Heard a piece on Chinese land grabs on the radio the other night and it peaked my interest so I did a little reading that I will share with you today.
Basically, local governments in the provinces are given some pretty steep growth guidelines. In large part this is achieved with the construction of large civic projects. In many cases, entire villages, some thousands of years old, are bulldozed to make way for condo complex, malls, and opera houses. Villagers and farmers are usually compensated, but in most cases, the amount of their compensation comes nowhere near close to the amount needed to buy a new home in China's fast inflating housing market.
Below are a few articles worth you time . . . if you have any of course!
LAND SEIZURES AND FARMERS IN CHINA
According to the Chinese Ministry of Land and Resources between 1998 and 2005 there were more 1 million cases of illegal seizures involving at least 815,447 acres. The real number of such seizures is believed to be several times high. Sometimes farmers are given only a few days notice before bulldozers arrive on the scene and tore down their houses and ripped up their cornfields and rice paddies and laid foundations for new factories.
Land is seized for roads, power plants, dams, factories, waster dumps, urban sprawl and housing projects for wealthy city dwellers who seek peace and quiet and an escape from pollution in the countryside. In some cases the first crews to show up are in dump trucks filled with sand that bury the cropland and plug irrigation canals so the land is unusable. The whole process smacks of the kind of disregard for peasantry that caused the Communist revolution in the 1930s and 40s.
Thousands riot against land seizure in Yunnan province
A total of 50 vehicles were destroyed, among them ten police cars, according to media reports, as a Yunnan protest against a government land grab turned violent. The violence first flared on Tuesday 2 November as villagers sought to stop officials and construction workers entering the disputed area where construction work on a new highway was about to start. Around 2,000 paramilitary and riot police were eventually sent to the area to re-establish control as numbers in the protest swelled to a reported 10,000.
@Thor
ReplyDeleteIt's a good post.
Social acrimony spreads from Greece to Ireland (yeah, I know, Irish tempers, I have one....) to....China?
China needs to curtail their inflation which will not happen until they let their currency go. Big money in China is export-oriented (ooh, sorry for the really really bad pun). Believe it or not, the Communist government there is controlled by the Buck (I mean RMB) just like the US government is. Chinese Big Money can hurt the Chinese government irreparably.
I wonder if the Communists in power knew this when they wanted to take over Hong Kong....but that's another issue.
Is it possible that governments must topple for the system to right itself? Or is there hope the controllers of governments will see the writing on the walls before it's too late for them, and for us?
At home, it seems business as usual, protect the wealthy of which our elected officials are members, and leave the poor to handle their own affairs.
We need a leader that can do more than talk the talk. We need a leader that can put the banksters in their place. Obama has done a pretty good job with foreign policy, but at home, he's a wimp, controlled by the money machine.
Spain sold 2.4 billion of 10-year and 15-year bonds at an auction today, below a maximum target of 3 billion euros. It sold bonds due in 2020 at an average yield of 5.446 percent, compared with 4.615 percent last time when the bond was sold on Nov. 18. The 15-year bonds were sold at an average yield of 5.953 percent, compared with 4.541 percent at the October auction.
ReplyDeleteBwo-oo. Rates are becoming quite expansive these days. Doesn't really matter when you don't pay back though.:p
(which I don't hope happens, I still like the Euroland concept, despite its economic messiness)
@Wolfstreet:
ReplyDeleteLet me ask two stoopid question:
If a country defaults, does that mean the debt is dissolved, or does that mean the payment's late and is still due?
If you buy a bond, and the payment's defaulted, is it like a Mastercard agreement where the interest suddenly zooms to 32%?
I wasted the last hour (while I was doing my research, so not entirely wasted) watching Betty's interview with Einhorn.
ReplyDeleteI have one comment: Some people are just born lucky, because they're sure not smart.
He's heavy into insurance. Poor guy.
one comment that was interesting about European investments: "We've hedged out the currency so we own them in Dollars".
I wonder how that's done?
And, doesn't say too much for the Euro, even considering the source.
Philly Fed
ReplyDeletePhilly Fed Chart
Morning folks!
