{"id":18556,"date":"2016-03-07T12:21:34","date_gmt":"2016-03-07T17:21:34","guid":{"rendered":"http:\/\/olduvai.ca\/?p=18556"},"modified":"2016-03-07T12:21:34","modified_gmt":"2016-03-07T17:21:34","slug":"china-a-5-year-plan-and-50-million-jobs-lost","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=18556","title":{"rendered":"China: A 5-Year Plan And 50 Million Jobs Lost"},"content":{"rendered":"
\n
\n

China: A 5-Year Plan And 50 Million Jobs Lost<\/a><\/h3>\n<\/div>\n<\/header>\n
\n
\"\"<\/a>
\nArnold Genthe\u00a0San Francisco , Chinatown. The street of the gamblers at night\u00a0<\/b>1900<\/center>China never had an actual economic model or growth model. It simply printed an obscene amount of money, especially after 2008, and used it to build factories, 30-story see-through apartment blocks and highways into nowhere cities, without giving much if any thought to where this would lead when their formerly rich western customers had less to spend on its ever increasing amount of ever more useless products, or when its workers would stop spending ever more on apartments as investments, or when no more roads and bridges were needed because nowhere was already in plain sight. Or all of the above. It was \u2018to infinity and beyond\u2019 from the start, but that\u2019s a line from a kids\u2019 fantasy story, not a 5-year plan or an economic model.<\/p>\n

\"\"<\/p>\n

Going into its 10-day, 3,000 delegates National People\u2019s Congress opening on Friday, China was facing -and very much still is- two major and interconnected problems. Both are problems that the country has never faced before -not a minor point to make. The first is a giant debt load, one that could easily be as high as $40 trillion, or 350% of GDP, once one includes the shadow banking system (watch the shadows!). The second is the Communist Party\u2019s -economic- credibility.<\/p>\n

The debt problem is impossible to solve without very far-reaching restructurings of both the debt itself and of the entire Chinese economy. There appears to be a problem within the problem, however: the Party neither looks prepared to truly tackle the debt nor does it seem to know how.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

China: A 5-Year Plan And 50 Million Jobs Lost Arnold Genthe\u00a0San Francisco , Chinatown. The street of the gamblers at night\u00a01900China never had an actual economic model or growth model. It simply printed an obscene amount of money, especially after 2008, and used it to build factories, 30-story see-through apartment blocks and highways into nowhere […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[130,1272,195,11005,391,12788,8695,2660,7738],"class_list":["post-18556","post","type-post","status-publish","format-standard","hentry","category-economics","tag-china","tag-congress","tag-debt","tag-export","tag-growth","tag-job-cuts","tag-kyle-bass","tag-layoffs","tag-raul-meijer"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18556"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18556\/revisions"}],"predecessor-version":[{"id":18557,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18556\/revisions\/18557"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}