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Monthly Archives: March 2014

Russia Runs a Nuclear War Drill for Shits and Giggles

“While much Western attention has been bestowed on Russia’s military buildup near Ukraine, Moscow also began a massive nuclear offensive exercise on Thursday.

According to the Russian daily Nezavisimaya Gazeta, on Thursday Russia’s Strategic Missile Forces began a massive three-day exercise involving 10,000 soldiers and 1,000 pieces of equipment from more than 30 units. The major purpose of the drill, according to the report—which cites multiple senior Russian military officers—is to ensure Russia’s Strategic Missile Forces have sufficient readiness to conduct offensive operations involving the massive and simultaneous use of nuclear missiles.

Global Security Newswire previously carried a story on the nuclear exercise, also citing the Nezavisimaya Gazeta article. GSN described the exercise as “as practice for a large-scale nuclear offensive.” It added: “Exercise participants were set to position and prepare missile-firing units for launch, and to practice various administrative and support functions for the operation

As Russia’s conventional military capabilities have deteriorated following the collapse of the Soviet Union, Moscow has become increasingly reliant on operationalizing its nuclear arsenal. This has been reflected in successive Russian security documents. For example, Russia’s 1997 national security concept stated that Russia would use its nuclear arsenal “in case of a threat to the existence of the Russian Federation,” whether that threat came in the form of nuclear weapons or from a conventionally superior military power.

This threshold was further lowered in Russia’s 2000 military doctrine, which was the first released during Vladimir Putin’s presidency. This document said that Russia would use nuclear weapons “in response to large-scale aggression utilizing conventional weapons in situations critical to the national security of the Russian Federation.” This held out the possibility that Russia would use nuclear weapons even if Russia proper hadn’t been attacked. The same doctrine further noted that Russia reserved the right to use nuclear weapons in response to the use of any kind of weapons of mass destruction against it.

Shortly before reassuming the Russian presidency for a third term, Putin reaffirmed the importance he placed on Russia’s nuclear forces in a number of articles and speeches. For example, in an op-ed article in Foreign Policy magazine, Putin wrote: “We will, under no circumstances, surrender our strategic deterrent capability. Indeed, we will strengthen it.”

Thus, this week’s massive offensive nuclear drill is in line with the goals that Russia and Putin have been articulating for well over a decade. It is also consistent with Putin’s recent emphasis on conducting more frequent and sophisticated military drills to improve the combat readiness of Russian military forces. Indeed, Russia conducted a much smaller surprise nuclear drill in October of last year…..”

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Fun Theory on Missing Malaysian Plane Story

Sooner or later a conspiracy theory would have to pop up on the missing plane that has been on the news for past few weeks. I have not followed the story closely, but it seems strange that a plane would simply go missing given black boxes, radar, satelite technology, and a host of other reasons for it not happening. At any rate, here is an interesting angle on the story that may or may not be true. We will just have to wait and see.

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Q1 GDP Growth Expected To Be Tepid Due to Weak Consumer Spending

“Tepid gains in consumer spending have helped send some economists’ first-quarter GDP growth forecasts below 2 percent, The Wall Street Journal reports.

The economy expanded 2.6 percent in the fourth quarter.

Consumer spending rose 0.3 percent in February, the government announced, but January’s increase was revised down to 0.2 percent from 0.4 percent.

Research firm Macroeconomic Advisers now predicts the economy will grow 1.3 percent in the first quarter, down from its prior forecast of 1.5 percent, according to The Journal. JPMorgan Chase cut its first-quarter projection to 1.5 percent from 2 percent.

Barclays Capital trimmed its prediction to 2 percent from 2.4 percent, and research firm MFR cut its forecast to 1.2 percent from 1.8 percent, The Journal reports.

Consumer spending accounts for about 70 percent of GDP. The nasty winter weather in much of the country may have kept numerous consumers at home during the first three months of the year….”

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Russia’s Prime Minister Declares Plans to Turn Crimea Into a Special Economic Zone

“(Reuters) – Prime Minister Dmitry Medvedev flaunted Russia’s grip on Crimea on Monday by flying to the region and announcing plans to turn it into a special economic zone, defying Western demands to hand the region back to Ukraine.

The visit, hours after Russia held talks on Ukraine with the United States, is likely to anger Kiev and the West, which accuse president Vladimir Putin of illegally seizing the Black Sea peninsula after a March 16 referendum they say was a sham.

