Daily: Tax and Regulation Nation; Jim Chanos Questions Accounting in China;

July 3, 2012

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"Age is an issue of mind over matter. If you don’t mind, it doesn’t matter."
~ Mark Twain

"Hyperinflations are always caused by public budget deficits which are largely financed by money creation." Historian Peter Bernholz

Research:

9 Beliefs of Remarkably Successful People ~ Inc Magazine

M.I.T. Futurist Sees Human-Computer `Singularity’ ~ Bloomberg

Jim Rogers sees North Korea and South Korea uniting, becoming a power ~ Global Macro Monitor

Causes and Patterns of Hyperinflation in the 20th Century ~ HistorySquared$$

U.S.

Health Care law enacts 21 new or higher taxes (mostly on the middle class) ~ Economic Policy Journalthis information would have been useful to the people sooner

Charting Regulations ~ ZeroHedge

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World:

Euro Leaders Turn to Central Bank for Help to Tackle Crisis ~ Businessweek

Trade Protectionism is creeping up ~ economistcompetitive devaluation, trade and protectionism, trade way

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China:

Chanos discussions dubious accounting across Chinese companies including: non-collectable receivables, negative cash flows, failure to the earn cost of capital ~ ValueWalk

  • "no one in China actually counts new job creation or unemployment"

In 1999, China recovered 21% of 1.4 trillion Yuan of bad loans it sold after removing them from its top four banks, far below the 60% recovery rate following the 1980s U.S. Savings & Loan crisis.

China’s inventory-building masking a bigger demand slump ~ FT

  • “I think the 8% target was all about marketing China as an investment destination" ~ Anne Stevenson-Yang

China’s Wealth Management products lose appeal amid falling inflation ~ China Daily these things are a looming disaster

71% of all Chinese Wealth Management Products were backed by Property, Financing Vehicles, or infrastructure liabilities ~ Pivot Capital

China’s Looming Pension Crisis Spooks Workers ~ WSJ

  • Poll: China must raise it’s retirement age (60 men, 55 women), but poll showed 90% objected ~ China.comoften, you see social unrest once unsustainable subsidies, now ingrained as an inalienable right, are taken away

India and China: Friend, enemy, rival, investor ~ The Economist

  • India has a growing trade deficit with China of ~ $40 billion

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