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Chinese Rating Agency

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I found this snippet on another forum, I have no link to the source, maybe somebody can oblige.

Apparently it's from the head of the Chinese rating agency.

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The EU and the United States both have this model of borrowing money to boost their economic development.

But they borrow money from the future, they mortgage a virtual fortune that they may -- or may not -- earn for their creditworthiness and their current consumption.

This has been their model since World War II, but this model ended in the financial crisis of 2008.

Continuously creating demand for credit to enlarge capital and cash flow has used up their creditworthiness. This means the model of economic development in developed Western capitalist countries has ended.

It leads to another question: Should the government keep borrowing money to support its citizens in consuming much more and maintain high social standards? ........................I think the answer is no.

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I warmly recommend anyone to watch the following two documentaries to see how deeply deeply screwed we are in the Western world. Pervasive advertising is turning us into a mass of blithering idiots incapable of doing any hard work and addicted to mindless consumption and instant gratification. Sh*t will hit the fan hard when today's kids become the country's workforce.

Starsuckers

http://www.youtube.com/watch?v=BW0WJ_xULXU

Consuming kids

http://www.youtube.com/watch?v=0uUU7cjfcdM

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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