China expects to lay off 1.8 million workers in the coal and steel industries, or about 15% of the workforce, as part of efforts to reduce industrial overcapacity.
It was the first time China gave figures that underlining the magnitude of its task in dealing with slowing growth and bloated state enterprises.
Yin Weimin, the minister for human resources and social security, told a news conference on Monday that 1.3 million workers in the coal sector could lose their jobs, plus 500,000 from the steel sector.
China’s coal and steel sectors employ about 12 million workers, according to data published by the National Bureau of Statistics. “This involves the resettlement of a total of 1.8 million workers. This task will be very difficult, but we are still very confident,” Yin said. …
This stat has been bandied about in the absence of any believable figures from the government for some time…
Since China’s property bubble went pear-shaped and threatened to pop, figures having been fighting a turning tide of debt fueled domestic demand, and generally flat export and rising wages.
June’s black-Monday on the Shanghai stock exchange have only highlighted what many China insiders have been speculating for a long time.
The whole thing’s a house of cards and it’s not a case of ‘if’, but ‘when’.
The authorities are holding out – perhaps in the hope they can dump the blame elsewhere when things eventually do go tits up. The current South China Sea situation plays into this whole scenario…
Many reckon that rather than risk political and economic destruction, it would be simpler for the government go to war and call for national cohesion in the face of the ‘foreign devils’ who threaten the heavenly kingdom’s 5,000 year old culture and envy at it’s regime.
Here’s the video.
No visits yet
TPP – the secret bill to affect 40% of world trade
If you ever thought moving to another planet was a good idea, here’s a reason why.
TPP is being negotiated in secret by governments of the above countries. None of the residents of these countries can read the bill, yet they are all effected.
The main bones of contention
ISDS, investor-state dispute settlement; Provides exceptional legal privileges to foreign investors not enjoyed by domestic companies or the public by providing private arbitration funded by the tax-payer. Not a new thing, ISDS has been re-vamped to ensure that multi-national corporations do not suffer from changes in the law in host countries,even when those laws are in the public interest. ISDS link #1 | ISDS link #2
IP/DRM: Making sharing of a multi-national companies sensitive information a criminal offense. The sharing of copyright material a criminal offense, even for non-commercial purposes. Under proposals, ISP’s will be responsible to report you, the consumer, to the authorities if you’ve breached copyright law. Under TPP, I could be prosecuted for quoting these articles, even though they’re for the public information. I’m not seeking to claim they belong to me in any way…. Still a criminal offense…. TPP DRM Copyright
“Overall, the TPP represents a radical shift in the role of intellectual property across the Pacific Rim. Under the agreement, intellectual property will be transformed into a means of protecting the investments of multinational companies in culture, advertising, and medicine.
The public interest in access to knowledge, public health and technology transfer has been given short shrift under the plan.” – Dr Matthew Rimmer
The title is of course a little misleading because China has many options, none of which except one in my opinion will actually work. Options to what exactly you ask? Options to a collapsing global economy and an imploding financial system which will surely affect China as much as anywhere else, but with one caveat. I take these events as a given, others do not but betting against an outright panic and global bankruptcy is betting against pure mathematics itself.…
The surging stock markets in both mainland China and Hong Kong in recent weeks have drawn plenty of people to suggest that, when something rises so fast, it can only end badly. If the sheer volume of eager traders is anything to go by, Chinese stocks are unlikely to return to normality any time soon.
Last week, 3.3 million people in China opened new brokerage accounts to buy “A-shares,” as Chinese mainland-listed stocks are called, according to the China Securities Depository and Clearing Company.
That brings the number of people able to buy and sell shares in Shanghai, Shenzhen, and—thanks to a recent Shanghai-Hong Kong hook-up—Hong Kong, to almost 200 million.
Over the past two years, signups averaged fewer than 300,000 per week. Even at the height of China’s last bull market, in 2007, the most weekly signups was still only half last week’s volume.
Not managed to get this on mainstream media. The US Govt. has instituted Martial Law to pass a bill unread through Congress in less than the required 24 hour minimum reading period?!?
US recalling troops
Reading on the US websites and watching Utube today, I was shocked with the depth of divide between Wall St. and Main St. . One Senator was talking about the level of telephone calls he received (in this video) something like 4 to 1,000 against. Which raises questions about US democracy and whether it will survive this vote.
This is all a wicked plan to keep the top people in their jobs. When people make huge mistakes what happens?
The people responsible for false trading need to face criminal charges and should be cut out like a disease.
10 Year cycle
Anyone who’s studied economics will know we are part of something called ‘The 10 Year Cycle’. By this, economists have essentially predicted that every 10 years the economy moves beyond growth into retraction or vice versa depending which phase of the cycle it’s in.
This current scheme is attaching a massive paycheck to what is essentially part of normal economic process, (much as the green arguement is putting together on climate change).
Are you for real?
When the leaves fall off the trees in autumn, we don’t try and sew them back on. When a woman has a baby, we don’t try to push it back in.
Do you know why, because we’re not stupid.
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