Chinese wage rises.

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The Chinese authorities have, for some time now, been talking about the desirability of moving their economy from being overly reliant on exports to one which has a significant domestic component of goods produced in China for consumption in China. The central authorities have wished rather publicly that more investment and bank lending was going in to domestic production and consumption and less into property speculation. But wishing, however fervently, has had little effect.

So news of what, if we dare trust Chinese government’s figures, would appear to be very large wage rises, seems to me to be very significant. As the Wall Street Journal reports today,

Wages in China continued to climb at a double-digit pace last year despite slower economic growth.

In an economy which is still quite heavily, centrally – if not planned and controlled, then certainly centrally meddled with – then such large and across the board wage rises would suggest a deliberate policy.  I do not see these wage rises as the central authorities as losing control of wages but quite the opposite. I suggest that allowing wage rises is part of a policy of creating a consumer demand to be satisfied by domestic production.

So while Bloomberg recenlty ran the headline,

China Surging Wages Threaten Economy’s Competitiveness

I disagree. Bloomberg’s article goes on to report that,

China’s surging wages and other costs are showing signs of undermining the competitiveness of the nation’s economy, threatening its growth potential, the Asian Development Bank said.

Whatever competitiveness such wage rises undermine as far as exports are concerned, they also create the income that is essential for fostering domestic consumption. I think the wage rises are strong evidence of the Chinese central governments’s determination to re-balance China’s economy away from pure export.

It is far too early to proclaim the end of the commodities bubble or the constriction of imports from Australia and Canada but if I were in either of those countries I would be keeping an eye on the situation and wondering about balancing ny own economy.

The less China relies on export the less accommodating they will feel they need to be towards western economic circumstances. At the moment China does rely on exports and therefore has some care for the health of those countries to which it needs to export. How long before China feels less concerned?

Any country that can force a one child policy on a billion people can certainly set its sights on creating a consumer middle class.   When such a class exists, we might find China’s relation with the West will be less accommodating than it is now, particularly towards our debt.

 

47 thoughts on “Chinese wage rises.”

  1. GB

    Your final observation begs the question, David: … Can we move to a non-debt-based monetary system?

    Thank you for a thought-provoking piece.

    Reply
    1. Golem XIV

      Hello GB,

      I think we can. I think we will. But getting there may be rather fraught because I think there will be a huge resistance on the part of those who prefer the way the current system empowers and enriches them.

      I don’t think we will be talking about social evolution but rather metamorphosis.

      Reply
  2. bill40

    In March 2012 a base wages target of a 50% rise in wages was set by 2017. The big corporations will deliver if their CEOs value their more important standing in the Party and every local official will be bullying the smaller companies to comply.

    Obedience is valued far more than competence.

    Reply
  4. steviefinn

    So the Chinese have decided to follow a plan that is the opposite of the ‘ Race to the bottom ‘ one being applied in the West. Perhaps TPTB might consider that this potential huge market for quality products designed & manufactured in the West requires a plan to take full advantage of this situation by putting some measures in place now which would evolve in tune with the Chinese momentum.

    I will not be holding my breath in regards to the UK, & I would imagine Germany will be the ones who will take most advantage from a development such as this. I hope that other countries like India, Indonesia, Vietnam & Bangla Desh eventually follow suit. The UK might one day be able to look forward to supplying the Chinese equivalent of ‘ Poundworld ‘ with cheap shite made in English sweatshops by I hope, those who now want cheap clothing & care little that 1200 people died making it.

    The incredibly idiotic throwing away of the baby with the bathwater in regards to British manufacturing still makes me very angry. A destructive process in which government, management & workers were all stupidly & short sightedly involved.

    Reply
    2. Just me

      “Pro-Europe, against hanging, opposed to the poll tax and unhappy with monetarist economics, Lord Gilmour was a leading Conservative “wet” who became a persistent and outspoken critic of Thatcherism.”

      “He responded to his sacking by Mrs Thatcher by issuing a statement declaring that she was steering “full speed ahead for the rocks”.”

      http://news.bbc.co.uk/2/hi/uk_news/politics/7007648.stm

      I remember that ALL through the 1980s I only heard two people tell us where we were going with Thatcherism, Ian Gilmour was one, the other was a high up who was (had been) in the CBI. Only two, everyone else was too busy in making money and didn’t care.

      Reply
  6. Robin Smith

    Are you folks feeling OK?

    “can we move to a non debt based economy”

    Credit and debt are natural forces in political economy.

    A debt here means a credit there. There is no escaping this in this universe. unless you imagine you are gods.

