05-01-2012, 09:41
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#1
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Inactive
Join Date: Oct 2006
Location: Right here!
Posts: 22,315
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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".
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http://www.bbc.co.uk/news/business-16405253
I hope they'll still be able to bail the rest of us out... 
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05-01-2012, 09:55
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#2
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Inactive
Join Date: Mar 2007
Posts: 716
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Re: Bad debts in China?
That's some variance (6 * 2012 Olympics)
or about £50 for every man, woman or child in China
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05-01-2012, 11:57
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#3
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Permanently Banned
Join Date: Oct 2011
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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!
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05-01-2012, 12:02
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#4
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Inactive
Join Date: Mar 2007
Posts: 716
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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
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05-01-2012, 12:03
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#5
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Inactive
Join Date: Jun 2008
Location: Leeds, West Yorkshire
Age: 47
Posts: 13,995
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Re: Bad debts in China?
Quote:
Originally Posted by Alan Fry
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!
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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.
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05-01-2012, 12:10
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#6
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Permanently Banned
Join Date: Oct 2011
Location: Radio Cairo, Hampstead, London
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Re: Bad debts in China?
Quote:
Originally Posted by Ignitionnet
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.
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Yes, but for how much longer!
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05-01-2012, 12:13
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#7
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Inactive
Join Date: Jun 2003
Location: 127.0.0.1
Age: 61
Posts: 15,868
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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.
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05-01-2012, 12:19
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#8
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Permanently Banned
Join Date: Oct 2011
Location: Radio Cairo, Hampstead, London
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Re: Bad debts in China?
Quote:
Originally Posted by Rob
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.
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We nned to complely change our ecomonic system and capitalsim itself!
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05-01-2012, 12:30
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#9
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Inactive
Join Date: Jun 2003
Location: 127.0.0.1
Age: 61
Posts: 15,868
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Re: Bad debts in China?
Quote:
Originally Posted by Alan Fry
We nned to complely change our ecomonic system and capitalsim itself!
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To what?
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05-01-2012, 12:34
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#10
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Permanently Banned
Join Date: Oct 2011
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Re: Bad debts in China?
Quote:
Originally Posted by Rob
To what?
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A better form of capitalism that represents the rest of us, not just the very rich!
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05-01-2012, 12:35
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#11
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cf.mega poster
Join Date: Sep 2007
Posts: 16,324
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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.
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05-01-2012, 12:40
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#12
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laeva recumbens anguis
Cable Forum Mod
Join Date: Jun 2006
Age: 69
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Posts: 44,311
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Re: Bad debts in China?
Quote:
Originally Posted by Alan Fry
A better form of capitalism that represents the rest of us, not just the very rich!
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For once, I agree with you. 
__________________
Thank you for calling the Abyss.
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If my post is in bold and this colour, it's a Moderator Request.
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05-01-2012, 12:42
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#13
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Inactive
Join Date: Apr 2008
Location: Nottingham
Services: XL 60/3
Posts: 356
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Re: Bad debts in China?
Quote:
Originally Posted by Rob
To what?
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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
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05-01-2012, 13:06
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#14
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Inactive
Join Date: Oct 2008
Location: Huntingdon, Cambs
Age: 60
Services: SKY HD+, BT BB
Posts: 586
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Re: Bad debts in China?
Quote:
Originally Posted by Alan Fry
A better form of capitalism that represents the rest of us, not just the very rich!
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Or embrace Communism like....ahem ...China
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05-01-2012, 13:18
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#15
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Inactive
Join Date: Oct 2006
Location: Right here!
Posts: 22,315
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Re: Bad debts in China?
Quote:
Originally Posted by Pog66
Or embrace Communism like....ahem ...China |
... and Russia don't forget. No super rich elite there you know... 
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