Shortly after landing in Crimea’s main city of Simferopol with many members of his cabinet, Medvedev chaired a Russian government meeting attended by Crimean leaders and outlined moves to revive the region’s struggling economy.

“Our aim is to make the peninsula as attractive as possible to investors, so that it can generate sufficient income for its own development. There are opportunities for this – we have taken everything into consideration,” he told the televised meeting, sitting at a large desk with Russian flags behind him.

“And so we have decided to create a special economic zone here. This will allow for the use of special tax and customs regimes in Crimea, and also minimize administrative procedures.”

In comments that made clear Russia had no plans to give back Crimea, he set out moves to increase wages for some 140,000 state workers in Crimea, boost pensions, turn the region into a tourism hub, protect energy links with the peninsula and improve its roads, railways and airports….”

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The De Facto Repeal of the Second Amendment.

“At the conclusion of the U.S.-EU Summit held this week in Brussels, President Obama and his European colleagues released a joint statement reaffirming their common commitment to civilian disarmament as mandated in the United Nation’s Arms Trade Treaty (ATT).

While globalist and establishment media reports focus on the summit’s attention to the events in Crimea, there is a provision at the end of the statement that is of much greater concern to Americans aware of the crescendo of calls for restrictions on the right to keep and bear arms.

Paragraph 33 of the declaration released on March 26 states: “We reaffirm our joint commitments on non-proliferation, disarmament and arms control.”

Among other agreements, President Obama, in the name of the United States, joined with the gathered heads of state in promising: “We will also work together to promote the entry into force of the Arms Trade Treaty in 2014.”

Despite significant congressional opposition to the United Nation’s attempt to confiscate privately owned weapons and ammunition, President Obama quietly signed his name to a document that if carried out, would amount to nothing less than the de facto repeal of the Second Amendment.

In order to appreciate the seriousness of the the Arms Trade Treaty’s threat to the God-given right to keep and bear arms and to the constitutional protection of that right, details of the plan should be understood.

This author attended the negotiations at UN headquarters in Manhattan where the ATT was hammered out, and I found that the ATT is so offensive to the preservation of the right to keep and bear arms, it is an understatement to call it unconstitutional. As The New American has reported, several provisions of this treaty significantly diminish the scope of this basic right.

First, the Arms Trade Treaty grants a monopoly over all weaponry in the hands of the very entity (government) responsible for over 300 million murders in the 20th century.

Furthermore, the treaty leaves private citizens powerless to oppose future slaughters.

One uncomfortable fact of armed violence ignored by the UN in its pro-disarmament propaganda is that all the murders committed by all the serial killers in history don’t amount to a fraction of the brutal killings committed by “authorized state parties” using the very weapons over which they will exercise absolute control under the terms of the Arms Trade Treaty.

Article 2 of the treaty defines the scope of the treaty’s prohibitions. The right to own, buy, sell, trade, or transfer all means of armed resistance, including handguns, is denied to civilians by this section of the Arms Trade Treaty.

Article 3 places the “ammunition/munitions fired, launched or delivered by the conventional arms covered under Article 2” within the scope of the treaty’s prohibitions, as well.

Article 4 rounds out the regulations, also placing all “parts and components” of weapons within the scheme.

Perhaps the most immediate threat to the rights of gun owners in the Arms Trade Treaty is found in Article 5. Under the title of “General Implementation,” Article 5 mandates that all countries participating in the treaty “shall establish and maintain a national control system, including a national control list.”

This list should “apply the provisions of this Treaty to the broadest range of conventional arms.”

Article 12 adds to the record-keeping requirement, mandating that the list include “the quantity, value, model/type, authorized international transfers of conventional arms,” as well as the identity of the “end users” of these items.

In very clear terms, ratification of the Arms Trade Treaty by the United States would require that the U.S. government force gun owners to add their names to the national registry. Citizens would be required to report the amount and type of all firearms and ammunition they possess.

Section 4 of Article 12 of the treaty requires that the list be kept for at least 10 years…..”

