Gavin Newsome is closely following this.
That's communism, just like what the Dims want here.
China never left the fascist status.
I think China’s leaders may be getting ready to bug out and leave their people with nothing.
Does that also apply to America? Just asking for Harry Reid‘s friend since Harry can’t anymore...
Ping
Fools and their money.
Yeah, that’s bad. But, they’re not alone.
But, remember that it was under Clinton that an exit tax was introduced on Americans. Any American renouncing citizenship was assumed to have presumptively sold his assets. They were marked to market and taxes levied on an exit tax return.
Not to derail the thread, but take this statement and compare it to calls to take frozen Russian assets and transfer them to Ukraine. Or attempting to take donations to the Canadian Trucker Convoy via GoFundMe and distribute them elsewhere.
If he's just figuring this out now, he's an idiot. How long did he think he'd be immune?
One of the best headlines I’ve ever seen. Absolutely brilliant and succinct.
If you want to sell cars in China, you must make most of them in China.
If you want to open a car factory in China, you must partner with domestic Chinese car maker. You cannot build and operate the factory on your own.
Once you partner with a Chinese auto maker, they have access to all or most of the intellectual property that went into designing that vehicle and the processes used to manufacture it.
This is also true for other fields such as aerospace, consumer electronics, etc.
Cry me a river if a billionaire can't get his profits out of China, but when in the process he's giving Chine billions' worth of intellectual property that can be used to unfairly compete elsewhere in the world, or worse yet be used by the People's Liberation Army, that's a bigger issue for us all.
In the Jiang-Hu years, it was somewhat more relaxed, but China has ALWAYS been “CCP first, last and always”
China liked having big foreign companies invest - for technology and political leverage.
But its certainly not now, and has never been (despite previous appearances), a place for free-enterprise.
Being shielded from the painful consequences of their stupidity, our elites just keep making stupid choices.
He’s an idiot, if he never knew this was a strong possibility.
When governments do this it generally means they’re trying to get ahead of a big crash or, as someone else said, the leaders are planning on fleeing with their ill-gotten gains. Either way China is in for some “interesting times”.
Banks in China have been restricting all withdrawals for many months now. Ordinary depositors have lost their deposits and are totally broke.
This is not only very old news but applies to many many depositor’s and not only foreign billionaires.
Banks are failing all over China. The truth is that the bank where the funds were on deposit probably did not have the money to pay off the deposit.
Kudos to China. Too bad, Mobius.
They always eventually get around to seizing private property as with all socialist/communist regimes.
It's like property. You can't pick it up and take it with you so you sell it to someone else.
In this case, there's one payment in Yuan on the books and another payment in gold, gemstones, or cryptocurrency off the books.