China has a debt problem:
China’s consumer loans are shrinking at an unprecedented pace after a decade of breakneck expansion, a blow to the government’s strategy of relying on spending as a growth engine amid the worst public health crisis
in a generation.
The net balance of consumer loans – made up of short-term and credit card loans from banks and online lenders – plunged by a quarter in the first two months of this year to 7.4 trillion yuan (US$1 trillion), according to data published by the People’s Bank of China. Some microlenders are staring at 20 cents on a dollar in bad loans.
China is fundamentally weak because China’s government does not have the consent of the governed – it is really as simple as that. Governments like that of China can, for a while, make things seem to work – but only seem. China is a honeycomb of bad debts, corrupt deals, crime and poverty masked by showpiece cities. Not only did China’s economy take a massive hit from the virus, it is going to keep on taking hits as foreign nations move their supply chains out of China. People are at last awake to how dangerous it is to have their supplies come out of China because of the sort of government China has. We’ll see how China weathers the storm…but it will be a very difficult time for them.
Related: Bloomberg killed a story about the corruption of China’s ruling class. One of the most astonishing things about Coronavirus is how it revealed the extent of China’s corruption of American institutions. They’re all bought, to one degree or another. Our supposed Expert Elite betters seem to have one thing in common – they’ll sell their country out for a few bucks.
Obama finally got around to endorsing Biden.
Don Surber’s plan to reopen America.
Ace rips into the New York Times over their stealth-editing of a Biden story at the behest of the Biden campaign. The story, of course, was about the sexual assault allegations launched against Biden. The bottom line is the accusation is far more credible than that made against Kavanaugh – but the MSM is determined to cover up for Ol’ Joe…because he’s a Democrat, and there’s an end on it.
Rumor mill has it that AG Barr is still rolling steadily along on the investigations with Brennan said to be a large target. We’ll see.