    To prohibit debt would mean no more trade and exchange between anyone.

    Unless you still believe that money is wealth… of course.

    By saying this does not make me a supporter of vested interest. A straw man.

    Are you feeling OK? I’m deadly serious. You seem to be asking for protection like so many dependent people today.

    http://gco2e.blogspot.co.uk/2013/05/the-dependency-state-unconsciousness.html

    Reply
    1. Golem XIV

      Hello Robin,

      Of course you are right that debt abd credit will always exist.

      When I read GB’s comment I read it as referring to fractional reserve banking as we currently have it – controlled by the private banks. It is that kind of sovereign debt I was thinking of in my reply.

      I don’t think many people object to one person lending to another or a chit of credit acting as a temporary store and means of transferring wealth. Perhaps some do. I am not one.

      Credit is a useful social mechanism. But it has got out of hand and into the hands of a few who use it to cause destitution and as the means to create huge and increasingly non-democratic power.

      I think we can and must move away from such a distorted and morally corrupt social construction.

      I am not looking for moral or political purity in some utopian fashion. I am simply looking for a better social compact and one that fits to an environmentally constrained world not the old idea of ever expanding growth.

      Reply
      1. Robin Smith

        Mr Malone,

        Thank you for your considered response.

        I agree. But refuse to stop there at a superficial point of certainty.

        The point is that EVERYONE is “at it”. And we are all blaming others, before we have affirmed our own complicity as individuals. We try to help others while we still have a lot of work to do on ourselves.

        Its no use blaming the ones ‘best at it’, because its what all people aspire too. In its most devastating form, private property in land. There are 23 million home owners all happy to receive an unearned income from the increase in the price of their property. Yet that value comes out of the economic rent of the nation, not the input of the property owner. Its a huge legalised racket and all voters take part willingly in it. Its the unwritten policy of all party’s. All party’s close ranks on it.

        True, 50% of the homes are still mortgaged. They are not the owners yet, but merely collecting rent from themselves for the banks. Mortgage interest nominally, is de facto economic rent. There was no capital invested, so whence the interest! This is how banks are robbing the people in the biggest way. Most other financial assets are secured against that location value (about UK£4 trillion). Even sovereign debt is relatively small.

        Should we rather focus on the big problem first?

        All people struggle to see this because rent seeking is not a conscious action when sanctified by the social organisation prevailing. Theft in nature made legal by law. Taxation is the same, theft by nature, made legal by law. Yes, there are other problems. But while this remains all others will be that much harder to deal with. And fixing it that much the easier. Do we like hard lives?

        True, the conscious act of a banker is not always good. Yet neither are the unconscious acts of an entire nation. Both are either right or wrong. Perhaps its time to make up our minds once and for all rather than holding 2 counter opposing positions. Doublethink. The anti tax avoidance agenda is a monstrous sham in this exact area. Its become contagious and now all people buy into it. Yet is a huge lie and no one can see it.

        What we are investigating here is not a political, technical or logistical problem. It is psychic. Or if you are unhappy with that term, psychological. One of collective denial through the unconscious collective of society. That Dependency State is what I know must be reversed if any permanent progress can take place.

        Respect for being patient with my view. I rarely receive that for speaking truth to supreme power – the collective unconscious inside and joining all people.

        Reply
    3. GB

      Robin Smith,
      Interesting parry… conflating the current monetary-financial system with the real economy… and implying that there is something wrong with me and others here for suggesting the possibility that the current monetary-financial system is flawed and that there are alternatives.

      If you are not yourself dependent upon vested interests, you might consider doing some reading about MMT and other options.

      Reply
  7. Gavin McCutcheon

    Couple this with China’s strengthening of intellectual property rights, particularly copyright and then contrast with Britain’s austerity-driven reduction in living standards and simultaneous near abandonment of personal IP rights under the Hargrieves Review (more often called the Google Review).

    So, basically China is building a creative, Rights-holding middle class at the same time we are dismantling ours. Oh dear….

