IN ONE of the most surreal moments of David Borenstein’s short career as a “white person for hire” in China, he pretended — in front of hundreds of people — to be part of an internationally renowned band despite the singer not being able to sing and the musicians barely knowing their way around an instrument.
At one event, they dressed up as British beefeater soldiers, some in ill-fitting fancy dress suits, and simply stared ahead, mute. Other foreigners would sit in fake houses in fake cities pretending to lead fake lives, where people would look at them longingly, eager for some of that fake international pizzazz to rub off.
What if all these empty cities were built, not to create an artificial GDP boost, but for the time after the coming earth changes (which have nothing to do with non-existent global warming), when all the big cities anywhere near the coast will be totally destroyed and wiped off the map? What if the Chinese government knows exactly what is coming our way?
As President Trump’s “Infrastructure Week” comes to an ignominious end, NIRP Umbrella’s Alex Deluce reminds us that spending money on bridges to nowhere and cities of the future is anything but the stimulating panacea it is talked up to be…
Is a Chinese credit bubble in the cards? Well, it will be interesting to see if China’s authorities can get through the unwind of US $3 trillion worth of excess credit and the distressed debt on banks’ balance sheets.
From 2009 to 2016, more than 10 trillion of Chinese investment was thrown at infrastructure, ghost cities, and corruption thanks to a helping hand from the Chinese banks and foreign lenders eager to participate in the Chinese growth story.
In fact, hundreds of new cities in China are essentially empty. The hope is that rural population someday move in.
Bitcoin has retraced over half its losses from last week‘s tumble, rallying back above $2450 oveenight after news that China’s three largest bitcoin exchanges are allowing customers to withdraw bitcoins from their accounts.
Chinese police are cracking down on labor activists attempting to expose sweatshop-like working conditions at a local factory that manufactures shoes for Ivanka Trump’s label. One activist working on the campaign has been detained, while two others have disppeared, and are presumably in police custody, according to Western media reports.
“It is gathering pace now. Food inflation will start to have a real effect soon, then the seizing up of commerce worldwide will coincide with some Rothschild initiated event as they allow debt and currency to reset.
The Philippines’ outspoken president Rodrigo Duterte got a glimpse of the true snarling, belligerent Chinese dragon hiding behind the cheerful, globalist Panda facade earlier this week, when in response to a claim that his country was prepared to drill for oil in a disputed part of the South China Sea, China’s president Xi told him matter-of-factly that in that case he should prepare for war.