Chinese TV Host Says Regime Nearly Bankrupt

The Epoch Times.  Holy shit; This guy's as good as dead.  Excerpts:

China’s economy has a reputation for being strong and prosperous, but according to a well-known Chinese television personality the country’s Gross Domestic Product is going in reverse.



Larry Lang, chair professor of Finance at the Chinese University of Hong Kong, said in a lecture that he didn’t think was being recorded that the Chinese regime is in a serious economic crisis—on the brink of bankruptcy. In his memorable formulation: every province in China is Greece.


The restrictions Lang placed on the Oct. 22 speech in Shenyang City, in northern China’s Liaoning Province, included no audio or video recording, and no media. He can be heard saying that people should not post his speech online, or “everyone will look bad,” in the audio that is now on Youtube.

In the unusual, closed-door lecture, Lang gave a frank analysis of the Chinese economy and the censorship that is placed on intellectuals and public figures. “What I’m about to say is all true. But under this system, we are not allowed to speak the truth,” he said.
And:
Lang’s assessment that the regime is bankrupt was based on five conjectures.


Firstly, that the regime’s debt sits at about 36 trillion yuan (US$5.68 trillion). This calculation is arrived at by adding up Chinese local government debt (between 16 trillion and 19.5 trillion yuan, or US$2.5 trillion and US$3 trillion), and the debt owed by state-owned enterprises (another 16 trillion, he said). But with interest of two trillion per year, he thinks things will unravel quickly.


Secondly, that the regime’s officially published inflation rate of 6.2 percent is fabricated. The real inflation rate is 16 percent, according to Lang.


Thirdly, that there is serious excess capacity in the economy, and that private consumption is only 30 percent of economic activity. Lang said that beginning this July, the Purchasing Managers Index, a measure of the manufacturing industry, plunged to a new low of 50.7. This is an indication, in his view, that China’s economy is in recession.


Fourthly, that the regime’s officially published GDP of 9 percent is also fabricated. According to Lang’s data, China’s GDP has decreased 10 percent. He said that the bloated figures come from the dramatic increase in infrastructure construction, including real estate development, railways, and highways each year (accounting for up to 70 percent of GDP in 2010).


Fifthly, that taxes are too high. Last year, the taxes on Chinese businesses (including direct and indirect taxes) were at 70 percent of earnings. The individual tax rate sits at 81.6 percent, Lang said.

Once the “economic tsunami” starts, the regime will lose credibility and China will become the poorest country in the world, Lang said.

It looks like the Global Economic Collapse will now just come down to sequence:  Who collapses when, and Who starts the process.  Oh, and Who has it worse. 

Sunday Night News Dump/Browser Clean Up..

My browser has 25 windows open at the moment, which is far too many.  In no particular order..

Rick Perry: Best Little Whore in Texas  Matt Taibbi, Rolling Stone, October 28.  Obsolete
..
By the time Perry shows up, I'm jazzed and ready for history. You always want to remember the first time you see the possible next president in person. But as every young person knows, the first time is not always a pleasant experience. Perry lumbers onstage looking exceedingly well-groomed, but also ashen and exhausted, like a funeral director with a hangover.



In a voice so subdued and halting that I think he must be sick, he launches into his speech, which consists of the following elements: a halfhearted football joke about Texas A&M that would have embarrassed a true fan like George W. Bush, worn bromides about liberals creating a nanny state, a few lines about jobs in Texas, and a promise to repeal "as much of Obamacare as I can" on his first day in the White House.


"I will try," he says, "to make Washington, D.C., as inconsequential in your life as I can."


Then he waves and walks offstage. The whole thing has taken barely 10 minutes.


I can't believe it, and neither can the assembled crowd of Georgia conservatives, who hesitate before breaking into polite applause. I feel like a high school cheerleader who just had her leg jizzed on in the back of a convertible. That's it? It's over? That was Rick Perry's stump speech?


"Low energy, low substance," sighs Justin Ryan, one of the conference attendees. "That's sort of the candidate in general."


But this is America, remember, where one should never underestimate shallow. And Rick Perry brings shallow to a new level. He is very gifted in that regard. He could be the Adolf Hitler of shallow.

Foxes and Reptiles: Psychopathy and the Financial Meltdown  Reality Sandwich.  Excerpts:

The present financial meltdown  may only be the latest example of the incalculable harm done to civilization, and countless individual lives, by psychopaths, a subspecies of Homo sapiens.  The purpose of this essay is twofold. First, I will provide a brief tour of the psychopath subspecies so that you understand who they are and how they operate. You probably already know psychopaths, and it is overwhelmingly likely that at some point in your life a psychopath that you encounter personally will try to harm you. Second, I will draw the correlative between psychopathy and the present financial meltdown and provide a suggestion of a relatively simple change that could decrease the likelihood of the sort of abuses that could lead to future meltdowns.

Awakened: Sun’s convulsive behavior dismays scientists across the globe  The Extinction Protocol.  Excerpts:

November 13, 2011 – REMARKABLE SOLAR ACTIVITY – There haven’t been any strong solar flares in days. Nevertheless, some impressive activity is underway on the Sun.
..
 A dark filament of magnetism is snaking more than halfway around the entire Sun. See SDO images below. From end to end, it stretches more than a million km or about three times the distance between Earth and the Moon. If the filament becomes unstable, as solar filaments are prone to do, it could collapse and hit the stellar surface below, triggering a Hyder flare. 

Hundreds Of Giant Aliens Unearthed Near African Village  Pakalert Press.  You'd think archaeologists would  have better cameras..

Ruh-Roh..  Goldman Sachs International Advisor Mario Monti Is Italy's New Prime Minister

But on the political fringes there are already those portraying Mr Monti – who is listed by Goldman Sachs, the investment bank, on its board of international advisers – as a tool of the “masters of the universe”, along with Mario Draghi, head of the European Central Bank and former Goldman Sachs executive.



“This is the band of criminals who brought us this financial disaster. It is like asking arsonists to put out the fire,” commented Alessandro Sallusti, editor of Il Giornale, a Milan daily owned by the Berlusconi family.

Why Iceland Should Be in the News, But Is Not  The South African Civil Society Information Service.  Excerpts:

What happened next was extraordinary. The belief that citizens had to pay for the mistakes of a financial monopoly, that an entire nation must be taxed to pay off private debts was shattered, transforming the relationship between citizens and their political institutions and eventually driving Iceland’s leaders to the side of their constituents. The Head of State, Olafur Ragnar Grimsson, refused to ratify the law that would have made Iceland’s citizens responsible for its bankers’ debts, and accepted calls for a referendum.



Of course the international community only increased the pressure on Iceland. Great Britain and Holland threatened dire reprisals that would isolate the country. As Icelanders went to vote, foreign bankers threatened to block any aid from the IMF. The British government threatened to freeze Icelander savings and checking accounts. As Grimsson said: “We were told that if we refused the international community’s conditions, we would become the Cuba of the North. But if we had accepted, we would have become the Haiti of the North.” (How many times have I written that when Cubans see the dire state of their neighbor, Haiti, they count themselves lucky.)


In the March 2010 referendum, 93% voted against repayment of the debt. The IMF immediately froze its loan. But the revolution (though not televised in the United States), would not be intimidated. With the support of a furious citizenry, the government launched civil and penal investigations into those responsible for the financial crisis. Interpol put out an international arrest warrant for the ex-president of Kaupthing, Sigurdur Einarsson, as the other bankers implicated in the crash fled the country.