Wednesday, June 15, 2011
The Slash and Burn Rat Line Kleptocrats are Scrambling
Back in the real, non-Bernanke manipulated and maladjusted world the credit agencies are scrambling to downgrade a lot of moving targets, this time Chinese property developers. And little wonder, duh, look at the inventory piling up.
Interesting with all this merch available, there are signs that the Chinese slash and burn kleptocrats and plutocrats are getting money out of the country and into the international ratlines including property. There is resentment developing in China itself that this rabble has benefited from the Chinese "miracle" and is now running from it. Whodathunk? Incredibly the ratline crowd has been pulling out of European banks and sending them to the US as well, where more run but you can't hide problems surely await. Being short the luxury trades sure is making sense to me here.
Although it seems to have dropped completely off the MSM reporting cycle, long hot summer activity is in full swing around the world, including a riot in Southern China involving migrant workers. In Syria helicopters are firing on protesters. Yemen is in complete civil war.Greece is downgraded to CCC and conducts the largest demonstrations in Athens yet. Whodathunk a revolution against banksterism. If this takes the world financial market down, don't say you didn't have lots of warning. Incidentally isn't it interesting that Iceland is back in the international borrowing market: with a $5billion, 5 years, at 5%. Not bad for a country that defaulted two years ago. Take note Greece, Ireland, and Portugal.
The "protests" in the US I was watching completely fizzled. I was following all this on Facebook and Twitter and what I saw what lots of blah blah blah talk and no action. Apparently if it doesn't involve using a digit or a device, then that's as far as Americans will go. The social critic comic and satirist Lee Camp describes it all so perfectly.