ReplyDeleteWow, Thor, I got 121 comments!
ReplyDeleteIt was a very nice post, Rock!
ReplyDeleteThere goes TLT downward again.
ReplyDeleteDitto Rock. Glad to have your weekly contribution!
ReplyDeleteExcuse me, DAILY contribution.
ReplyDeleteRock - I was wondering if you were going to notice that :-) Me three! So glad to have you here! :-)
ReplyDeleteUE Claims down a whole 3,000 to 420,000. We're going to get that weekly unemployment number below 400K if it takes us 20 years . . .hey wait . . .
ReplyDeleteI was stopped out of my TLT.
ReplyDeleteMarket is bouncing off of the 124ish SPY support.
ReplyDeleteNot me. Hanging tough. Just a small amount. May continue adding. Watching now though.
ReplyDeleteRock - I do believe some people are born lucky, just as some are born un-lucky.
ReplyDeleteThere are many deserving people who will never be able to achieve the level they should raise to only because they were not born into the right situation.
Just as there are people who do not desereve the perks in life they have only because they were born to privilage.
And then there are those who raise themselves to the level they deserve through hard work and persaviance like many of the posters here-These are the people who make this country (and world) what it should be.
Mutt
Too true, Mutt!
ReplyDeleteThree pushes up in GLD and Gold Futures:
ReplyDeleteGLD
Gold Futures
This pattern can sometimes be seen before trend changes.
No new ticks lows since 14:30 et, yesterday, despite new price lows this morning.
ReplyDeleteAnother interesting thing to note, the daily S&P future's range has shrunk to low lowest range since the top in April, 2009.
ReplyDeleteNarrow ranges tend to presage large range days, up or down.
Stocks AND TLT up. UUP now down a bit.
ReplyDeleteRange-bound for a while, Denise?
ReplyDeleteManny,
ReplyDeleteWe are close to breaking out over yesterday's highs. If the rally continues all the shorts will add fuel to the fire as they cover higher so this could push an upside break out large range day.
Two tells so far, no new tick lows and no new tick lows on the push down this morning when the Philly Fed came out.
ReplyDeleteLooks like we could go higher from here.
We are very close to the recent highs of 125.23 SPY, so we will see if that high provides more resistance (distribution).
ReplyDeleteAnother sign of strength is the $NYAD (advance decline line) which is the highest it has been since Dec. 7th, intra day.
ReplyDeleteTomorrow is a rare quadruple witching day, so there can be all kinds of cross currents.
ReplyDeleteLots of fun patterns setting up today.
ReplyDeleteNo petering out today it seems.
ReplyDeleteSanta getting geared up, it seems. TLT still hanging in there though.
ReplyDeleteTLT has been a champ so far. Sorry to be stopped out.
ReplyDelete@Denise: Yes, it has. Might it be bottoming again here? After all, the Fed can't let the bond market get totally away from it and keep things from falling apart, right?
ReplyDeleteAt least we are getting some movement in the markets.
ReplyDeleteClassic gov't response. Pinch the small fry and hope that appeases the masses.
ReplyDeletehttp://www.zerohedge.com/article/new-arrests-announced-expert-network-insider-trading-probe
And brings "confidence" back to the markets. LOL.
ReplyDeleteManny - That MarketWatch's top story right now is the information leak for the iPad should show us where the real priorities are :-/ Small fries take all the public beatings.
ReplyDeleteThis is really interesting.
ReplyDeletehttp://www.huffingtonpost.com/michael-brenner/obamas-war-on-wikileaks-a_b_797612.html
Nibbled on some more TLT. Going back to the well.
ReplyDeleteVery good article, Manny. So the feds stopped people from giving to wikileaks by cutting off their access via Paypal, Master Card and Visa?
ReplyDeleteWhat next? I can see an administration cutting off access to funding a political opponent's campaign so that another Obama public funding can not happen again.
Not much surprises me anymore.
New highs in the 10 year bodes well for TLT for today.
ReplyDeleteThe other day someone asked "How much do you think she really makes" in reference to Megan McArdle.
