Looks like as time goes on, and it is coming out more that China has a corrupt banking system, it is shown that its economy is really built on a “house of cards”.
Well, so is ours. But Zer0 is gonna fix that because he has a plan dontchaknow.
I warned about that sham in 2008 at tableofwisdom.com and here as well. The column is below:
http://www.tableofwisdom.com/2008/02/february-13-2008-chinas-accounting-next.html
Wednesday, February 13, 2008 February 13, 2008
China’s Accounting: The Next Debacle?
by MrArbitrage
Speaking of China, I’m going to tell you now, long before all the media experts tell you that - THEY – “told you so first”. China is a ticking ACCOUNTING time bomb. You think we’ve had accounting scandals, wait till you get a load of China.
Within the next few months to a year, sagacious media “experts” will be telling you about how the warning signs were on the wall well in advance - as we saw how these Chinese companies were all to willing to sell our children toys with toxic paint in order to make a few extra bucks. They will bring up the thousands of houses in the USA that are now vacant as they were found to have toxic Chinese paint all over the walls, making their former inhabitants ill.
The “experts” will tell you how that was a portent of things to come. After all, if they are willing to sell you toxic toys and house paint - why should you trust the integrity of their balance sheets and income statements???
The Chinese government is either ignorant or complicit; either way common sense says that something isn’t right. I find it difficult to believe that the chi-com government doesn’t regulate enough.
Remember the 90’s? How did the mafia make fortunes pumping bogus stocks? They knew from the beginning that their companies they pumped and dumped were bogus. They knew their schemes couldn’t last forever. They knew they would suck so much money out of people that it wouldn’t matter by the time everyone caught on. They would be set for life. I’m talking about a brutal regime that as recently as in 1996 was selling the organs of their political prisoners to finance the Red Army. I don’t think they would have any qualms about doing the largest pump and dump in history to suck the money out of their old buddies the USA.
The communist Chinese government is not our friend and they never will be. We have been duped. We have financed their regime and the joke is on us. By the way, is it still legal for me to say negative things about communists in the USA?
I just thought I’d share this with you now in case you are long Chinese securities. If you read TableOfWisdom.com, you get these kinds of tid bits at a time when the analysis is actually useful or “actionable” as opposed to reading the many journalists who ruminate on them after all hell has broken loose and it is too late.
I don’t know if China will be the NEXT financial debacle – because our government and their cronies are doing a fine job creating so many here – but I believe China will a fairly near term disaster.
Contact: Mrarbitrage@TableOfWisdom.com