“Several Senior Executives” From Chinese Banks Investigated And Arrested In Recent Weeks, Global Times Reports
BY Tyler Durden | ZeroHedge That’s because this week, the state-owned mouthpiece Global Times made the announcement that “several senior executives of Chinese banks” had been “put under investigation or arrested over recent weeks”. According to the Central Commission for Discipline Inspection, the regulatory scrutiny comes as China looks to fight against corruption in the financial sector. […]
Evergrande Suspends Trading In All Bonds
BY Tyler Durden | ZeroHedge Earlier today we pointed out that in what can (obviously) only be a remarkable coincidence, China’s largest, and most systematically important real estate developer, China Evergrande (and its $300+ billion in debt), collapsed on the 13th anniversary of Lehman’s bankruptcy filing, when Beijing told Evergrande’s creditor banks that the insolvent company, which […]
China’s “Lehman Moment” Arrives On 13th Anniversary Of Lehman Bankruptcy: Beijing Tells Banks Evergrande Won’t Pay Interest
BY Tyler Durden | ZeroHedge Yesterday, when covering the non-stop drama surrounding China’s most insolvent property developer, Evergrande, we said that it would be remarkably ironic if Evergrande were to announce a default – which everyone knows is coming – today, on the 13th anniversary of Lehman’s bankruptcy filing on Sept 15, 2008. Evergrande […]
Chinese State Media Slams Soros As “The Most Evil Person In The World” And “The Son Of Satan”
BY Tyler Durden | ZeroHedge It didn’t take China long to respond to George Soros after he went nuclear on Beijing and US investment titans abandoning their “ESG ideals” to capitalize on China’s massive market. Over the weekend, China’s state-run tabloid Global Times labeled George Soros a “global economic terrorist” in a tit for tat […]
China Yuan Swaps Soar Amid Fears Evergrande Default Will Lead To Liquidity Crisis
BY Tyler Durden | ZeroHedge The initial contagion from the upcoming default of Evergrande, which after the company’s hiring of bankruptcy advisor Houlihan Lokey is just a matter of days, is starting to emerge. China’s one-year onshore swap curves surged to the highest in almost four years, signaling market worries over liquidity shortage on potential default […]
Evergrande Denies Rumors Of Bankruptcy As Crisis Boils Over, Social Unrest Breaks Out Across China
BY Tyler Durden | ZeroHedge China Evergrande Group, the largest and most indebted, and certainly most insolvent property developer in China, is – together with its $300+ billion in debt – rapidly approaching its “China moment.” Five days after reports of a technical default at Evergrande, which slammed China’s property market and sent Chinese junk […]
El Salvador’s Bitcoin Introduction Hits Early Snags
by Peter C. Earle El Salvador’s conversion into the first Bitcoin economy in the world has seen a rocky first 48 hours. Over the weekend a number of protests took place. On September 7th, the day of the actual switch from the US dollar to Bitcoin, the government-selected wallet’s network crashed. And although not necessarily signifying anything, […]
Government Opposition To Bitcoin
by William J. Luther The network effects problem is not the only obstacle caused by the widespread use of incumbent monies. Since the vast majority of incumbent monies are issued by governments, those considering the extent to which bitcoin is likely to gain widespread acceptance must also be concerned with government opposition. Those in favor of […]
The Political History Of Silver In America
by Joakim Book The aptly-named New York University professor William Silber wanted to title his book “Silber on Silver” – but his publisher instead had him settle for The Story of Silver: How the White Metal Shaped America and the Modern World. The wittiness of that remark in the acknowledgements shows the many instances of snark, […]
Social Security To Run Dry by 2034, Earlier Than Expected
Thomas Catenacci Social Security funds are expected to be depleted by 2034, a year earlier than projected, and the future of the program remains “uncertain,” the federal government said in a report. The projection was bumped up from 2035 as a result of the coronavirus pandemic, which presented a strain on the program, according to […]
