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Chanos on China
The 2 panel graphic to the left is from an 18 panel presentation "China: The Edifice Complex" from Jim Chanos Kynikos Associates at the April 5, 2013 Wine Country Conference.
Jim notes that China's capacity over investment (Cement 12%, Steel 10%, Autos 18%) through 2008-2012 is leading to asset depreciation liabilities via the law of diminishing returns and that the pervasive growth of credit is leaving banks poorly capitalized for potential losses.
"Hong Kong Chinese are leaving Vancouver by the thousands" According to the The Vancouver Sun April 17, 2013
Huh? A west-east carry trade? Sell Vancouver, buy Hong Kong? Nope. As far as Vancouver is concerned it's a population driven event from the excess and worried wealth of Mainland China. The Vancouver Sun quotes an April 13th story in the South China Morning Post "mainland Chinese arrivals in Vancouver outstripped those from Hong Kong by 7,872 to 286 in 2012."
History, Charts & Curated Readings
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense