Chinese have most Money on Planet

John Mugarian ^ | Bill Bonner

[MadIvan]

(Begins with pictures of money, bank vaults, gold, etc. overwritten by 'THE MONEY PROGRAMME'. Eric Idle sits at a desk between Michael Palin and John Cleese. He begins quietly but becomes increasingly agitated as he speaks.)

PRESENTER:

Good evening, and welcome to The Money Programme. Tonight on The Money Programme, we're going to look at money. Lots of it. On film, and in the studio. Some of it in nice piles, others in lovely clanky bits of loose change. Some of it neatly counted into fat little hundreds, delicate fivers stuffed into bulging wallets, nice crisp clean checks, pert pieces of copper coinage thrust deep into trouser pockets, romantic foreign money rolling against the thigh with rough familiarity, beautiful wayward curlicued banknotes, filigreed copper plating cheek by jowl with tumbly ( ? ) rubbing gently against the terse leather of beautifully balanced bank books!

 

(He looks around in surprised realization that he's panting and screaming.)

I'm sorry.

(adjusts tie, darts eyes around room)

But I love money. All money. (growing excited again) I've always wanted money. To handle! To touch! The smell of the rain-washed florin! The lure of the lira! The glitter and the glory of the guinea! (stands up) The romance of the ruble! (stands on chair) The feel of the franc! (stands on desk) The heel of the deutschmark! (stomps foot) The cold antiseptic sting of the Swiss franc! And the sunburnt splendor of the Australian dollar! (slaps knee)

 

(sings the rest while dancing across desk; Michael and John just look at him blandly.)

PRESENTER:

I've got ninety thousand pounds in my pyjamas.

I've got forty thousand French francs in my fridge.

I've got lots of lovely lire.

Now the Deutschmark's getting dearer,

And my dollar bills would buy the Brooklyn Bridge.

 

PRESENTER and CHORUS:

There is nothing quite as wonderful as money.

There is nothing quite as beautiful as cash.

Some people say it's folly,

But I'd rather have the lolly.

With money you can make a splash.

 

PRESENTER:

There is nothing quite as wonderful as money.

CHORUS:

...Money, money, money, money.

PRESENTER:

There is nothing like a newly minted pound.

 

CHORUS:

...Money, money, money, money.

PRESENTER and CHORUS:

Everyone must hanker

For the butchness of a banker.

It's accountancy that makes the world go 'round.

CHORUS:

'Round, 'round, 'round.

PRESENTER:

You can keep your Marxist ways,

For it's only just a phase,

For it's money, money, money makes the world go 'round.

CHORUS:

...Money, money, money, money, money, money, money, money, moneeeeey!

 

Regards, Ivan

[oblomov]

Kansas only has 52.36 million acres. So, the Chinese could buy the entire state and still have $947.64 billion left over—enough to buy all the farmland in Nebraska, Iowa, South Dakota, North Dakota, Missouri, Arkansas, Louisiana, Colorado, New Mexico, Montana, Wyoming, Oklahoma and probably Texas too.

Let's sell it to them. Then, for just one year, we can raise property taxes to 100% of the assessed value in these states. Don't want to pay? Then the sheriff will seize the land, and auction it off.

Yeh, foreign investing can suck. Just ask the Americans who owned assets in China, pre 1949.

[durasell]

http://www.kafejo.com/lingvoj/auxlangs/eo/tradukilo/



So, are you seeing the same thing in regards to young people?

[Dixie Yooper]

Now that the Chinese are doing so well, they should start a program that insures financial security for all of their citizens for as long as they live regardless of whether they ever want to work or not.

[Dixie Yooper]

According to China, almost all Taiwanese are presently living in China.

[capitalist229]

In the past two years the Asians Europeans and now Arabs are diversifying their dollar portfolios, no longer holding new dollars acquired through trade.

In a few years we will start seeing the effects of that policy as the $USDX sinks into the muck, our import prices will inflate, which will cause domestic inflation.

Commodities will be bid up beyond our control. I fear for oil prices because that is one commodity with highly inelastic demand (we cannot replace it).

What goes around, comes around.

Get ye into hard assets. Fixed incomes are toast.

BUMP

[The Raven]

>>CHINESE HAVE MOST MONEY ON PLANET

I thought it was Brazil

[AmericaUnited]

Bill Bonner the founder and president of Agora Publishing...

He has probrably published more newsletters predicting the end of the world as we know it in the last 40 years, than all of his competitors combined. Some great crash was supposed to occur 879 times... Buy gold, buy 'these special stocks', buy land in new zealand, buy bunkers, ....

[wodinoneeye]

As soon as the Chinese started buying land the price would shoot up far above the starting price (the statement ignore the basic economic laws of supply and demand).

Political action would demand that Americans should reciprocally be able to buy land in China (where its cheaper than in the US) and if the Chinese didnt comply they further sales would be stopped and any already made would be reversed.

[AmericaUnited]

and how much of it is just paper? how much is backed by hard currency such as gold?

We give them 1 trillion dollars worth of paper in exchange for real goods. Now that is funny.

[gotribe]

The big trend among high end parents now in NYC is teaching their kids Mandarin.

I'll learn mandarin, pay taxes to my chi-com masters, and practice tai chi in the park. But I am not going to eat bull penis soup.

[aligncare]

Can economics really be called a science? Seems like just so much speculation and opinion.

I suppose even the 'hard' sciences have room for opining; such as nutritional and environmental sciences. It may be all in how one interprets the data, and if the data is reliable to begin with.

[chinche]

As someone said, China will get old before it gets rich.

Sell 'em health care and leisure activities.

[Jedi Master Pikachu]

The BBC actually had a related article where they stated that the PRC had to keep the United States afloat for its success, too. In a way it the deficit and surplus are bad for both countries (the United States has a deficit but the PRC has a lot of dollars and is dependent on the value of the dollar not depreciating a lot) and in a way good (the PRC gets money, the United States gets cheap stuff).

[Jedi Master Pikachu]

Moving from the gold standard is risky, but the amount of gold in the world is limited. Still, the value of currency should be tied to something physical.

[Jedi Master Pikachu]

According to the PRC (and officially even Taiwan), Taiwan is part of China.

[Jedi Master Pikachu]

Two of the places you were not in for a long time (or were not mentioned in your post), Europe and Latin America stubbornly seem to take up British English rather than American English. Obviously out of jealousy. One was a former power looking at a former colony. The other should be peers but are far behind the United States.

[Jedi Master Pikachu]

Can you buy land in a supposedly Communist country? Don't the Chinese simply take out 99 year leases? Or was that another country?

[A. Pole]

"Well, isn’t that special," American economists could say. "The foreigners know America has the most dynamic, most successful economy in the whole dang world. Yes, we spend more than we make. But the money comes back to us finally. It just shows what a great economy we have. The foreigners want a piece of it."

They are buying out Latin America and Africa as well.

[Former Proud Canadian]

RE post 11, thankyou.