This is a wrist slap. Most other companies are threatened with jail time for executives, forced to agree to long probationary periods, and forced to hire friends of regulators at inflated fees to “monitor” them for years. JPMorgan wanted to settle this with Obama still in office.
The growing Indian trade deficit with China is becoming a front and center issue on the subcontinent. There are increasing calls for boycotts of Chinese goods from New Delhi. China has responded by insulting its regional rival saying that India can only “bark” about the deficit.
I mention this development because we see two highly centralized governments that oversee crony economies, with a history of warfare and with nuclear weapons, squaring off as Asia continues to stagnate economically.
We have already mentioned Professor Pei’s new book China’s Crony Capitalism: The Dynamics of Regime Decay, but here’s a little more on it from The Economist.
China is the Ultimate Crony Capitalist State.
Modern China is driven by central planning and a deeply crony culture. Interestingly the country has succeeded in reinflating its housing bubble. I say reinflate because about a year and a half ago things looked like they were really going to bust. (Thanks to the unsound monetary policy that created the initial unstable boom.) Then the government and the banks intervened (in typical central planner fashion) and we’re off to the races again. The government delayed the inevitable. But the debt monster lurks,
This is excellent stuff. When Minxin Pei writes about how it is easy to amass wealth politically in a one party state an image of California instantly popped into my mind. Cali and China are in no way equivalent on the crony spectrum, but as the state increasingly becomes a Democrat only state (and this is only partially because of voter preferences) the observation Pei makes will only become more true.
Regardless we are pleased to see this exploration of China,
What’s more addictive than sugar? Sugar subsidies.
Socialism has a half life. Once honest to goodness socialism is instituted it is only a matter of time before the system implodes on itself. The primary factor in the speed of collapse is the amount of fat within an economy before massive state intervention and redistributionist policies. If the disease of socialism, hard core socialism, think the USSR, Cuba, North Korea, and even places like Venezuela, really takes hold, if the state assumes pretty much every aspect of the economy,
Refugees from Syria aren’t the only refugees the West is seeing. A different type of refugee, from China, has landed on the golden shores of the US and Canada. People with money from the great China boom are seeking a landing place for their families and their wealth. This has long been the story in Vancouver for example.
But these people are the lucky few. Most Chinese will never get on a plane and traverse the Pacific. Most will stay in China through the economic “slowdown”
There is a whole group of folks in Washington and to a lesser extent outposts afield, and it is mostly Dems, who think that just because they hold “enlightened” attitudes about business that means they can engage in whatever cronyism they want. (Republicans do crony capitalism in slightly different ways and with less affectation in my experience than Democrats, though they are plenty prone just to be clear.)The Great Green Rush (of your tax dollars) during the beginning of Obama’s presidency is a good example of this.
I’ve been following digital implants and under the skin RFID chips for over a decade. Interestingly the first responses to my posts were incredulous mixed with off the wall conspiracy rants. Then as the reality of such devices has increasingly rushed toward us people have begun to think seriously about what it means to have a tracking chip embedded in their person. What does it mean that the device which holds your financial information also houses you medical information?
This is one of my favorite images of all time.
This might look like a mess to you and me. But for the right algorithm the data is clear as day.
It’s not just the elderly and it’s not just the Chinese.
We did a similar story on this sort of thing a few months ago but in light of the recent Facebook flap over “conservative” news we thought we’d post another one about Twitter.
In my Tweetdeck feed this tweet came through tonight. I don’t follow this person. He just used a hashtag I follow.
I decided to see what was so offensive that it needed a trigger warning so I clicked on “view content.”
This is what the uncensored tweet looked like.
Carl Icahn sees rough waters ahead but he plans to capitalize on them.