“China’s economy has a reputation for being strong and prosperous, but according to a well-known Chinese television personality the country’s 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 didn’t think was being recorded that the Chinese regime is in a serious economic crisis—on 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 China’s Liaoning Province, included no audio or video recording, and no media. He can be heard saying that people should not post his speech online, or “everyone will look bad,” in the audio that is now on Youtube.”
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Nice, thanks.
I’m betting the death van shows up at his door soon..
the death van will make it appear as a suicide jumping
How can they be bankrupt when they print their own currency, have the largest holdings of foreign reserves, the greatest positive trade balance with the richest countries in the world? Who do they owe debt to? their citizens? Ha, they are the CCP, they can do away with any contract they like. This is just fear mongering. Maybe some hope to use this “news” to enter large long positions after the euro crisis is papered away for the next decade.
From the article, all this debt is domestically owned debt. Debt that can be papered away. And the articles states there is serious excess capacity, so the only threat of inflation is largely commodity based. China can right this by slowing down on all the infrastructure build up, and turn to investing in propping up domestic demand.
Also, where is the link to the youtube audio of this speech? Where is the proof of any of this?