Posted on 11/16/2011 8:23:09 AM PST by Kaslin
In one of these headline news stories that sounds shocking but is not shocking in the least, The Epoch Times reports Chinese TV Host Says Regime Nearly Bankrupt
Chinas economy has a reputation for being strong and prosperous, but according to a well-known Chinese television personality the countrys Gross Domestic Product is going in reverse.Larry Lang, chair professor of Finance at the Chinese University of Hong Kong, said in a lecture that he didnt think was being recorded that the Chinese regime is in a serious economic crisison the brink of bankruptcy. In his memorable formulation: every province in China is Greece.
The restrictions Lang placed on the Oct. 22 speech in Shenyang City, in northern Chinas Liaoning Province, included no audio or video recording, and no media. He can be heard saying that people should not to post his speech online, or everyone will look bad, in the audio that is now on Youtube.
In the unusual, closed-door lecture, Lang gave a frank analysis of the Chinese economy and the censorship that is placed on intellectuals and public figures. What Im about to say is all true. But under this system, we are not allowed to speak the truth, he said.
Despite Langs polished appearance on his high-profile TV shows, he said: Dont think that we are living in a peaceful time now. Actually the media cannot report anything at all. Those of us who do TV shows are so miserable and frustrated, because we cannot do any programs. As long as something is related to the government, we cannot report about it.
He said that the regime doesnt listen to experts, and that Party officials are insufferably arrogant. If you dont agree with him, he thinks you are against him, he said.
Nothing Shocking About Mistrust, Lies, Suppression of News
The article was clearly meant to sensationalize. I gave it a big "so what else is news?"
You may wish to read the reasons for Larry Lang's statements but there is nothing shocking at all about mistrust, about news suppression, about lies, about Chinese bank insolvency.
I say that because I have reported on numerous occasions "the entire global financial system is bankrupt".
this is rich!
their mayors have been cookie-cutter building housing that they can ill afford.
the last i read, some 64,000,000 excess housing units were available, but unoccupied.
Depends...when contracts are let to Chinese companies to manufacture stuff, there is usually a considerable down payment with the contract signing..helps the factories pay for labor and raw materials, and also helps to guarantee that the goods are paid for when finished. If there is a sense that China/Chinese factories are in big financial trouble, then companies will be much less willing to advance funds, nor will banks/factors be willing to step in and finance..
Would that apply to individuals or just governments?
Hi Kaslin. The financial illiteracy demonstrated in these comments is something to behold.
Maybe they should end the One Child policy?
The Chinese “economy” is built on the backs of their people who earn slave labor wages. As the world slows down and the US and European economies struggle who’s left to buy? The Third World?
Chinese GDP must be feeling the pinch...but you’ll never hear it from them.
When the Yuan is overvalued 2 to 1, that means a 50% loss on every dollar of revenue, only partly made up by slave wages.
Do you have a savings account? An IRA? A 401(k) account?
Those assets have been invested somewhere; they're someone else's debt.
If that debt gets jubilee'd away, so do your assets.
Funny, that. They also have our debt - which means we have their money - and we are nigh unto bankrupt.
They make stuff, we give them money for it, they give the money back in exchange for bonds which won't be paid. Both are bankrupt. Where'd the money go?
[ I think the only thing keeping the world economy going is that everybody is equally so screwed up ]
“Peter Principle Economics”
Geez, I better head over to the Dollar store and buy more useless Chinese cr@p.
[ Maybe they should end the One Child policy? ]
They will end it, but only for chinese nationals living OUTSIDE of mainland china.
This will facilitate the take over of China as a 1,000 year long superpower.
I had to purchase a pillow a few months back. I was more than pleased that I found one that was made in the USA. It was more expensive but of higher quality. I didn’t really want to chance a pillow from China, thinking what all chemicals I’d be breathing in for hours each night.
401K’s and the like are the lever they are going to use over us for endless bailouts.
If we allow it, we deserve it.
The PRC bubble goes ‘pop’, they call in their loans, we say “fat chance”[1], they say “we’ll forgive the loans if you’ll park your navy in the Atlantic for a month”, PRC proceeds to...um...solve their population’s gender discrepancy issue, and when we look back the world nation count has dropped by 1/3rd.
So, what’s gonna happen when they call in their loans? /rhetorical question
Those assets have been invested somewhere; they're someone else's debt.
If that debt gets jubilee'd away, so do your assets.
They'll be taxed away or seized outright anyway.
That’s more likely.
But the debt will live on.
The banksters that own the government won’t allow otherwise.
He came back to the US astounded at the level of corruption and how many cadres had their palms out to prospective businesses. I've also heard that the bad debt banks in China are hiding makes our toxic mortgages look like petty cash.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.