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)
Newly obtained documents show that under the administration of Donald Trump, thousands of ICE detainees who are mostly from Central America are “sometimes forced into extended periods of solitary confinement for reasons that have nothing to do with rule violations.”
Trump Did Not Pick HUD Secretary for Smarts, Nope
The House Judiciary Committee today asked for testimony from Hope Hicks (at left, in the image shown here) and Annie Donaldson (at right) by next month. The subpoenas are part of an ongoing investigation into Russian interference in the 2016 U.S. Presidential elections.
Does your gaming setup need an upgrade? No need to wait for Christmas. We’ve rounded up the latest tech accessories for your favorite video game platforms. All of them are already sale priced, but you can knock an additional 15% off the final price for Memorial Day by using the online code WEEKEND15. Audeze Mobius […]
Raspberry Pi is one of the world’s most versatile open-source computers. Alexa is a home automation hub with limitless potential. Together, they’re a dream team for ambitious makers, opening the door to everything from automatic lights to voice-controlled robots. Learning Raspberry Pi is meant to be relatively easy for newbies, but its applications with Alexa […]
Heads up: The clock is winding down on a free-entry contest to win not only one of the best smartphones on the market but a handy pair of earbuds. A simple sign-up is all you need to be eligible to win a 256 GB iPhone XS Max, along with AirPods. And while “free” is tough […]