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)
Biden: The choice we make this November will decide the future of America for a very long time.
This is quite an interesting public records find from Anna Massoglia (@annalecta) of the nonprofit Open Secrets. Years ago, Kamala Harris once received a donation check for thousands of dollars from Donald Trump.
Adam Schulz, photographer for Joe Biden for President, captured a video call moment between the Democratic presidential nominee and newly announced running mate Kamala Harris.
After a successful round of funding on Kickstarter, Fluster: The Social Card Game is now ready to help turn a party or game night into the engaging, surprising, and enlightening social affair you always hoped it would be. A deck of 100 cards, Fluster is chock full of unusual, funny, and thought-provoking questions inspired to […]
Physics may have been that class you sleepwalked your way through in high school. But while it might have just slipped under your radar throughout your academic career, you probably shouldn't have given it such shallow attention. Sure, we could focus on the immediate pluses of a career as a physicist, like the more than […]
If you're out of work…well, first, you have our sympathies. Right now, about 31 million Americans are drawing some form of unemployment benefits, which makes competition for virtually any job savagely fierce. But since nobody wants to wallow in the miseries of unemployment, the only legitimate course left open is to scrap like crazy to […]