"According to data from the International Labour Organization, China has the lowest share of labor income in GDP among the major economies. In the process of GDP creation, the income of Chinese workers is systematically suppressed. Therefore, the income and wealth possessed by China's household sector are actually insufficient to support a debt ratio as high as that of the United States"?
Seriously?
The ILO is a Western propaganda front for bs Western style 'unions' that always fail.
In reality, 58% of Chinese GDP goes to wages, compared to the measly 43% of GDP Americans get.
Thanks to 72% membership in a super-union whose head is a member of Xi's 7-man Steering Committee, workers get the Big Man's ear pretty easily.
"If you want to buy a house but don't have enough money, the bank will provide you with a loan. As a result, a new debt is created in society. For the bank, the corresponding right to the debt is a new credit asset. The bank takes this asset and finds the central bank to borrow against it, and then the central bank will provide the commercial bank with new currency"...
If you want to buy a house but housing is too expensive to buy and the elites have successfully isolated you from society, the bank(er) will entrap you with a loan to inflate the value of their real estate holdings. As a result, a new extraction and enslavement is created in society. For the banker the corresponding right to the debt is a new credit asset(a deed of enslavement). The bank takes this asset and finds the central bank to borrow against it, and then the central bank as a tool for the elites will provide the banker with new currency...(by issuing bonds that the bankers will buy so that the government will pay them interest on the money the government issues to help the bankers businesses continue extracting more wealth).
The later, badly writen by me, is a bit more realistic, not the happy fairy tail economist lie about. Well most economist, not ones like Michael Hudson or Radhika Desai.
The 1 Trillion RMB was taken up in 20 days. How much more would be needed to move the local government entity debt into the light through new (national) bond issuance?
You included a chart showing local government debts in China are approximately 100% of GDP (or around $18 trillion US).
Does that mean it would take years (at the same pace of $1 trillion RMB in 20 days) for such a program to move the local government entity debt to newly issued government bonds?
"According to data from the International Labour Organization, China has the lowest share of labor income in GDP among the major economies. In the process of GDP creation, the income of Chinese workers is systematically suppressed. Therefore, the income and wealth possessed by China's household sector are actually insufficient to support a debt ratio as high as that of the United States"?
Seriously?
The ILO is a Western propaganda front for bs Western style 'unions' that always fail.
In reality, 58% of Chinese GDP goes to wages, compared to the measly 43% of GDP Americans get.
Thanks to 72% membership in a super-union whose head is a member of Xi's 7-man Steering Committee, workers get the Big Man's ear pretty easily.
"If you want to buy a house but don't have enough money, the bank will provide you with a loan. As a result, a new debt is created in society. For the bank, the corresponding right to the debt is a new credit asset. The bank takes this asset and finds the central bank to borrow against it, and then the central bank will provide the commercial bank with new currency"...
If you want to buy a house but housing is too expensive to buy and the elites have successfully isolated you from society, the bank(er) will entrap you with a loan to inflate the value of their real estate holdings. As a result, a new extraction and enslavement is created in society. For the banker the corresponding right to the debt is a new credit asset(a deed of enslavement). The bank takes this asset and finds the central bank to borrow against it, and then the central bank as a tool for the elites will provide the banker with new currency...(by issuing bonds that the bankers will buy so that the government will pay them interest on the money the government issues to help the bankers businesses continue extracting more wealth).
The later, badly writen by me, is a bit more realistic, not the happy fairy tail economist lie about. Well most economist, not ones like Michael Hudson or Radhika Desai.
Hi Amber, thanks for an excellent article.
The 1 Trillion RMB was taken up in 20 days. How much more would be needed to move the local government entity debt into the light through new (national) bond issuance?
You included a chart showing local government debts in China are approximately 100% of GDP (or around $18 trillion US).
Does that mean it would take years (at the same pace of $1 trillion RMB in 20 days) for such a program to move the local government entity debt to newly issued government bonds?