cancer, and is probably higher. And both the costs and the number of people with dementia will more than double within 30 years, skyrocketing at a rate that rarely occurs with a chronic disease. (Snip) Behind the numbers is a sense that the country, facing the aging of the baby boom generation, is unprepared for the coming surge in the cost and cases of dementia. “It’s going to swamp the system,” said Dr. Ronald C. Petersen,
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Posted By: Desert Fox- 4/5/2013 4:53:10 PM
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RUSH: Folks, I don´t know how else to categorize this. We are living in a dying country. I don´t know how else to categorize what´s happening -- 88,000 new jobs. The unemployment rate, because of a terrible statistic, is down to 7.6%. The number of people in this country who are not working is shameful. Ninety million Americans are no longer in the workforce. Ninety million. People not in the labor force grew by 663,000, and now 90 million. That´s the labor force participation rate. This is 1979 levels.
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President Obama´s biggest gaffe yesterday when speaking of California Attorney General Kamala Harris was not in flirtatiously complimenting her as "the best-looking attorney general," but in introducing an observation from the system of beauty into a forum that was about the system of power.What´s that, you say? Irin Carmon does a great job in Salon in laying out the bounds of propriety for when it´s appropriate to talk about a woman´s looks as a general matter. But I´ve long felt we lack a solid theoretical underpinning for easily discussing these issues, and why precisely it is that
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Daily Mail (UK), by Margot Peppers
Original Article
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Posted By: pineledger- 4/7/2013 7:43:42 AM
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Michelle Obama has admitted that she is already tired of the bangs she first sported in January. The First Lady said in an interview with Entertainment Tonight: ´Bangs are a day-by-day proposition. They´re starting to grow out, get a little irritating.´ Still, she hasn´t let her hairdo woes get her down. ´It´s okay,´ she said after her initial complaint. ´We´ll be good.´ The first indication that her hairstyle was becoming a burden came about last weekend, when Malia, 14, was spotted adjusting her mother´s hair during the White House Easter Egg Roll.
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Hillary Clinton Would Not
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New Republic, by Tod Lindberg
Original Article
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Posted By: StormCnter- 4/6/2013 5:22:36 AM
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No one is more preoccupied these days with Hillary Clinton´s 2016 plans than the Beltway political class—not even the former presidential candidate herself. To hear some tell it, her decision will be dispositive for all other Democrats thinking of entering the race. And pundits and reporters aren´t the only ones positing the "The Hillary Factor": No less than the House Democratic whip, Steny Hoyer, told BuzzFeed, “I don´t know that anybody would run against Hillary…. If she runs, she clears the field.” It´s an understandable conclusion, given Clinton´s stature in the Democratic Party and her 70 percent
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The Hill [Washington DC], by Alexandra Jaffe
Original Article
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Posted By: JoniTx- 4/6/2013 12:18:19 PM
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Neurosurgeon Ben Carson, considered by some to be a potential Republican contender for president, apologized to Johns Hopkins University for the "poorly chosen words" he used in expressing his opposition to gay marriage last month.“I am sorry for any embarrassment this has caused,” Carson said in the letter, reported in New York Magazine.(Snip) "Although I do believe marriage is between a man and a woman, there are much less offensive ways to make that point. I hope all will look at a lifetime of service over some poorly chosen words.” Carson will remain as commencement speaker at Johns Hopkins,
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Hillary Clinton: The clock is turning
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Washington Examiner, by Charlie Spiering
Original Article
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Posted By: Desert Fox- 4/5/2013 3:25:20 PM
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Former Secretary of State Hillary Clinton explained to the Women in the World summit in New York today that the clock is turning back for women in America. Clinton praised her own mother for helping empower her to success and marveled at the opportunities that her own daughter Chelsea has pursued. But Clinton warned that there is still so much to do to promote women´s rights in America. "As I look at all these young women that I am privileged to work with, or know through Chelsea, and its hard to imagine turning the clock on them," Clinton said.
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White House Blames Jobs
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Breitbart´s Big Government, by Wynton Hall
Original Article
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Posted By: Dreadnought- 4/5/2013 8:02:58 PM
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The Obama White House is scrambling to blame Friday’s abysmal March jobs numbers on the sequester’s trimming of the rate of growth in federal budgets that have yet to fully commence. After the Labor Department announced that a mass exodus of 663,000 workers left the U.S. workforce last month and that job creation fell 112,000 jobs short of projections, Obama’s top economic adviser Alan B. Krueger, took to the White House blog to blame the sequester: It is important to bear in mind that the March household and payroll surveys are the first monthly surveys to look
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Mother Of Slain Benghazi
Officer To Sean Hannity:
‘They Want Me To Shut Up’
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Mediaite, by A.J. Delgado
Original Article
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Posted By: StormCnter- 4/7/2013 5:00:16 AM
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On Friday, Sean Hannity brought Pat Smith, mother of the late Sean Smith, on his radio program. The 34-year-old information management officer was one of four Americans murdered in the Benghazi embassy attack on September 11, 2012. In the chilling interview, a distraught Ms. Smith, in tears, pleaded for answers and spoke of the efforts to silence her. Ms. Smith first relayed how her son, prior to the attack, requested additional security in advance and warned the State Department: He did tell them, ahead of time, he typed it into his little typewriter over there,
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Trayvon Martin´s parents
settle wrongful death claim
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Orlando Sentinel, by Rene Stutzman
Original Article
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Posted By: Desert Fox- 4/5/2013 3:15:25 PM
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SANFORD - Trayvon Martin´s parents have settled a wrongful death claim for an amount believed to be more than $1 million against the homeowners association of the Sanford subdivision where their teenage son was killed. Their attorney, Benjamin Crump, filed that paperwork at the Seminole County Courthouse, a portion of which was made public today. In the five pages of the settlement that were available for public review, the settlement amount had been marked out. Lower in the agreement, the parties specified that they would keep that amount confidential. When asked during an earlier interview whether the amount was
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Beyonce, Jay-Z celebrate 5th
anniversary in Havana, Cuba
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Los Angeles Times, by Nardine Saad
Original Article
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Posted By: Fiesta del sol- 4/6/2013 8:20:04 AM
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Beyonce and Jay-Z celebrated their fifth wedding anniversary in Cuba this week. The couple, who married on April 4, 2008, took in the sights of Old Havana, visited a school, dined on a rooftop terrace and strolled the fan-filled streets in their island best.(snip).The power couple declined to answer journalists´ questions about their visit to the island nation, but some outlets are reporting that the moguls are there as tourists, though that would be illegal because of the half-century embargo the U.S. has on the Communist country. However, the Miami Herald said Washington has issued special licenses for
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Obama Budget to Cap Retirement
Accounts at $3 Million
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Breitbart´s Big Government, by Tony Lee
Original Article
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Posted By: Desert Fox- 4/5/2013 9:40:39 PM
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The budget President Barack Obama will submit on April 10 will contain a proposal that would prohibit individuals from accumulating more than $3 million in Individual Retirement Accounts (IRAs) and tax-preferred retirement accounts. According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals "to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving." "The budget would limit an individual’s total balance across tax-preferred accounts to an amount sufficient to finance an annuity of not more than $205,000 per
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