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Documentary: Double Feature

Where Science and Buddhism Meet

[youtube://http://www.youtube.com/watch?v=P__d0WyN0HE 450 300]

The Life of Buddha

[youtube://http://www.youtube.com/watch?v=kEe8hI6G0GY 450 300]



[youtube://http://www.youtube.com/watch?v=sMmTkKz60W8 450 300]

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Go Back to Sleep, Fukushima Was Some Obscure Event in the Past

“A Canadian high school student named Bronwyn Delacruz never imagined that her school science project would make headlines all over the world. But that is precisely what has happened. Using a $600 Geiger counter purchased by her father, Delacruz measured seafood bought at local grocery stores for radioactive contamination. What she discovered was absolutely stunning.

Much of the seafood, particularly the products that were made in China, tested very high for radiation. So is this being caused by nuclear radiation from Fukushima? Is the seafood that we are eating going to give us cancer and other diseases?

The American people deserve the truth, but as you will see below, the U.S. and Canadian governments are not even testing imported seafood for radiation. To say that this is deeply troubling would be a massive understatement.

In fact, what prompted Bronwyn Delacruz to conduct her science project was the fact that the Canadian government stopped testing imported seafood for radiation in 2012

Alberta high-school student Bronwyn Delacruz loves sushi, but became concerned last summer after learning how little food inspection actually takes place on some of its key ingredients.

The Grade 10 student from Grande Prairie said she was shocked to discover that, in the wake of the 2011 Fukushima nuclear disaster in Japan, the Canadian Food Inspection Agency (CFIA) stopped testing imported foods for radiation in 2012…..”

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[youtube://http://www.youtube.com/watch?v=lpAqiGSp29c 450 300]

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Taking a Page From the West

We will leave out which part of the western world Turkey is taking a page from. It should be obvious that psychopaths run the world over…

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China’s Money Woes Begin to Hurt the Global Economy

“Over the past month, we have explained in detail not only how the Chinese credit collapse and massive carry unwind will look like in theory, but shown various instances how, in practice, the world’s greatest debt bubble is starting to burst, resulting not only in the first ever corporate default but also in the bursting of the associated biggest ever housing bubble. One thing we have not commented on was how actual trade pathways – far more critical to offshore counterparts than merely credit tremors within the mainland – would be impacted once the nascent liquidity crisis spread.

Today, we find the answer courtesy of the WSJ which reports that for the first time in the current Chinese liquidity crunch, Chinese importers, for now just those of soybeans and rubber but soon most other products, “are backing out of deals, adding to a wide range of evidence showing rising financial stress in the world’s second-biggest economy.”

While apologists of China’s collapse have been quick to point out that China’s credit collapse would be largely a domestic issue, with little foreign creditor exposure at either the public debt, or private – corporate – debt levels, one thing nobody can deny is that if and when Chinese trade routes grind to a halt, the downstream impacts would be devastating, and spread like wildfire as the offshore supply chain is Ice 9’ed.

More from the WSJ:

 Most purchases are private, with little data on the volumes affected, but traders at Asian trading firms say they are seeing a sharp rise in canceled contracts this year while other buyers are demanding heavy discounts.

The U.S. Department of Agriculture confirmed that China has canceled orders for 517,000 metric tons of soybeans, used to make cooking oil, and compares to imports of 63.4 million tons last year. South American soybean contracts have also been canceled because of weak demand, says trade journal Oil World.

The cancellations are a big worry for the commodity markets as exporters around the world had relied for years on China’s insatiable appetite for a wide range of raw ingredients. But now as jitters rise over the health of the economy, the fallout is rippling through into agricultural commodities, just weeks after the price of copper and iron ore tumbled on worries they had been used in risky Chinese financing deals.

For now the impacted importers are those dealing purely with commodity products, such as rubber. The problem is that once one importer defaults on a contract, suddenly counterparty risk regarding all of China (and certainly those using commodities on Letters of Credit, recall China Commodity Funding Deals) soars, forcing other offshore exporters to collapse liquidity terms when dealing with Chinese buyers…”

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Student Loan Debt is Contributing to the Wealth Gap

“Every month that Gregory Zbylut pays $1,300 toward his law school loans is another month of not qualifying for a decent mortgage.

Every payment toward their student loans is $900 Dr. Nida Degesys and her husband aren’t putting in their retirement savings account.

They believe they’ll eventually climb from debt and begin using their earnings to build assets rather than fill holes. But, like the roughly 37 million others in the U.S. saddled with $1 trillion in student debt, they may never catch up with wealthy peers who began life after college free from the burden.

The disparity, experts say, is contributing to the widening of the gap between rich and everyone else in the country.

