China’s Economy Slams On The Brakes: 30% Of Coal Miners Unable To Pay Employees On Time

China’s Economy Slams On The Brakes: 30% Of Coal Miners Unable To Pay Employees On Time (Zerohedge, Sep 22, 2014):

More than 70 per cent of the country’s coal miners were losing money and had cut salaries. Translated: widespread wage deflation, in a country where M2 is expected to grow at a double digit pace. And the really bad news: “About 30 per cent of the industry’s miners had not been able to pay their employees on time and a further 20 per cent had cut salaries by more than 10 per cent, the Economic Information Daily, a Xinhua-affiliated newspaper, reported on Monday.”

1 thought on “China’s Economy Slams On The Brakes: 30% Of Coal Miners Unable To Pay Employees On Time

  1. Wage deflation? They don’t pay their workers enough to live……..the Chinese made a terrible error, making them the weakest BRICS member…….relied on exports.

    As the rest of the world suffered an endless slowdown from 2007 (thanks, Wall Street), some nations even going bankrupt from US junk bonds, it was obvious what would happen to China.
    People stopped buying things they don’t need. The world has cut spending because there is no growth. Except for the corrupt paper shuffling on Wall Street, nothing changes.
    I cannot help but be reminded by what Marianne Eckles, FDR’s FED chairman said when asked in 1952 what caused the Great Depression. He said it all in a few sentences, I was so impressed, I memorized them.
    “As in a poker game when the chips get concentrated into fewer and fewer hands, the other fellows can stay in the game only by borrowing. When their credit ran out, the game stopped.”
    We are close to that again. Only 33% of nations now use the dollar in international trades, down from 100% in Jan, 2010. 67% of the world economies no longer use the dollar.
    What does that tell you?

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