Posted on 03/05/2023 5:55:44 AM PST by zeestephen
Billionaire investor Mark Mobius told FOX Business he cannot take his money out of China due to the country's capital controls, cautioning investors to be "very, very careful" about investing in an economy under a tight government grip..."I have an account with HSBC in Shanghai. I can't take my money out"..."They say: give us all the records from 20 years of how you made this money...This is crazy."
(Excerpt) Read more at msn.com ...
Yep. The dollar is crap, but everything else is crap on a crap sandwich.
The Mobius problem is symptomatic of the fluid situation in China.
Banks are failing and have failed. Depoisters all over the country for months now have been unable to access the money on deposit. Massive protests disrupted by police have had no effect. The deposited money is just gone.
China is in extreme economic distress
My belief is that China is about to collapse. I think there are many indicators that this is going to happen sooner than later.
They are putting hard limits on what can be removed so that, when it collapses, the party leaders can take the money and run.
” . . . This is crazy.”
Wrong pronoun. Try “I” is crazy.
+10
There is indeed a difference between "You made it here, you spend it here." and "You make even the smallest move with it and we get a piece of it."
Perhaps it turns on the inclinations of the authoritarians who happen to be ruling.
Yes, sort of - but if we earn money in another country the US taxes us on it which no other civilized nation on Earth does to its citizens. Thank Obama and the Democrats for that FATCA absurdity in 2010.
I think a lot of dumbass Republicans who backed it thought they were fighting terrorist money laundering. Most of the anti-freedom bills over the past decades have been sold as national security enhancements.
It’s almost like no one ever warns it this might happen.
Mobius was born in the USA and is a USA citizen.
However, his father is German and his mother is Puerto Rican, and Mobius lived in Developing Countries for much of his professional life.
Mobius moved to Germany when he retired about 10 years ago.
Mark Mobius doesn’t need to take his money out of China. He’ll “trade” it with someone who doesn’t mind keeping it there.
And he’s just now figuring this out?
I guess it does not take a lot of gray matter to make a whole lot of spending money.
Why would he think he could remove capital from China? Moron.
Mobius might have billions, but the Chinese have a military.
Probably because he did business in China for forty years and has always been on good terms with the Communist Party.
China isn’t just tracking it, they won’t let you use it or move it around. In this digital day and age, I think most folks have long since got over the fact that its easy for banks, government and big retailers like Walmart and Target know more about you than your family and friends (and they do)
Exactly
Moron Mark Mobius - communists want it all so they can re-distribute it. They would not be communists otherwise.
China’s economy is highly likely to collapse by mid to late summer, they know if and they know there will be a massive civil war when it does
Expect they’ll go after Taiwan, Siberia or something major to distract and head off that first
How about a Global Sovereign Debt collapse? How long can they hold that off?
In a fiat system, thats more or less impossible for the Dollar, Euro, Yuan, at least. It could lead to runaway inflation, which would effectively pay off all existing debts. Either way, I’d say longer than any of us would ever imagine. I didn’t think they’d be able to “right the ship” in 2008 or 2009 back when the central bank didn’t intervene as often. Today the central banks have no issues throwing trillions into the economy in a matter of months (hence the inflation today)
Right about CO2 being plant fertilizer.
A real climate crisis would be a decrease in O2 levels (around 20% now).
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