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One last update before my shoulder surgery tomorrow morning. I'll let you know how it went when I get back.
Item One:
In advance of the Third Plenum national meeting of the CCP there has been an unprecedented number of arrests and detentions during investigation of CCP officials, industry leaders, and military leaders on corruption charges related to corruption in government and military equipment purchasing. More on this as it develops.
Item Two:
Municipal workers are being forced to accept pay cuts generally around 20%. Workers don't dare quit or they will lose any back pay. I mentioned the other day that things will go down hill fast when they stop paying the police. Well, it has started.
Item Three:
6.5 million migrant workers leave the construction industry amid China's deepening Real Estate crisis. These workers are already at the bottom of China's worker hierarchy and are the hardest hit by the ongoing recession. The lack of workers means the likelihood of unfinished buildings being completed drops even further.
Item Four:
Country Garden, China's largest builder has reported that sales are down 87.3% year-over-year. It has also failed to make interest payment totally ~$4.1 million US. The last day of the grace period is Monday 13 May. They won't make it.
Item Four:
Nicaragua has revoked a century-long canal concession granted to a Chinese firm. The decade long effort has been rife with fraud and was resulting in increasing societal discontent in Nicaragua.
Item Five:
I would like to propose a new name for the People's Republic of China. I think we should now call it West Taiwan.
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)