    Reply
  8. Robin Smith

    Apple Tax – Intellectual property rights are either right for everyone or they are wrong for everyone. If they are wrong then abolish them starting at home and be the first to benefit. And visa versa. You cannot have it both ways unless one is borderline insane. This is the age old argument between protection and free trade, which was resolved long ago but keeps coming back to life – “Zombie Economics”. For Fun read – http://www.truefreetrade.org/pftindex.htm

    http://gco2e.blogspot.co.uk/2013/05/apple-tax.html

    I’m getting some bitter and spiteful projection attacks from whats being fostered on this blog. Not complaining, its contributing to our work on the psychic nature of all these problems. Actually reinforcing what we’ve independently rediscovered. All good stuff. Here’s a raw draft of the dark psychology in all that.

    http://gco2e.blogspot.co.uk/2013/05/social-reformer-psychology-and-its.html

    If you want to hear a radical idea about how banks actually get most of your wages stop listening to the mainstream myths and experts and try here:

    http://gco2e.blogspot.co.uk/2013/05/british-land-rent-collection-arm-of-bank.html

    Be careful though, its forbidden knowledge. You are not allowed to discuss it, if you value your charity funding, career, expert reputation or dependency and state protection.

    Reply
  9. John Souter

    Under the present system where money is a confidence trick created as debt under the sole licence of banks, it means all – or at least 97% can only be debt-free when it ceases to exist.

    Taken to its conclusion you could say we know the debt of everything but own the value of nothing.

    Sad way to run a world or have to live a life.

    Reply
  11. Roger

    How real is Apples Cash Mountain or anybody else’s for that matter.
    http://economix.blogs.nytimes.com/2013/02/12/the-growing-corporate-cash-hoard/According to the Federal Reserve, as of the third quarter of 2012 nonfinancial corporations in the United States held $1.7 trillion of liquid assets – cash and securities that could easily be converted to cash.

    http://letthemconfectsweeterlies.blogspot.se/2013/05/apples-cash-mountain-is-it-real.html

    I have wondered out loud about this before, How much of it can be cash and how much of it is therefore useless paper issued by yet another Bankrupt Bank?

    Reply
  12. steviefinn

    Bill Gates was bailed out as a unsecured bondholder by the Irish people to the tune of 450,000 euro. Could he be short of cash as his mega-billions might have been re-hypothecated, securitised, sliced & diced with toxic shite before being scoffed by a giant squid who lives in Never Never Derivative land ?. Is this one of the reasons for the ‘ QE To Infinity ‘ from Obe Ben Bernanke ? – Just a thought.

    Reply
  14. backwardsevolution

    China’s PMI (Purchasing Managers’ Index) slips back into contraction territory during May:

    “Flash China Manufacturing PMI™ at 49.6 (50.4 in April). Seven-month low.
    „ Flash China Manufacturing Output Index at 51.0 (51.1 in April). Three-month low.

    The cooling manufacturing activities in May reflected
    slower domestic demand and ongoing external
    headwinds. A sequential slowdown is likely in the middle
    of 2Q, casting downside risk to China’s fragile growth
    recovery. Moreover, the further signs of labour market
    slackness call for more policy support. Beijing still has
    fiscal ammunition to do so.”

    http://www.markiteconomics.com/Survey/PressRelease.mvc/b9665c962d7c420095bb66b35eada8a9

    Reply
  16. Phil (Mcr)

    A quote about China from from John Hobson’s Imperialism: A Study. Every time I look at it again it seems even more unbelievable that it was written in 1902!

    ”In our dealings with backward races capable of instruction in Western industrial methods there are three stages. First comes ordinary commerce, the exchange of the normal surplus produce of the two countries. Next, after Great Britain, or some other Western Power has acquired territory or invested capital in the foreign country with the aim of developing the resources, she enjoys a period of large export trade in rails, machinery, and other forms of capital, not necessarily balanced by the import trade since it really covers the process of investment. This stage may continue long, when capital and business capacity cannot be obtained within the newly developed country. But a third stage remains, one which in China at any rate may be reached at no distant period, when capital and organising energy may be developed within the country, either by Europeans planted there or by natives. Thus fully equipped for future internal development in all the necessary productive powers, such a nation may turn upon her civiliser, untrammelled by need of further industrial aid, undersell him in his own market, take away his other foreign markets and secure for herself what further developing work remains to be done in other undeveloped parts of the earth. The shallow platitudes by which the less instructed Free Trader sometimes attempts to shirk this vital issue have already been exposed. It is here enough to repeat that Free Trade can nowise guarantee the maintenance of industry or of an industrial population upon any particular country, and there is no consideration, theoretic or practical, to prevent British capital from transferring itself to China, provided it can find there a cheaper or more efficient supply of labour, or even to prevent Chinese capital with Chinese labour from ousting British produce in neutral markets of the world. What applies to Great Britain applies equally to the other industrial nations which have driven their economic suckers into China. It is at least conceivable that China might so turn the tables upon the Western industrial nations, and, either by adopting their capital and organisers or, as is more probable, by substituting her own, might flood their markets with her cheaper manufactures, and refusing their imports in exchange might take her payment in liens upon their capital, reversing the earlier process of investment until she gradually obtained financial control over her quondam patrons and civilisers. This is no idle speculation. If China in very truth possesses those industrial and business capacities with which she is commonly accredited, and the Western Powers are able to have their will in developing her upon Western lines, it seems extremely likely that this reaction will result.”

