Skip to comments.China Banks Nearly Bankrupt: "Every Province in China is Greece"
Posted on 11/16/2011 8:23:09 AM PST by Kaslin
In one of these headline news stories that sounds shocking but is not shocking in the least, The Epoch Times reports Chinese TV Host Says Regime Nearly Bankrupt
Chinas economy has a reputation for being strong and prosperous, but according to a well-known Chinese television personality the countrys Gross Domestic Product is going in reverse.
Larry Lang, chair professor of Finance at the Chinese University of Hong Kong, said in a lecture that he didnt think was being recorded that the Chinese regime is in a serious economic crisison the brink of bankruptcy. In his memorable formulation: every province in China is Greece.
The restrictions Lang placed on the Oct. 22 speech in Shenyang City, in northern Chinas Liaoning Province, included no audio or video recording, and no media. He can be heard saying that people should not to post his speech online, or everyone will look bad, in the audio that is now on Youtube.
In the unusual, closed-door lecture, Lang gave a frank analysis of the Chinese economy and the censorship that is placed on intellectuals and public figures. What Im about to say is all true. But under this system, we are not allowed to speak the truth, he said.
Despite Langs polished appearance on his high-profile TV shows, he said: Dont think that we are living in a peaceful time now. Actually the media cannot report anything at all. Those of us who do TV shows are so miserable and frustrated, because we cannot do any programs. As long as something is related to the government, we cannot report about it.
He said that the regime doesnt listen to experts, and that Party officials are insufferably arrogant. If you dont agree with him, he thinks you are against him, he said.
Nothing Shocking About Mistrust, Lies, Suppression of News
The article was clearly meant to sensationalize. I gave it a big "so what else is news?"
You may wish to read the reasons for Larry Lang's statements but there is nothing shocking at all about mistrust, about news suppression, about lies, about Chinese bank insolvency.
I say that because I have reported on numerous occasions "the entire global financial system is bankrupt".
They have our money and they are still bankrupt?
We need to print more...
Time to have a year of jubilee and zero out the debts I guess.
So, if the PRC is a bubble and goes ‘pop’ how much of the world do they take down with them?
There is no such animal as GAAP in China..we have no way of telling if they are making any $$$. Most industries, that employ the vast majority of Chinese, are either run by the PLA, and/or cronies of the ChiComs...maybe we need to start speaking of “crony communism”..and they are bleeding billions....
China is up against the ropes. Sounds like a good time to redouble my efforts to not purchase anything made in China
Gave up trying to explain to people that 10-15% endless growth was not real.
China is a “Potemkin Country.”
Sounds like they need to kill more of their offspring.
That’ll solve it... at least, that’s what I’ve heard libs say...
“So, if the PRC is a bubble and goes pop how much of the world do they take down with them?”
Then move in for the kill by blocking their cheap, slave-labor goods from our country.
It means they are going to need to sell our T-bills in order to buy peace at home.
Recommended reading ... http://www.amazon.com/Wild-Swans-Three-Daughters-China/dp/0385425473
I think the only thing keeping the world economy going is that everybody is equally so screwed up
Perhaps, but no one is going to push their system over the edge. They are not subject to bond markets, George Soros, speculators or protestors.
I went shopping for comforters for a new bed, and I was amazed that even the comforters were 99% from china. I don’t want chinese chemicals on my sheets next to my body.
The fact is the banks are owned by the Chinese government and all they have to do is print more yuan. They aren't going to fail.
Meanwhile, they continue to buy U.S. companies, and disassemble them and move them to China.
This is just more disinformation designed to lure China's trading partners into not doing anything about their unfair trade policies.
Who are they gonna sell them to?
China owns a large number of our Treasury bonds, which they can sell in exchange for devalued dollars. And when the Fed proceeds with QE3 (and they will), they can monetize more of our debt, driving the dollar even further down. Oh yes: this is all going to end so well.
Well, when everyone owes everyone else money, it’s kind of a wash, isn’t it?
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