Debt Rattle May 17 2016


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    DPC Clam seller in Mulberry Bend, NYC 1904 • Deutsche Bank’s Woes May Be ‘Insurmountable’ (BBG) • Wall Street Banks See A Painful Summer For Stocks Ah
    [See the full post at: Debt Rattle May 17 2016]

    E. Swanson

    Here’s a story from today’s WaPo:
    China’s debt bubble is getting only more dangerous

    Looks like folks in Washington (and NYC) may be getting the message…


    E. Swanson,

    Great example: “..China’s richest man — at least on paper — lost half of his wealth in less than half an hour..”

    I’ve been harping on here about China for so long people may have been thinking I was nuts. But China is really just a casino. Xi saw the US and thought: “I have 4 times as many people, so I can bet/print at least 4 times what they have.” And he did just that. Right now, he’s finding that didn’t work. And so….looks to me like double or nothing, all on red.


    Before 1984, which was when neo liberalism was let loose on my country, New Zealand, we probably had around half the population we have now which is 4.5m but we had a national shipping line, hydro works, a national railways, a national insurance company, a national life insurance company, we built tunnels and roads, we had a state housing system that provided cheap housing to those in need etc etc. Everybody was encouraged to own their own home and have it paid off by the time they reached 60 when they received the state pension. Which we still do have that pension and it is adjusted annually with reference to wage increases and inflation. There was the Family benefit where every Mother received X amount per week to help with the bringing up of her children. We had an army, an airforce and a navy (I think). And now we have next to none of that with the current neo liberal government promising $3b tax cuts next year. (Election year). We have politics without policy with the American emphasis on personable leaders. Snake oil salesmen I call them. Meanwhile the crime rate has soared and we have one of the highest child abuse rates in the world. The philosophy now is dog each dog. People live in garages, cars and tents and most of the rest are in debt up to their ears and can’t manage because wages are kept low for those international companies to take advantage of the situation. And now we are, according to the Panama papers, a tax haven for the rich. That has happened in less than 30 years. A once wonderful country is now reduced to this and all because of the ridiculous belief in the free market economy.

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