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Leg is still getting better. Made the major hike through Wally World today. No problem from the leg. The usual issue with the back but that's a known issue that can't be fixed, only managed. Thank you all for your concern and well wishes.
Item One:
Following a rash of public protests by bus drivers for the government to pay their back wages, the CCP has announced a significant rise in bus fares in order to cover operating costs. Huang Jinqiu, a PRC media figure commented, "This indicates that the Chinese government is running out of money. One reason is that our foreign relations haven't been well managed, leading foreign orders to shift to Southeast Asia, resulting in a decline in our earning from abroad. Secondly, through this questionable foreign policy the CCP has been lavishing money overseas (he's talking about the Belt and Road program -- LP), depleting China's reserves. Consequently the Chinese government finds itself short of funds. This includes salary cuts and layoffs for public servants in Guandong (Hong Kong area), as well as nationwide layoffs, leading to a reduction in the number buses. It's all part of a broader situation."
Look for more price rises on anything and everything that the the Chinese people use on a daily basis as the CCP shifts the loss of revenue from land sales to the Chinese public.
Item Two:
The unwinding of the PRC's housing bubble continues apace. There is more than enough pain to go around. To indicate just how seriously the CCP is taking this they have implemented the following: 1) Reduce interest rates on existing home loans. 2) Lowering the down payment ratio home loans. (You have to put up less money -- LP) 3) Easing property purchase restrictions 4) Additional measures within the banking sector.
Over 70% of private real estate related companies in the PRC have defaulted on at least on payment this year alone. There is an ongoing price reduction war as homeowners throughout China are doing anything they can to unload their property. This is crushing new unit sales. People are hesitant to purchase a house when there is so much unemployment. The public has little faith in CCP policy efforts to solve the nation's problems.
Item Three:
On top of Item Two above, there is extreme angst within the Banking Industry with Xi Jinping's anti-corruption policies. They are afraid that Xi is looking for a way to punish rivals and find a scapegoat for the Housing Bubble collapse.
Item Four:
China CDC's Chief Epidemiologist Wu Zunyou dies of pancreatic cancer. He was one of the lead proponents of the CCP's Zero COVID policy. I don't think there is anything to read into this. I don't think the CCP had much choice in the matter. It certainly could have been implemented better. Evidently he was much better regarded in China than Dr. Fauci was here.
Item Five:
Evidently there is real national sorrow at the passing of Premier Li Kiqiang. He had been criticized within the party as being to open and honest about China's fiscal situation. It remains to be seen exactly how this will affect the other members of the Politburo. Whatever happens, it's not making their lives easier.
WWG1WGA
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)