Skip to comments.CITIC Missing Half Its Alumina, Seeks Legal Action As Qingdao Rehypothecation Scandal Goes Nuclear
Posted on 06/18/2014 5:38:26 AM PDT by Former Proud Canadian
Copper, Iron Ore, Rebar, Rubber, and now Cotton are all at multi-year lows as the Qingdao CCFD ponzi probe continues to broaden to all the commodities we warned about previously. As CottonCN reports, the probe's increased uncertainty and scrutiny of shipments may hurt imports of of cotton in the form of consignment sales, as international traders delay shipments or deliveries to wait for clear policies as authorities continues their investigation. Even soybeans and palm oil have been on a notably downswing since the probe intothe collateral evaporation started. Then comes the news that Chinese commodities trading firm CITIC admission that over half of its 220,000 tonnes of alumina are missing. This is far from over...
(Excerpt) Read more at zerohedge.com ...
China is already seeking the solution to its problems: WAR. War with Vietnam, Japan, maybe even the US. It doesn't matter. A distraction will have to be found for the failing economy.
You are spot on. The influx of requests for me to have my mechanical designs fabricated and machined over there have gone up exponentially since the first of the year. Until I found someone here in the states that instilled the same principles of relying on technology rather than labor intensive means to produce my parts, I did send out RFQ’s all over the world.
Their prices continued to rise quickly as they felt they had a corner on the market but forgot to consider their means of manufacturing were just as obtainable for nearly the same prices here especially when considering shipping and shipping times.
I send my files to locations here in the states and except for very complicated pieces can have then shipped to me the next week or to just pick them up locally. Ground shipping for my machined parts is one day.
Now if these Ruling Class bassturds will just get out of our way, we can beat them at their own game, but instead be privately subsidized rather than by government as are the Chinese.
War would not be a solution to its economic problem, but might very well be a solution to the government’s political problem. In the short run, anyway.
BTW, the Chinese have a 2000 year history of military failure in Vietnam, including just a few decades ago.
Fractional reserve banking comes to the commodity warehouse. Or, rehypothecation gone wild. /W
America’s economy continues to falter and nobody recognizes it. Billions of dollars of loans have been made to companies that do not exist. Millions of people sit unemployed, producing no income and falling into poverty. Government continue to hide the real state of the economy..............................
When you have something manufactured in China, you will get your design stolen. Guarandamnteed......................
Will you stop it. China has a $ 4 trillion surplus. She will use it to cover the losses. The acts of her unscrupulous businessmen cost China her financial power that she spent decades to accumulate. Reason the scandal was pulled off is because many of these businessmen are children of powerful party members. No one dare to raise the alarm until it is too late. Now the CCP is forced to police their own and make examples of them. Expect trials and firing squads. China does not bailout their businessmen, they shoot them when they create a crisis that they cannot hide anymore.
The CCP members whose kids pulled off this scam may want war to divert attention, but the reformers within are not going to risk the entire nation to cover up for the crimes of the corrupt CCP members. Expect firing squads will be kept busy to make examples of the offenders. China still has financial power (though diminished by the crisis) and she will rebuild her currency reserves and use economic power to conquer the Far East.
Never sent a whole project.
All they are looking for is a distraction. In reality, war is not a solution, it is an admission of failure.
Good. They’d steal it.
They will produce your parts for you, but will also make some for themselves to sell under an different brand name...................
Tell that to the Japanese and the Vietnamese. It’s their territory the Chinese keep trying to annex.
In the early 1900s Russia was suffering internal turmoil.
A faction in the Imperial Court convinced the Tsar that a “short, victorious war” against Japan was the solution. Would revive patriotism and all that.
Of course the war turned out to be neither short nor victorious, leading instead directly to the 1905 Revolution, which though not successful, sowed the seeds of the eventual collapse of the Empire.
We have no idea what the state of their economy is, only what we are told by communists. A managed communist economy will always fail and we are seeing the cracks in the dam they can't hide.
The $ 4 trillion plus surplus is real, how bad is the damage is another story. No matter how bad it is, atleast China entered the crisis with a surplus. The US enter her crisis in deficit (corporate, consumer and gov). What those CCP princes did was thru cronyism and corruption undid all the financial surplus China achieved in the last decades. Like the US they have dastardly CEO’s who worship money more then nation. Atleast in China they will put them on trial, find them guilty and shoot them. We just bail our criminal bankers out with taxpayer money.
"Like the US they have dastardly CEOs who worship money more then nation".
Are you a communist? Corporations don't operate for the "nation" they operate for investors.
Atleast in China they will put them on trial, find them guilty and shoot them.
