Wednesday, August 19, 2015

A Big Hole in the Globe's Coverage of China

I don't see anything regarding Tianjin today.

Here is another Chinese crater:

"Chinese stocks tumble 6.2 percent" by Neil Gough New York Times  August 18, 2015

HONG KONG — Mainland Chinese stock markets unexpectedly slumped again Tuesday, with the Shanghai market plunging by 6.2 percent.

Following a yearlong boom, stocks have been volatile of late, prompting aggressive action by the government to help stabilize the market. There was no obvious catalyst for the drop in stocks Tuesday.

The sudden decline came just one week after China sent a jolt through global financial markets with a surprise devaluation of its currency, the renminbi, also known as the yuan, in an attempt to reinvigorate the country’s exports. The state intervention in mainland stocks and currency markets has raised concerns that China’s economy could be in worse shape than official data suggest. 

And then China got a "jolt" in Tianjin.

Trading volumes in Shanghai and Shenzhen have been relatively light since early July, when the government introduced several remarkable measures in an attempt to support plunging share prices. They included ordering government agencies to buy stocks with funding from state banks and preventing shareholders who own more than 5 percent of a company’s stock from selling.

Looks like a bailout to me.

Despite the moves, the markets have been shaky.

Maybe it is because of the moves, ever think of that?


The stock market sell-off came as new signs showed that volatility was creeping back into China’s currency markets. The central bank, the People’s Bank of China stabilized the currency and there are signs that several government stimulus efforts — including interest rate cuts and targeted loans for infrastructure and other favored projects — are starting to take effect.

So the rich in China getting even richer, 'eh?

Figures released Tuesday showed more tentative signs of a rebound in the property market....

It's like you are reading a report regarding the U.S. economy, isn't it?



23 Nations Around The World Where Stock Market Crashes Are Already Happening

Doomsday Clock Strikes One Minute to Midnight  (Stock Markets Crashing Around World Already?)

Just some food for thought regarding the coming confrontation with China as history unfolds before our eyes (Germany helping to Greece the skids and get them flying -- unless the Globe missed it: Nine things you might have missed Tuesday from the world of business). 

What is there, a patent on that article?

Meanwhile, the Japanese economy is in trouble, but "SoftBank’s billionaire founder Masayoshi Son has reiterated his commitment to Sprint as it shows signs of recovery."

Speaking of recoveries:

"Low-lying clouds and rugged terrain Tuesday were hindering efforts to remove bodies from the crash site, officials said. Search teams hastily built a makeshift helipad in hopes that a helicopter could land and evacuate victims. By afternoon, however, any attempt at evacuation was called off for the day because of the clouds, some hovering only about 30 feet above the site, Harry Bambang Soelistyo, the head of the National Search and Rescue Agency, told reporters in Jayapura."

Also see: This Blog Ready For Take Off


London-bound aircraft diverted to Logan

Software upgrade suspected as cause of air traffic woes

Another glitch.


"The currency club China wants to join is known as the IMF’s Special Drawing Rights basket. This is a virtual currency the IMF can use for emergency loans and IMF member countries can use to bolster their own reserves in times of crisis. Joining the basket would give the yuan the IMF’s seal of approval and might encourage foreigners to use the Chinese currency more and to have more confidence in China’s financial markets."

I think they made their an$wer pretty clear earlier:

"Chinese corruption, politics under scrutiny after deadly explosion" by Dan Levin New York Times  August 19, 2015

BEIJING — The mayor of the northern Chinese city where explosions killed more than 100 people last week took responsibility for the disaster Wednesday, as authorities sought to contain growing public anger about the accident. Mounting evidence has suggested that political malfeasance and rampant safety violations played significant roles in the accident.

I'm sorry, but I now view first paragraphs as the "official" story. I don't know what happened. I can only go by what I've looked at a seen for myself. It suspicious, whatever it is. A northern Chinese port has been taken out. Hmm.


Since the blasts at a chemical warehouse on Aug. 12, authorities have said that the explosions killed 114 people and injured 674, and that more than 17,000 homes were damaged. Displaced residents have protested for days in Tianjin to demand that the government buy back their homes, which they say are now worthless.

The mayor’s televised mea culpa appeared to signal a shift in authorities’ response to the political fallout from the disaster.

We never get that over here. Thank God my government, while not infallible, is the most well-meaning government ever!

After days of official silence, the government has begun releasing information about the owners of the warehouse company, Rui Hai International Logistics, including their admission of corruption, in an effort to quash public accusations of a coverup.

They all behave the same!

On Wednesday, China’s state-run Xinhua news agency reported that two major shareholders in Rui Hai had admitted to using their political connections to gain government approvals for the site, despite clear violations of rules prohibiting the storage of hazardous chemicals within 3,200 feet of residential areas.

Chinese scapegoats?


The sight of Huang Xingguo, the mayor and acting Communist Party secretary of the metropolis, Tianjin, accepting responsibility Wednesday seemed to reflect a revision of crisis management, coming after a series of news briefings in which officials refused to answer reporters’ questions, creating outrage.

Doesn't over here. They scribble in their notebook and walk away with the government flier set for minor adjustments.

“As the first few conferences were chaired by relatively low-ranking officials, the results proved unsatisfactory and the conferences were received by public criticism,” said a report Wednesday in People’s Daily, the official Communist Party newspaper.

Huang explained his absence from previous news conferences by saying he had been busy directing the rescue operations.


But soon it will be time to book a room in China because everything's all right, everything's fine. We want you to $leep well tonight.

I'm not going to fill in the rest with various blog works; I'll just it lay here and let you ponder the hole.