    Reply
  17. Michael

    Hi Golem,

    This post is more than an FYI than anything else.

    My company does a lot of business in the far east, and one thing people never seem to realise over here is just how weak the central government is in China. There are very powerful local ‘families’ that run things and just pay lip service to the central government.

    A colleague recently had a conversation with a Chinese client that rolled around in laughter when he told him we paid taxes to the central government through a self assessment tax form.

    Reply
    1. bill40

      Michael,

      Those families don’t pay tax because they run the local party. Tax evaders without party protection never last long in my experience.

      Reply
    1. AttitudeCheck

      RobinSmith,

      So no one is to blame for anything. Moral equivalency of all, if nobody is perfect then everyone gets a free pass, and no-one has any individual responsibility for bad behavior at all? REALLY??? How very modern. Where do you think this thought process leads, and why do you think anyone would willing choose to go there? Maybe we all should consider changing course instead.

      If I misunderstand you, then what do you really mean?

      Reply
  21. Roger

    Hi Jamie, face booked and tweeted. Thus on Face Book
    I used to live around the corner from BAC. If I was still in that neck of the woods I think i would be checkin out this new one man show.

    Reply
  24. Elixer

    Golem you wrote:

    ‘Hello Robin,

    Of course you are right that debt abd credit will always exist.

    When I read GB’s comment I read it as referring to fractional reserve banking as we currently have it – controlled by the private banks. It is that kind of sovereign debt I was thinking of in my reply.

    I don’t think many people object to one person lending to another or a chit of credit acting as a temporary store and means of transferring wealth. Perhaps some do. I am not one.

    Credit is a useful social mechanism. But it has got out of hand and into the hands of a few who use it to cause destitution and as the means to create huge and increasingly non-democratic power.

    I think we can and must move away from such a distorted and morally corrupt social construction.

    I am not looking for moral or political purity in some utopian fashion. I am simply looking for a better social compact and one that fits to an environmentally constrained world not the old idea of ever expanding growth.’

    In response, here is a proposal for an Aristotelian Asset Money System.

    ‘When the lamp of money is lit a circle of shadows form filled with usurers, counterfeiters, thieves, swindlers and sociopaths. The light must be protected at all costs or the destiny of humanity is stolen.’

    “You never change things by fighting the existing reality.
    To change something, build a new model that makes the existing model obsolete.”
    ― Richard Buckminster Fuller

    ’So Aristotle calls money a creature of the law. Not a commodity from nature but an abstract social institution. Its essence is not tangible wealth in itself, but a power to obtain wealth. THIS IS REGARDED AS A SUPREMELY IMPORTANT DISTINCTION – BETWEEN MONEY and wealth. If you are always trading in “things” it’s just an advanced form of barter.’
    Zarlenga, ‘The Lost Science of Money.

    1 – The Aristotelian system

    I suggest we create a pure Aristotelian money system as an education device, as a system which is both transparent and yet resistant to fraud, a system designed to maximise freedom and value for its participants, with money acting simply as a medium for trade and not as a tool for usury.
    This maximises the human potential for relationship, art, self discovery, growth and the pursuit of higher states of consciousness.

    2 – What software to use?

    The software platform would probably be the Cyclos software which runs many community currencies. There is a Cyclos 4 version now available in Beta form which will be free to non-profit organisations. ( http://www.cyclos.org/ )
    This Cyclos software includes online banking, mobile banking, credit and debit card creation, and marketplace e-commerce.
    https://www.cyclos.org/features

    3 – Two forms of money

    There are two fundamental ways of creating abstract money once we move beyond gifts, barter and commodity exchanges. They are primarily debt money in private hands and asset money in the hands of the nation.

    Debt money usually comes into existence at the moment of the loan creation and is burdened with the three demons of inflation, interest and taxation.
    Asset money exists like the waters behind a dam wall, self-existing, relatively eternal, and when controlled correctly it supplies water and power in amounts to cause neither drought nor flood. It is the money system proposed by Aristotle.

    4 – The Money Unit

    I propose that the money unit for the system would be similar to the scientific measurement for the metre which is the meeting point for time, space and the speed of light. (” a metre is the length of the path travelled by light in a vacuum during a time interval of 1/299,792,458 of a second.)