Nida Degesys, National President of the American Medical Student Association, poses for photos in her office in Sterling, Va.

Nida Degesys, National President of the American Medical Student Association, poses for photos in her office in Sterling, Va.

“If you graduate with a B.A. or doctorate and you get the same job at the same place, you make the same amount of money,” said William Elliott III, director of the Assets and Education Initiative at the University of Kansas. “But that money will actually mean less to you in the sense of accumulating assets in the long term.”

Graduates who can immediately begin building equity in housing or stocks and bonds get more time to see their investments grow, while indebted graduates spend years paying principal and interest on loans. The standard student loan repayment schedule is 10 years but can be much longer.

The median 2009 net worth for a household without outstanding student debt was $117,700, nearly three times the $42,800 worth in a household with outstanding student debt, according to a report co-written by Elliott last November.

About 40 percent of households led by someone 35 or younger have student loan debt, a 2012 Pew Research Center analysis of government data found.

Read MoreHow you can score the best scholarships

Allen Aston is one of the lucky ones, having landed a full academic and financial-need scholarship at Ohio State University. The 22-year-old software engineer from Columbus estimates it let him avoid about $100,000 in debt.

Without loans to repay, Aston is already contributing 6 percent of his salary to a retirement fund that is matched in part by his employer and doesn’t have the same financial concerns his friends do…..”

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The Pathology of Power

“What is the shelf life of a system that rewards confidence-gaming sociopaths rather than competence?

Let’s connect the dots of natural selection and the pathology of power.

In his 2012 book The Wisdom of Psychopaths: What Saints, Spies, and Serial Killers Can Teach Us About Success, author Kevin Dutton described how the attributes of sociopathology are in a sense value-neutral: the sociopathological attributes that characterize a dangerous criminal may also characterize a cool, high-performing neurosurgeon.

As Dutton explains in his essay What Psychopaths Teach Us about How to Succeed(Scientific American):


Psychopaths are fearless, confident, charismatic, ruthless and focused. Yet, contrary to popular belief, they are not necessarily violent. Far from its being an open-and-shut case–you’re either a psychopath or you’re not–there are, instead, inner and outer zones of the disorder: a bit like the fare zones on a subway map. There is a spectrum of psychopathy along which each of us has our place, with only a small minority of A-listers resident in the “inner city.”

While there is obviously a place for high-functioning sociopaths in professions which reward those characteristics, what about sociopaths who substitute deviousness and deception for competence? For some context, let’s turn to thePathology Of Power by Norman Cousins, published in 1988.

Cousins was particularly concerned with the National Security State, a.k.a. the military-industrial complex, which at that point in U.S. history was engaged in a Cold War with the Soviet Empire. Cousins described the pathology of power thusly:


“Connected to the tendency of power to corrupt are yet other tendencies that emerge from the pages of the historians:1. The tendency of power to drive intelligence underground;
2. The tendency of power to become a theology, admitting no other gods before it;
3. The tendency of power to distort and damage the traditions and institutions it was designed to protect;
4. The tendency of power to create a language of its own, making other forms of communication incoherent and irrelevant;
5. The tendency of power to set the stage for its own use.

In broader terms, we might add: the tendency of power to manifest hubris, arrogance, bullying, deception and the substitution of rule by Elites for rule of law.

Natural selection isn’t only operative in Nature; it is equally operative in human organizations, economies and societies. People respond to whatever set of incentives and disincentives are present. If deceiving and conning others is heavily incentivized, while integrity and honesty are punished, people will gravitate to running cons and embezzlement schemes.

What behaviors does our Status Quo reward?….”

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Tell Mom and Pops to Stay Away From Reverse Mortgages

“The only solace for Isabel Santos as she spends her evenings huddled over stacks of yellowed foreclosure notices is that her parents are not alive to watch their ranch-style house in Pleasant Hill, Calif., slipping away.

Ms. Santos, 61, along with a growing number of baby boomers, is confronting a bitter inheritance: The same loans that were supposed to help their elderly parents stay in their houses are now pushing their children out. “My dad had nothing when he came here from Cuba and worked so hard to buy this house,” Ms. Santos said, her voice quivering.

Similar scenes are being played out throughout an aging America, where the children of elderly borrowers are learning that their parents’ reverse mortgages are now threatening their own inheritances. Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes that need not be paid back until they move out or die, have long posed pitfalls for older borrowers.

