The world’s third-biggest economy may need to keep up the pace of property investment because up to 60 percent of its gross domestic product relies on construction, said Chanos. The bubble may begin to “run its course” in late-2010 or 2011, he said in an interview on “The Charlie Rose Show” that will air on PBS and Bloomberg TV.
China is “on a treadmill to hell,” said Chanos, who said in January the nation is Dubai times a thousand. “They can’t afford to get off this heroin of property development. It is the only thing keeping the economic growth numbers growing.”
Property prices in China rose at the fastest pace in almost two years in February even after officials this year re-imposed a tax on homes sold within five years of their purchase to curb speculation and ordered banks to set aside more funds as reserves to cool lending. The boom in China’s real estate has fueled concern that China may face a collapse seen in Dubai that has hurt the ability of some of its companies to repay debt.
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Residents of Iceland, Destitute and Desperate are Leaving their Country In Droves
(Read the comments)
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Revised headline:
ReplyDelete"Residents of the USA, Destitute and Desperate are attempting to leave their Country In Droves but are not allowed to do so, but rather are encouraged to report to the FEMA labor camps to work for the cause or face starvation."
Everything is fine here in the good ole usofa! cnn is reporting an uplift in the economy. A jobless recovery for sure.
ReplyDeleteTime for a beer and watch the masters.
Really ?
ReplyDeleteTell that to the American CONSUMER who just posted the Biggest spending month in 11 Years!
If EVERYBODY is so broke and destitute; how in the hell do these people keep on shopping?
That old story of " oh they're really broke, just racking up the ole CC" is about 2 years
old now.
Face it - This country just continues on - despite all the naysayers here who are all just
waiting for some "event" so they can orgasim while shouting ---- SEE I TOLD YOU SO
Wrong again Thomas
Hanging your hat on the "rational" behaviour of the American consumer will get you hung
ReplyDelete355 is either asleep or stupid, which is it 355? Everyday I leave my house I see more stores closed, more people selling apples, potatoes, oranges, pine nuts by the side of the road. It used to be only Mexicans, now it is white people, indians, blacks, mexicans, vietnamese and everyone else you can think of. More foreclosures on homes everyday, in my neighborhood there are like 100 homes and 50 are vacant, at night the streets are nearly empty, when you go into a store, no lines, in and out. 355 you must be joking, really, WAKE UP!
ReplyDeleteThis business of people leaving Iceland is disgusting .
ReplyDeleteWho will be left behind to pay of the tens of billions of debts run up by Ponzi banksters operating out of Iceland ?
The Icelandic government should act responsibly , accept the bankster debt as their sovereign responsibility and ban any potential income earners from leaving the country, so that they can be put to work to pay off the debts.
Hard labour is desirable.
Or sell the whole country up in a fair settlement of debt
Chanos is a scumbag....He has precipitated this collapse through his hedge funds and derivative trading. He is a puppeteer to the nth degree. You can be sure he is behind the schemes pulling the strings to a Chinese collapse.
ReplyDeleteI am 3:55 and maybe I am a dickhead 2:20 - and maybe you are too.
ReplyDeleteAnd 7:34 maybe I'm asleep and stupid too.
I thank both of you for your warm regards as to my opinons that I observed in my newspapers
whcih I re - read to make sure that Costco, Tractor Supply and three other retail chains along with J Crew and 2 other clothiers posted
March sales that were thru the roof.
Despite people like yourselves that have been telling everybody here for damn near two years
that the economy is done; nobody is working and people are broke.
Really ? What you think all those companies made up those sales numbers ( I didn,t say anything about profits - before you mount that from the rear as usual)
Respectfully submitted; your asleep stupid dickhead @ 3:55