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
China’s economy has a reputation for being strong and prosperous, but according to a well-known Chinese television personality the country’s 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 didn’t think was being recorded that the Chinese regime is in a serious economic crisis—on 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 China’s 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 I’m about to say is all true. But under this system, we are not allowed to speak the truth,” he said.
Despite Lang’s polished appearance on his high-profile TV shows, he said: “Don’t 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 doesn’t listen to experts, and that Party officials are insufferably arrogant. “If you don’t 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".
The jubilee will happen one way or another, be it a controlled scheduled legal occurrence, or an unexpected global economic meltdown which happens with alarming regularity (about every 50 years - funny, that). God opted to make it a planned event in the user’s manual; mankind would rather ignore it (”hey! what about my 401k? don’t think so! ...hey, where’d it go?”).
“So, if the PRC is a bubble and goes ‘pop’ how much of the world do they take down with them?”
100% would be my guess.
I made the following post on a similar thread. I think it goes along with this thread too.
The question to me is not whether China is Rich or Poor but how far is the CCP willing to go before it is all brought back under tight control. They have a huge question before them. Is the wonderful growth and potential prosperity for all worth losing the total control they have enjoyed since Mao’s revolutionaries won their war against the Koumintang?
Only they can answer that, Economic Freedom and Total Political control don’t co-exist very well. Of course on the CCP’s side in this question is China’s Five thousand year plus history giving the Emperor’s and their Mandarin’s unconditional control of the populace.
It will be of historical interest to look back in time several hundred years from now. But today? Today I shudder, living in ‘Interesting Times’ is not a good thing from my point of view.
The same entities that the US government will try to sell T-bills to. But at a discount, because they need the money.
What happens to the US government when they cannot sell T-bills to finance the deficit?
The more debt they buy the broker they get,. No one is going to pay them back and there isn't a damn thing they can do about that.
True, but it is the admission that cause the SHTF. As long as everyone can pretend they can collect uncollectible debts, the PONZI goes on in bliss. When the musical chairs end and someone actually says “I can’t pay”, like Greece, then the house of cards starts to fall.
That is where we are now.
The government of China announced Friday that it plans to increase its defense budget by 12.7 percent, according to Xinhua news agency. Li Zhaoxing, a former foreign minister for the Chinese government, made the announcement at the Fourth Session of the 11th National People’s Congress, the news service reported. Li is the spokesman for the session, according to Xinhua. The planned increase in China’s defense budget would mark the second hike in military spending in as many years, according to the government. In 2010, China increased its defense budget by 7.5 percent from the previous year, Li said. In 2011, China plans to increase defense spending by 67.6 billion yuan to a total of 601 billion yuan, according to Li. The sum is the equivalent of $91 billion U.S., he said.
Kinda' funny we're getting ready to cut our military. One thing China understands...you do not cut your military budget in a time of economic weakness. Instead we have a Super Committie that can't even manage to tighten the government belt one notch tighter without a freakin' security threat to the head of every American.
Add onto that you got 0bama putting more troops in Australia, due to China? Don't think anything is up with that?
——every province in China is Greece. = Illinois = California——
That does not mean they are not a military threat. They are. It is however more of a threat to have an internal collapse because of their form of government. Their central planning is showing the same strains that Russia's did and is getting increasingly unstable.
The US government will always be able to sell T-bills to finance the deficit; that's the job of the "Primary Dealers" - to buy T-bills.
But when the Benbernank starts resumes printing money to buy those T-bills from the Primary Dealers ...
1) Three Gorges Dam, one accurately placed cruise missile or terrorist attack and a third of their country is under water
2) One Child Policy, Nobody is going to want to sacrifice their one only child
Anti-American traitors: gushing propaganda about the collapse of the Chinese economy since 2007 after sending US manufacturing to China and other Asian countries for over three decades.
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