Now many like Ms. Santos are discovering that reverse mortgages can also come up with a harsh sting for their heirs.

Jon Feingersh | Blend Images | Getty Images

Under federal rules, survivors are supposed to be offered the option to settle the loan for a percentage of the full amount. Instead, reverse mortgage companies are increasingly threatening to foreclose unless heirs pay the mortgages in full, according to interviews with more than four dozen housing counselors, state regulators and 25 families whose elderly parents took out reverse mortgages.

Some lenders are moving to foreclose just weeks after the borrower dies, many families say. The complaints are echoed by borrowers across the country, according to a review of federal and state court lawsuits against reverse mortgage lenders.

Others say that they don’t get that far. Soon after their parents die, the heirs say they are plunged into a bureaucratic maze as they try to get lenders to provide them with details about how to keep their family homes.

Ms. Santos’s mother, Yolanda, began borrowing money against the equity in her home in 2009, when she was in her 80s. Ms. Santos thought the arrangement would defray her mother’s living and medical expenses by providing cash up front…..”

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Capitalism at its Best

“The financial raping of America by Big Pharma has just achieved a new milestone with the impending launch of a Hepatitis C drug that costs $1,000 a pill. If you’ve ever wondered why U.S. health care is so unaffordable and inaccessible — and why health insurance costs are bankrupting businesses and municipalities across the nation — this is exactly why. The same drug that sells for $1,000 a pill in the USA — named “Sovaldi” — sells for just $10 in Egypt, or 1/100th the USA price.

Drug companies are, of course, granted FDA-enforced monopolies on the treatment of anything considered a “disease.” As such, drugs are pushed into the marketplace at monopoly prices. Because if you’re the CEO of Gilead Sciences, Inc., makers of the Sovaldi drug to be sold at $1,000 a pill, your job is to maximize revenues by any means necessary. When you’re handed a monopoly by the FDA, the strategy for achieving that is simple: Raise the price to whatever you can get away with, then bill the insurance companies, Medicare and Medicaid for $100, $500 or even $1,000 a pill.

100,000% mark-up?

Even if one pill of Sovaldi only costs 68 cents to manufacture, it will still be sold at $1,000 a pill because that’s what the company demands. At this price, a course of treatment runs $84,000 in the USA. Gilead reduces the price to $57,000 in the UK — apparently in a completely arbitrary manner based on whatever it can get for the drug rather than the drug’s actual cost or value.

How much does this drug actually cost to produce? Consider this shocking fact, as reported by CNBC:

Gilead confirmed that it had agreed to supply the new drug in Egypt – which has the world’s highest prevalence of the virus due to use of contaminated needles in the 1970s – at around $900 for a 12-week course of therapy, or about 1 percent of the U.S. price.

Yep, the same drug sold in the USA for $84,000 is sold in Egypt for $900 — and the company still makes a profit!….”

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The IRS Declares Bitcoin as Property and Not Currency for Tax Purposes

“Wading into a murky tax question for the digital age, the U.S. Internal Revenue Service said on Tuesday that bitcoins and other virtual currencies are to be treated, for tax purposes, as property and not as currency.

“General tax principles that apply to property transactions apply to transactions using virtual currency,” the IRS said in a statement, meaning that bitcoins would be taxed as ordinary income or as assets subject to capital gains taxes, depending on the circumstance.

Bitcoin, the best-known virtual currency, started circulating in 2009. Its present market value is around $8 billion, with up to 80,000 transactions occurring daily, according to accounting firm PricewaterhouseCoopers LLP.

Recent incidents have brought the currency under new regulatory scrutiny, such as the failure of Mt. Gox, a Tokyo-based exchange that filed for bankruptcy after losing an estimated $650 million worth of customer bitcoins.

Unlike conventional money, bitcoin is generated by computers and is independent of control or backing by any government or central bank, which its proponents like, but which also has led to calls for more guidance on U.S. tax treatment.

The IRS supplied that in its statement, which dealt a blow to bitcoin “miners,” who unlock new bitcoins online. The IRS said miners must include the fair market value of the virtual currency as gross income on the date of receipt.

This change “is a disincentive to start looking for bitcoins,” said John Barrie, a partner with law firm Bryan Cave LLP, who advises charities that receive bitcoins as donations.


The IRS also said that virtual currency is not to be treated as legal-tender currency to determine if a transaction causes a foreign currency gain or loss under U.S. tax law…..”

