China's wealthy elite is increasingly making offshore moves -- surveys indicate that the Chinese hyper-rich are keenly aware that they have a lot more than their neighbors, and the government might one day decide to take it away. So money is flowing out of China, and if the Mainland one-percenters all go, it'll tank the Chinese economy.
In case you are not already familiar with Prof. Victor Shih’s theory about capital flight from China, enough capital outflow from China (US$1 trillion or more) would cause huge liquidity problems in Chinese banking system, and the wealthiest 1% of Chinese households would be enough to cause that shift of capital should they decided to leave the country, move the money away, or whatever. And that shift might be happening already (albeit rather slowly), as manifested in the slow but consistent money outflow away from China since late last year, which, as we said, is already tightening liquidity in the banking system, now necessitating multiple rounds of liquidity injection in China.
Rich Chinese flee | | MacroBusiness
(via Naked Capitalism)
In an important reminder that Republicans are entirely capable of stopping Trump when they actually disagree with him, next year’s G7 summit of world leaders will no longer be held at one of his own hotels. President Trump says the White House has abandoned plans to host next year’s G7 summit at his Doral Miami […]
Since the whistle was blown on Trump denying aid to Ukraine unless it “investigated” his political opponents in the U.S., his position has been that there was no quid pro quo. Yesterday, his White House chief of staff Mike Mulvaney admitted there was, and added a sneering “get over it” for good measure. This was, […]
On August 8, 1974, President Richard Nixon delivered his resignation speech to the American public. Moments before this historical event, he was calmly joking around with the TV crew as if this was just any other presser. And then…. “…I have felt it was my duty to persevere, to make every possible effort to complete […]
Most people don’t spare a lot of thought on the potting for their plants. Perhaps something with a color that matches the walls, but that’s as far as it goes. After all, the plants don’t care what they’re wearing. Do they? Actually, they might. As eye-catching as the AIRSAI Floating Bonsai Plant Pot is, its […]
With the gains real estate has made over stocks in the past 25 years, it’s easy to see why the rich constantly use it to expand their wealth. What’s slightly less obvious is why only the rich seem to ever break into real estate investment. There are a lot of reasons, but a couple of […]
If you’re a coder, there’s a multitude of avenues for you to take your skills. Whether you’re just jumping into the world of programming or looking to rise up the ranks as an established professional, a wide base of knowledge is key. And this Premium 2020 Learn to Code Certification Bundle is a resource that’s […]