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-   -   Bad debts in China? (https://www.cableforum.uk/board/showthread.php?t=33684364)

Osem 05-01-2012 09:41
Bad debts in China?
 
Quote:
China has uncovered 531bn yuan ($84bn; £54bn) of irregularities in local government debts.

The National Audit Office said breaches included "irregular credit guarantees", "irregular collateral" and "fraudulent and underpayment of registered capital".
http://www.bbc.co.uk/news/business-16405253

I hope they'll still be able to bail the rest of us out... :erm:

chris9991 05-01-2012 09:55
Re: Bad debts in China?
 
That's some variance (6 * 2012 Olympics)

or about £50 for every man, woman or child in China

Alan Fry 05-01-2012 11:57
Re: Bad debts in China?
 
If America goes bust then china will be in real trouble, China is one of Americas biggest creditors, but not as much trouble as japan, they will go best as they have 200% or GDP debt and are also of Americas biggest creditors!

chris9991 05-01-2012 12:02
Re: Bad debts in China?
 
Well, reports are that China is trying to shift the amount of US debt it holds as well as not buy so much in the first instance to reduce the risk if/when the US defaults

Ignitionnet 05-01-2012 12:03
Re: Bad debts in China?
 
Quote:
Originally Posted by Alan Fry (Post 35355080)
If America goes bust then china will be in real trouble, China is one of Americas biggest creditors, but not as much trouble as japan, they will go best as they have 200% or GDP debt and are also of Americas biggest creditors!
Japan's debt is quite unique as the overwhelming majority of it is held domestically rather than internationally. It's why they've been able to sustain such a massive debt.

Alan Fry 05-01-2012 12:10
Re: Bad debts in China?
 
Quote:
Originally Posted by Ignitionnet (Post 35355094)
Japan's debt is quite unique as the overwhelming majority of it is held domestically rather than internationally. It's why they've been able to sustain such a massive debt.
Yes, but for how much longer!

MovedGoalPosts 05-01-2012 12:13
Re: Bad debts in China?
 
One thing I don't get is that if everyone is owing everyone money, who actually has the money that has been loaned in the first place. Or is the reality that this money never existed and the economics that have fuelled the industrialised world economy always been on a false pretence that has now been exposed as one big lie? And assuming that is the case, are we very close to a real meltdown as nobody can pay their bills.

Alan Fry 05-01-2012 12:19
Re: Bad debts in China?
 
Quote:
Originally Posted by Rob (Post 35355100)
One thing I don't get is that if everyone is owing everyone money, who actually has the money that has been loaned in the first place. Or is the reality that this money never existed and the economics that have fuelled the industrialised world economy always been on a false pretence that has now been exposed as one big lie? And assuming that is the case, are we very close to a real meltdown as nobody can pay their bills.
We nned to complely change our ecomonic system and capitalsim itself!

MovedGoalPosts 05-01-2012 12:30
Re: Bad debts in China?
 
Quote:
Originally Posted by Alan Fry (Post 35355103)
We nned to complely change our ecomonic system and capitalsim itself!
To what?

Alan Fry 05-01-2012 12:34
Re: Bad debts in China?
 
Quote:
Originally Posted by Rob (Post 35355111)
To what?
A better form of capitalism that represents the rest of us, not just the very rich!

Gary L 05-01-2012 12:35
Re: Bad debts in China?
 
Can't the whole world just call it quits with each other and start afresh? :)

we could set up charities galore all over the world, and have governments down as recognised charities. fund raising events. text donations and everything.

Hugh 05-01-2012 12:40
Re: Bad debts in China?
 
Quote:
Originally Posted by Alan Fry (Post 35355114)
A better form of capitalism that represents the rest of us, not just the very rich!
For once, I agree with you. ;)

watzizname 05-01-2012 12:42
Re: Bad debts in China?
 
Quote:
Originally Posted by Rob (Post 35355111)
To what?
Star Trek wonga..

We need gold pressed latinum, and we need to get as much of it as we can, before America corners the market :)

Pog66 05-01-2012 13:06
Re: Bad debts in China?
 
Quote:
Originally Posted by Alan Fry (Post 35355114)
A better form of capitalism that represents the rest of us, not just the very rich!
Or embrace Communism like....ahem ...China :erm:

Osem 05-01-2012 13:18
Re: Bad debts in China?
 
Quote:
Originally Posted by Pog66 (Post 35355145)
Or embrace Communism like....ahem ...China :erm:
... and Russia don't forget. No super rich elite there you know... :D


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