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The ECB Considers Stimulus to Combat Deflation

European Central Bank officials sent strong signals Tuesday that they are willing to consider dramatic steps to guard against dangerously low inflation, including negative interest rates and asset purchases.

The comments by top policy makers from different parts of the euro zone suggest the ECB, faced with a weak economy and strong currency, is prepared to shed some of its cautious approach and take more-aggressive action, as central banks in the U.S., the U.K. and Japan have done for years.

Hermès: ‘We want to be bigger, but not fatter’

New Hermès CEO Axel Dumas on maintaining the luxury firm’s exclusive image while selling more goods.

“We haven’t exhausted our maneuvering room” on interest rates, Bank of Finland Gov. Erkki Liikanen said in an interview in Helsinki. The ECB’s main lending rate to banks is 0.25%, a record low. A separate deposit rate set by the ECB for overnight funds parked at the central bank has been at zero for nearly two years.

Asked what tools the ECB has remaining, Mr. Liikanen, who has headed Finland’s central bank since 2004 and is on the ECB’s 24-member governing council, cited a negative deposit rate as well as additional loans to banks and asset purchases.


Other officials, including the heads of the German and Slovakian central banks, offered a similar message on Tuesday…..”

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Appetite for Risk Finally Slows in China as Default Rises

“(Reuters) – Some of China’s struggling firms are finally getting the reception that regulators have been hoping for – a cold shoulder from banks in the form of smaller and costlier loans.

Reuters has contacted over 80 companies with elevated debt ratios or problems with overcapacity. Interviews with 15 that agreed to discuss their funding showed that more discriminate lending, long a missing ingredient of China’s economic transformation, has become a reality.

Up against a cooling Chinese economy and signs that authorities will not step in every time a loan goes bad, banks are becoming more hard-nosed and selective about whom they lend to.

There are signs that even state-owned firms, in the past fawned over by lenders for their government connections, have to contend with higher rates, lower lending limits and more onerous checks by banks.

“Interest rates are going up 10 percent for the entire industry,” said Wang Lei, a financedepartment manager at PKU HealthCare Corp (000788.SZ). “Obtaining loans is getting difficult and expensive.”

PKU HealthCare, which is controlled by Peking University and makes bulkpharmaceuticals, has struggled to remain profitable. Its debt-to-EBITDA (earnings before interest, tax, depreciation and amortization) ratio exceeded 60 at the end of September, four times the average for listed Chinese companies from the sector.

To be sure, several companies with strong balance sheets and profits reported no significant changes in their funding conditions.

That in itself is a welcome sign that banks are finally differentiating between the strong and the weak, more aware that they are on the hook for losses if businesses fail.

China’s first-ever domestic bond default earlier this month when solar equipment maker Chaori Solar (002506.SZ) missed its payment and regulators refused to step in, drove that message home.

“It was a wake-up call for lenders,” said Christopher Lee, managing director and the head of greater China corporate ratings at Standard & Poor’s. “There is no such thing as a risk-free investment.”

That marks a painful, but necessary shift for the world’s second biggest economy to fulfill Beijing’s ambition to cut wasteful investment and secure more balanced long-term growth.

For household goods maker Elec-Tech International Co Ltd (002005.SZ), less credit is the new reality. Its bank cut its borrowing limit by 500 million yuan ($80.79 million) to no more than 2.5 billion yuan this year, said Zhang, an official at Elec-Tech’s securities department.

“Last year, the bank gave us a discount on our interest rates. This year, we probably won’t get any discount,” Zhang who declined to give his full name said. “It feels like banks are not lending and their checks are becoming more rigorous.”


Some gauges of China’s corporate debt are already flashing red.

Non-financial firms’ debt jumped to 134 percent of China’s GDP in 2012 from 103 percent in 2007, according to Standard & Poor’s.

It predicted China’s corporate debt will reach “stratospheric levels” and become the world’s largest, overtaking the United States this year or next…..”

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Bill Fleckenstein Says Stocks Have Risen to Absurd Evaluations

“Bill Fleckenstein says that stock valuations have risen to absurd levels on the back of low interest rates. But though he remains staunchly bearish on equities, he still believes that it’s not yet time to get short.

Valuations on certain tech stocks are “ridiculous—it’s just plain ridiculous,” Fleckenstein said on Tuesday’s episode of “Futures Now.” “But that doesn’t really matter…..”

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