China debt mountain

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  • dazzling
    Confirmed User
    • Nov 2002
    • 579
    #1

    China debt mountain

    The National Audit Office said that local government debts total some 10.7 trillion yuan ($1.58 trillion), or 27 per cent of China's gross domestic product last year.

    China counts local debt mountain....http://www.theaustralian.com.au/busi...-1226083251222


    And you can be sure the REAL figure is ten times worse.
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    • Rochard
      Jägermeister Test Pilot
      • Dec 2001
      • 75733
      #2
      Outstanding. So when we default, China sinks, right?

      Damn those chinamen are dumb.
      Herschel Savage
      Brooklyn, NY

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        • GAMEFINEST
          Make STACK$
          • Nov 2006
          • 14478
          #3
          ah shit....we are both fucked..
          Compound interest.

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            • L-Pink
              working on my tan
              • Mar 2005
              • 39151
              #4
              Good article ...

                Comment

                • jigg
                  Confirmed User
                  • Feb 2002
                  • 2527
                  #5
                  most developed countries are in the same situation it's just not talked about much. The world is drowning in debt and since bankers rule it we're all paying instead of doing what any other business would... restructure the debt
                  ......
                  eight,eight,two,eight,eight,four,two
                  ......

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                    • Vendot
                      Confirmed User
                      • May 2002
                      • 3376
                      #6
                      China is heading for a major crash - a hard landing. The property market is so overinflated and vacancies abound.

                      Plus theres all the debt thats piling up in the banking system.

                      You have to bear something in mind though - China has a MASSIVE surplus (the largest in the world) and the largest amount of foreign reserves. It can bail itself out easily and many times over.
                      "In a Time of Universal Deceit, Telling the Truth is a Revolutionary Act." - George Orwell

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                        • pornmasta
                          Too lazy to set a custom title
                          • Jun 2006
                          • 20016
                          #7
                          Originally posted by GAMEFINEST
                          ah shit....we are both fucked..
                          gay people have all the fun...

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                            • dazzling
                              Confirmed User
                              • Nov 2002
                              • 579
                              #8
                              Originally posted by Vendot
                              China is heading for a major crash - a hard landing. The property market is so overinflated and vacancies abound.

                              Plus theres all the debt thats piling up in the banking system.

                              You have to bear something in mind though - China has a MASSIVE surplus (the largest in the world) and the largest amount of foreign reserves. It can bail itself out easily and many times over.
                              Actually, there real surplus my be nothing. In fact in real terms their probably around 30 trillion in debt. You need look at it in real terms. In January their Central Bank announced..The currency holdings, reported by the central bank on its website today, rose by $199 billion to $2.85 trillion. That means the debt above already wipes 60% of that out leaving only around $1.1 trillion. These reserves are based mostly on Gold and Silver. If the price drops so do the reserves. Keep in mind China also has more then a billion people, so per person those reserves are lower then most countries in the world.
                              Next, you have the problem of fake figures, something that China has a long history of.
                              Even if those figures are only out by %30 then their in debt.

                              But lets look even closer. That surplus figure that China is bragging about, actually includes the debt of other countries...."In an annual revision of the figures, the United States Treasury Department said that China's holdings totaled $1.16 trillion at the end of December"....THAT IS JUST THE DEBT. Not actually assets. China holds debt in Afghanistan, Iraq, Nigeria, Ethiopia, etc that totals trillions. Chances are they will need to write it all off. In effect, Chinas surplus is really more like 30 trillion in debt.
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                                • biskoppen
                                  Confirmed User
                                  • Mar 2003
                                  • 5809
                                  #9
                                  We are all going to die!!!!!!!!!!!!!!!!!!!!!!!!!!!
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                                    • DWB
                                      Registered User
                                      • Jul 2003
                                      • 31779
                                      #10
                                      Most countries are fucked at this point and drowning in debt. We're all gonna take a fall.

                                        Comment

                                        • GatorB
                                          The Demon & 12clicks
                                          • Oct 2001
                                          • 18208
                                          #11
                                          Originally posted by DWB
                                          Most countries are fucked at this point and drowning in debt. We're all gonna take a fall.
                                          Then who has all the money? Say there are 10 people on the planet. It would be impossible for all 10 to be in debt. Who would they be in debt to?

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                                            • Phoenix
                                              BACON BACON BACON
                                              • Nov 2002
                                              • 35475
                                              #12
                                              eventually there will be a correction
                                              hopefully it doesn't involve war
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                                                • Emil
                                                  Confirmed User
                                                  • Feb 2007
                                                  • 5658
                                                  #13
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                                                    • TB Adriana
                                                      Confirmed User
                                                      • May 2011
                                                      • 260
                                                      #14
                                                      Originally posted by GatorB
                                                      Then who has all the money? Say there are 10 people on the planet. It would be impossible for all 10 to be in debt. Who would they be in debt to?
                                                      each other in a a owes b who owes c who owes a kinda way. Either that or you believe in the Illuminati conspiracy theory :P
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                                                        • Coup
                                                          🚨 PBBC International 🚨
                                                          • Apr 2010
                                                          • 9931
                                                          #15
                                                          China keeps building entire cities that no one seems to want to (read: afford to) live in lol

                                                          http://www.dailymail.co.uk/news/arti...-deserted.html

                                                          housing market crash on an epic scale.

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                                                            • dazzling
                                                              Confirmed User
                                                              • Nov 2002
                                                              • 579
                                                              #16
                                                              Originally posted by GatorB
                                                              Then who has all the money? Say there are 10 people on the planet. It would be impossible for all 10 to be in debt. Who would they be in debt to?
                                                              The answer will probably surprise many, Russia and Saudi Arabia.

                                                              In reality most countries are creditors, but it is the above two that are REAL creditors in relation to mulitple factors such as natural reserves, etc. In the end, it should be Russia.
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                                                                • Grapesoda
                                                                  So Fucking Banned
                                                                  • Jul 2003
                                                                  • 46238
                                                                  #17
                                                                  Originally posted by Phoenix
                                                                  eventually there will be a correction
                                                                  hopefully it doesn't involve war
                                                                  be the very first time if it doesn't
                                                                  Last edited by Grapesoda; 06-28-2011, 04:29 AM.

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                                                                    • seeandsee
                                                                      Check SIG!
                                                                      • Mar 2006
                                                                      • 50945
                                                                      #18
                                                                      counters will reset, people get fucked, couintires starting all again
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                                                                        • Paul Markham
                                                                          Too old to care
                                                                          • Jun 2001
                                                                          • 52942
                                                                          #19
                                                                          Originally posted by GatorB
                                                                          Then who has all the money? Say there are 10 people on the planet. It would be impossible for all 10 to be in debt. Who would they be in debt to?
                                                                          I was listenting to some economists on the News today and they were saying that if Greece defaults it will be banks in Germany, France, UK and US who will take the hit. So it will end up with the poor old tax payer bailing them out.

                                                                          Is it just all paper money that in the end is worth little or real money?

                                                                          What ever it is, the world needs to start to live withing what it earns. Debt is going to be a real crisis or a storm in a tea cup. If Russia and Saudi own all the debt, what will they do if China defaults? Going to war with China isn't an option.



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