Sure they will comrade. Ignore that it's a planned economy and the problem isn't the people running corporations but the government running the people running the corporations. I hope it gives you a nice warm glow good when they execute a fall guy for their own mismanagement.
When Loral sold the guidance system to the PLA to make their missiles more accurate, will the investors be responsible for the deaths the missiles wrought on our troops??!!! Gee how did the PLA get to upgrade their avionics and electronics, and have abundant of engineers and technicians to maintain them. Didn’t ATT, IBM, software companies, electronics companies, etc etc from the US trained them during the 1980’s onward? US factories close and PLA upgrades, courtesy of corporate America and big gov brought by lobbyists. Problem with your ethos model for corporate America is you do not account for their irresponsible behavior. Atleast in Communist China they will shoot the ones responsible. That is something we can learn from them. So don’t call me comrade, I believe the US gov should hold corporations responsible and not overlook their acts that sabotage the standard of living of Americans, I guess you don’t mind American standard of living go down the toilet and causing social instability in our society, I am not a comrade, you, sir are a fifth column for all those who try to destroy America from the middle down.
Instead of blaming the people really responsible (Clinton and the PLA) you blame the company. Typical.
Problem with your ethos model for corporate America is you do not account for their irresponsible behavior.
My ethos? It isn't an ethos, it's an objective fact that companies operate for the benefit of their investors or they go out of business. A system where the companies are run for the benefit of government is called communism (or fascism, socialism, etc.) Further you completely ignore the those truly responsible.
Atleast in Communist China they will shoot the ones responsible. That is something we can learn from them.
In communist China the people doing the shooting are the ones responsible. Again, this isn't a matter of opinion, it's communism. The party is responsible for the economy.
So dont call me comrade, I believe the US gov should hold corporations responsible and not overlook their acts that sabotage the standard of living of Americans, I guess you dont mind American standard of living go down the toilet and causing social instability in our society, I am not a comrade, you, sir are a fifth column for all those who try to destroy America from the middle down.
Act like a commie and espouse commie ideals I'll call you a commie, and if you don't like it that's really too bad. You want the US Government to hold the people responsible for decreasing our standard of living, but you don't even grasp who is truly responsible. When the government raises corporate taxes to the extent that they either have to find a way to avoid taxes (Off shoring isn't about reducing the cost of labor it's about avoiding taxes) or go out of business you blame the corporations. When government ignores laws to allow missile technology to pass into potential enemies hands and coincidentally receives massive campaign donations why would you then blame the company selling missle technology? When a corporation or corporations lobby for congress to pass an unconstitutional law for its benefit, is it really the fault of the corporations or a government that usurped the power? Do you realize the how much the power of government has increased in the last 100 years? Do you have any idea how much taxes have increased? Do you know that government created the modern corporation so they would have another entity to tax (and receive bribes/campaign donations from)? Do you know they just seized quarter of the US economy with literally no enumerated constitutional power to control healthcare? How can any rational person look at the wildly out of control power of government and then want more government to fix the problems that government created? That goes far beyond irrationality to borderline moronic. Of course that just might be intentional as government runs schools too. What was it Hitler said? "He alone, who owns the youth, gains the future". Letting government run schools without a constitutional mandate to do so was brilliant.
I'm not saying we shouldn't hold people responsible for their actions. I'm sure their are plenty of examples of individuals that have committed treasonous acts, however, I think it is very clear that the type of person prone to such backstabbing deceitful action is much more likely to be a politician then the head of a corporate board. In America we shouldn't instinctively trust our government and reflexivly hate business.
Gee you got warped logic from your corporate worshipping. If GM knowingly sold cars with bad ignitions they can be sued. If Loral sells guidance systems (after DoD said no) and instead of adhering to the advice, they donate and lobby big gov to change the export (after DoD had told Loral that the PLA may use it for their missiles) arrangement. According to your logic, Loral is not liable!
If I told you that if you sell electronics to Iran who one day may sell it to Islamic terrorists and be used to make car bombs in America, according to your logic if the law allows me to sell it to Iran, you will sell it and let everyone in the US deal with the attack??!! IMHO that is the thought process of a traitor!???? Looking after America’s interest is call Communism???!!!! ROFLMAO???!!!!
My byline says it all, big business and big gov are the enemies of America. Tea Party is the first to learn that lesson, while some freepers on this site has not. I stick to the old ancient adage about business men, “a wise leader always monitors the merchant class, because they are the ones capable of cheating the people (nation) and corrupt gov officials”. Issue has been around since ancient times, and because we live in a free democracy, it doesn’t mean the problem has disappear.