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Global financial system implosion begins

frogwoman said:
So why is this happening? Is it just panic for no reason or something else?
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I'd like to know this too. After 160 pages of exchanging in-depth financial meltdown knowledge from Urbans finest I'd have to expected plenty of posters to be all over this like a cheap suit. No answer all day worries me.
Is this really the detonation of the implosion?
Are we dooomed? Red books from bushes you say :-(
 
pocketscience said:
I'd like to know this too. After 160 pages of exchanging in-depth financial meltdown knowledge from Urbans finest I'd have to expected plenty of posters to be all over this like a cheap suit. No answer all day worries me.
Is this really the detonation of the implosion?
Are we dooomed? Red books from bushes you say :-(
Click to expand...

Well there's one thing we can all be sure of, which is that despite what the Chinese government had presumed, they have not succeeded in taming capitalism. You'd have thought that all those ghost cities would have been a clue, but I guess dollar signs have a tendency to blind people to what's in front of them. :(
 
Idris2002 said:
A lot of red guards jump out from behind a bush, waving little red books and shouting 'surprise'.
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I'm here all week, try the Cantonese food.

Seriously, though. . . the strength of the Party will give the PRC a much better position in which to absorb the shock of this crisis. . . but only in the short term. As the long march through capitalism comes to an end, and results in China joining the general stagnation, then the party elite will be thrown back on more and more desperate measures to retain its legitimacy in the eyes of the people. Watch out for more signs of ethnonational chauvinism being used in PRC propaganda over the next few years. . .
 
Also imagine quite a few party members will have dabled and will be in a desperate state, cooking the books to meet their positions. Lots of corruption cases to come
 
That Hayes libor trader fuck really needs to be sent in an orange jumpsuit to a supermax in the midwest Just reading the latest in the trial. It's not his fault, it's everyone else's. Boo fucking hoo
 
http://www.bloomberg.com/news/articles/2015-07-14/it-s-gotten-pretty-darn-easy-to-get-a-car-loan

pretty short article, but it seesm that car loans- a bellweather of US economy & perception of health - is increasing. Again, these can be backed by securities as is usual for tranches of debt- concerning when this field is possibly outside contemporary understanding of the housing loand that was the catalyst for the previous shitstorm, Again, yer orthodox economists of a particular bent would argue that this has benefits and is not a bad sign.

I dunno. I understand the need to securitise products to providre secondary market returns for the banks,finance houses and randoms, but it does spook me a little that the lesson on credit may not have been learned. innit
 
China's Economic Troubles Start to Spread
Bloombergview Jul 14, 2015
After the 2008 global crisis, China's 9 percent-plus growth picked up the slack from a West licking its financial wounds. But as Asia's biggest economy cools, officials from Seoul to Brasilia are finding themselves without a reliable growth engine. Uneven recoveries in the U.S. and Europe have already slowed the exports that power most Asian economies, including Japan. China's downturn could now throw Asian manufacturing into reverse.

Morgan Stanley's Ruchir Sharma warns that "the next global recession will be made by China." The balance of data -- including Singapore's abrupt shift toward recession -- suggests China isn't growing anywhere near this year's 7 percent target.
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China will report 7% growth though?
 
Could the rise in UK unemployment be connected to the crisis In China?, less luxury goods.

leaving aside whether the figures are genuine in the first place
 
The whole Chinese economy us teetering here, and I dont think this is too hyperbolic. It needs to be talked down, very carefully by central command - a collapse in the economy threatens their very comfortable existence. This is serious stuff.
 
not-bono-ever said:
The whole Chinese economy us teetering here, and I dont think this is too hyperbolic. It needs to be talked down, very carefully by central command - a collapse in the economy threatens their very comfortable existence. This is serious stuff.
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China stock suspensions opens can of derivatives worms
July 14 Reuters
The suspension of hundreds of mainland China stocks during a market plunge from mid-June could lead to disputes between banks and their clients over the valuation of billions of dollars of equity derivatives.

Banks dealing in derivatives are concerned that valuation terms covering market disruptions in other Asian markets, such as trading halts when stocks move up or down by the exchange's daily range limits, might not apply to the wave of stock suspensions in China.

As China's stocks tumbled by 30 percent in less than a month, around 1,500 listed companies, more than half the market, suspended their own stocks in a bid to sit out the rout.
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Unintended consequences.
 
'New Internationalist' cover this month.

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Will the World ever boom again?
Bloombergview Jul 20, 2015
But can it last? The main engine of global growth since 2000 has been the rapid industrialization of China. By channelling the vast savings of its population into capital investment, and by rapidly absorbing technology from advanced countries, China was able to carry out the most stupendous modernization in history, moving hundreds of millions of farmers from rural areas to cities. That in turn powered the growth of resource-exporting countries such as Brazil, Russia and many developing nations that sold their oil, metals and other resources to the new workshop of the world.

The problem is that China’s recent slowdown from 10 percent annual growth to about 7 percent is only the beginning. The recent drops in housing and stock prices are harbingers of a further economic moderation. That is inevitable, since no country can grow at a breakneck pace forever. And with the slowing of China, Brazil and Russia have been slowing as well -- the heyday of the BRICs (Brazil, Russia, India and China) is over.
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Brics countries launch new development bank in Shanghai
BBC News 21 July 2015
The Brics group of emerging economies on Tuesday launched its New Development Bank (NDB) in Shanghai.

The bank is backed by Brazil, Russia, India, China and South Africa - collectively known as Brics countries.

The NDB will lend money to developing countries to help finance infrastructure projects.

The bank is seen as an alternative to the World Bank and the International Monetary Fund, although the group says it is not a rival.
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The brics bank thang is interesting - an attempt to lever more influence in areas and regions what have traditionally been the domain of the big boys and their IMF/WB mates.

Of course this is not any more charitable than what we have been doing for decades - this is always going to be the same shit but with a different label.
 
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