ReplyDeleteThe answer to that question is about 300K per year.
You all MUST watch this video - GO IRELAND!
ReplyDeletehttp://www.youtube.com/watch?v=koY6kXhQDQo&feature=player_embedded
I wish the SPY would have pushed up above 125.11 on this stoch cycle, I'd feel better about longing. Right now, I'm in Mutt's camp, although still haven't been stopped out on the downward plunges.
ReplyDeleteMaybe this is a consolidation, and it will be back to business as usual. I was in the "several day pullback" camp, and maybe this was it.
Gotta love those TIF and COH!
ReplyDeleteDon't forget to get to TIF and COH to get you admin's Christmas gift!.
Hmmmm, I wonder what the COH bag looks like. Oh well, I'm sure it's just as pretty as TIF's, but I'll bet their coffee isn't as good.
Has anyone seen any details on the claim that businesses are sitting on 2 trillion in cash? I'm not disputing the claim, just curious as to where the data for it exists and, more importantly, who those companies are and what percentage of the total 2 trillion is held by banks.
ReplyDeleteFound some info on it at TBP! Old, but some detail.
ReplyDeletehttp://www.ritholtz.com/blog/2010/07/corporate-cash-top-20-firms-635-billion/
Rock - Welcome to Camp Mutt, where we have a warmish fire started for you (But you may need an extra pair of socks) We have some logs for people to sit on as the gather around the fire, but I saved you a nice plastic milk crate for you and if you are willing to brave the cold and take off your sweater to use as a cushion the crate can almost be comfortable.
ReplyDeleteThe food is Ok, but not very plentiful, but if you are willing to bring it and share, it will be free for the rest of us.
And in the morning we all walk down to Tiffanies and stand out front until the give us free coffee just to go away.
All are Welcome.
Mangy Mutt
@Thor
ReplyDeleteI asked the same question to TDA guys. They told me that I have to look at each individual stock, cash-on-hand is one of the balance sheet items.
I wanted to do a screen to find out who was a takeover candidate. Sometimes companies buy other companies to get their cash.
@Pull up a Milk Crate:
ReplyDeleteThanks, Mutt.
No need for a cozy fire here tho. Unlike Mannwich, I haven't shoveled my roof for a couple years.
I will share everything I can get. Trust me on that one.
I went to a Cold Storage (grocery) store where they were selling Christmas trees.
ReplyDelete6' Noble pine for $189.
Dry as a bone. Standing there on a floor, no stand, no water.
My $40 Chinese plastic Charlie Brown Christmas tree looks pretty good to me.
Rock - Charlie Browners are the bestest.
ReplyDeleteShortly after getting married, I was in a pretty bad accident and brained my damage, I was laid up and unable to work. And after a couple months money became REAAAALLLLLYYYY tight, but soon Christmas was upon us. I had a $50 bill I had been saving, so I pile the kids in the car and drive down to the Christmas tree farm.
I read the sign about their prices and stuff, but because my brain weren't working too good, I only read every other word.
The tree guy takes us out into the trees farm and the kids find the tree they like - While amongst the other trees it looked about the right size, so I tell the guy to cut it down - he does.
When we go to pay, the guy says that will be $85
WHAT!!!!!
$85 for a stinking tree, now I wish I would have read EVERY word on that sign. So there goes the $50 I had been saving plus some extra.
We go to load the tree and all of a sudden it is 10x bigger then it was when it was with the other trees. Luckily I had a 63 Caddy Fleetwood (With an 8 track player) so with a little shoving and the back windows rolled down, I was able to cram that tree in the back.
I get it home and the stupid tree won't stand up in the house because it was wayyyyy too tall, so I cut the bottom 4 feet off, re-arrange the furniture and finally get it into a corner. The branches were sticking out into the living room leaving no room for the couch or the tv (Did I mention it was a BIG tree)
But everything was ok, because I just knew my wife would look past the hassles I had to go through to get this splendid display of Yuletide in the house and she would be realizing what a wonderful husband she had.
Ummmmm NO!!!
The next day when I was not home, she took that tree out of the house and tossed it on the front walk. So now we had what amounted to a giant shrubbery blocking the enterence to the house.
Now there comes a time when a man has to decide; Do I get the extension cord and a pile of lights and toss those light on top of our Christmas shrubbery so the neighbors can partake in our Christmas spirit or do I bite my tounge and haul the tree to the compost pile.
If you are unsure of what choice I made, I will give you a hint - I'm still married...
Cheap little Charlie Browners a cool trees :)
Mangy Mutt
Rock - Charlie Browners are the bestest.
ReplyDeleteShortly after getting married, I was in a pretty bad accident and brained my damage, I was laid up and unable to work. And after a couple months money became REAAAALLLLLYYYY tight, but soon Christmas was upon us. I had a $50 bill I had been saving, so I pile the kids in the car and drive down to the Christmas tree farm.
I read the sign about their prices and stuff, but because my brain weren't working too good, I only read every other word.
The tree guy takes us out into the trees farm and the kids find the tree they like - While amongst the other trees it looked about the right size, so I tell the guy to cut it down - he does.
When we go to pay, the guy says that will be $85
WHAT!!!!!
$85 for a stinking tree, now I wish I would have read EVERY word on that sign. So there goes the $50 I had been saving plus some extra.
We go to load the tree and all of a sudden it is 10x bigger then it was when it was with the other trees. Luckily I had a 63 Caddy Fleetwood (With an 8 track player) so with a little shoving and the back windows rolled down, I was able to cram that tree in the back.
I get it home and the stupid tree won't stand up in the house because it was wayyyyy too tall, so I cut the bottom 4 feet off, re-arrange the furniture and finally get it into a corner. The branches were sticking out into the living room leaving no room for the couch or the tv (Did I mention it was a BIG tree)
But everything was ok, because I just knew my wife would look past the hassles I had to go through to get this splendid display of Yuletide in the house and she would be realizing what a wonderful husband she had.
ReplyDeleteUmmmmm NO!!!
The next day when I was not home, she took that tree out of the house and tossed it on the front walk. So now we had what amounted to a giant shrubbery blocking the enterence to the house.
Now there comes a time when a man has to decide; Do I get the extension cord and a pile of lights and toss those light on top of our Christmas shrubbery so the neighbors can partake in our Christmas spirit or do I bite my tounge and haul the tree to the compost pile.
If you are unsure of what choice I made, I will give you a hint - I'm still married...
Cheap little Charlie Browners a cool trees :)
Mangy Mutt
Ooops when I tried to post the first "Charlie Browner" Blogger said it was TOOOOO big, so I split it up and did not realize Blogger had posted the first.
ReplyDeleteSUPID BLOGGER!!!!!
Mutt
"The other day someone asked "How much do you think she really makes" in reference to Megan McArdle.
ReplyDeleteThe answer to that question is about 300K per year."
--
Good Luck living in D.C. on much less than that!
That is a funny story, Mutt, tragic, but funny.
ReplyDeleteThanks for sharing.
Maggie - I bet with 3ook a year you can buy a nice Christmas Tree.
ReplyDeleteMutt
Wow, interesting story. Thanks for sharing.
ReplyDelete@Charlie Browner:
ReplyDeleteNice Christmas story, Mutt. I appreciate it.
I think we all have one or two of those. And I'm glad the outcome is as it was.
wunsacon,
ReplyDeleteThanks for stopping by!
Mutt - DAMN!!
ReplyDeleteI wrote a long, semi drunken reply for you last night and apparently forgot to hit send :-( I may have had a bit too much to drink last night at our holiday party!
Wonderful story! And you're so lucky to have that memory today! Imagine if you'd gotten that tree for 40 bucks, and it fit in the house ok. You'd have had a Christmas you'd have remembered, I'm sure, but now you have a really good story that you were able to share with a group of people all these years later and include is in on your Christmas! Thank you! :-)
10 year coming down a bit too
ReplyDeleteoops - now I'm in the wrong window entirely - I swear I'm not still drunk :)
ReplyDelete