    The money unit then, the Aristotelian unit of A, is the distance the human body-mind of a normal 80kg human covers at walking speed (5km/hr) in a period of one hour (5000m.) This A unit deems walking, the state of ‘relaxed falling’, to be similar in value to one hour of focused mind in study and intent.
    These units can then be converted into joules, calories, light quanta, etc, as desired.

    This measurement is the historical meeting point for human physiology, mind, time, space and the speed of light – a measurement which has been inflation proof for the last four million years of human hunter-gatherer existence and which is inherently logical to the human psyche.
    (To say that we have no money while we have the life force of the community is to be simply hung upon the ‘cross of gold’ of William Bryan.)

    Further, just as all previous measurement systems used by western science became redundant when the speed of light was measured in metres, so too does this system reflect a crossing of the ‘historical Rubicon’ into the realm of quantum finance.

    (FAQ1 – Why talk of walking speed when we now travel at the speed of a Ferrari? Answer – when we add the hours spent in learning the craft to make the money to own the Ferrari we may be travelling slower than the hunter-gatherers from four million years ago at 5km/hr!)
    FAQ2 – What differentiates between the work hour of a doctor and a street sweeper? Answer – the sweeper can charge 10 units an hour, the doctor 100. These measures simply reflect the completed hours of learning and experience which the professional brings to the task.)

    Note: At this point the A unit would not be transferable into global financial currency systems because of the inherent problems with the legal and taxation systems. The A system would simply be a self functioning marketplace to demonstrate Aristotelian principles.

    5 – Central Monetary Authority

    The A system will have a central Monetary Authority for the creation and removal of A money, it will not be a peer to peer system, nor a debt or gift system.
    The Authority will have the power to issue A money to itself instead of external taxation for its cost structure and projects. All efforts to avoid charging interest will be made.
    (Interest on loaning a commodity such as gold is logical, interest on debt money created from nothing at the point of the loan however is simply criminal.
    The problem Arab banking has with the interest problem with commodity backed money should be avoided with money based simply upon human life force. Losses can simply be voided within the system and penalties imposed.
    There will however be strict guidelines with the initial loans and without the charges of taxation and interest echoing through the system I suspect the losses would be minimal as interest alone can be 40% of the final cost of goods and services.
    This of course is all part of the educational experiment and the belief in the essence of human integrity!)

    Note: If the A system was to be used for a nation, perhaps after a debt Jubilee and a debt Commission, then the Monetary Authority would have members elected by the general population, with four year tenures, who must approve the budgets of the Monetary Authority. This removes the potential power abuses of the professional bureaucracy and the inherent human tendency to create secret cabals.

    6 – Starting the system running

    Upon signing up to the A system each person would receive 100 A units plus a further 20 A’s per month for five months to make a seed fund of 200 A’s.
    The Monetary Authority can also create A’s to expand the system according to need and numbers. A’s can also be withdrawn if the system starts to overheat.

    Each A unit would be numbered with no rehypothecation, securitisation or fractional reserve creation. Each A’s position within the system would be instantly traceable. Accounts would also be transparent so that people can view the transaction history of the people they are dealing with.

    People can apply to the Authority for business loans according to basic lending principles. They can also apply to other system members with excess capital.

    There could perhaps be a monthly social dividend – say 20A depending upon the flow within each personal account. Zero transactions would be a zero dividend, a normal flow of transactions creates a dividend of 20A, etc. Hoarding would not be promoted.

    7 – System aspects

    There would be an international section for such things as language tuition and a local section for such things as massage.
    There would be a for sale section, possibly with an auction section.
    There could even be a share market where we can invest in each others business’s, with each share numbered and transparent and only legitimately sold.
    Member’s can also offer services to the A platform to help it expand, such as hosting, programming, administration, etc.
    Members will be able to rate each other with an integrity quotient.
    There would be a Forum for discussion and suggestions.

    Conclusion

    These then are some thoughts for discussion, the seeds for a monetary model which will only grow through time and experience. Further, with the Cyclos 4 platform now available and free to non profit organisations, the A system has become simply a ‘click and go’ operation. Let the educational curve begin!

    P.S. Here now is a brief summary of Cyclos and STRO, the Social Trade Organisation, from their website. ( http://www.cyclos.org/ )

    STRO’s objective is to move money as a major steering mechanism in society from causing environmental abuse and preventing many poor to optimise their capacities, to become an instrument that serves a qualitative human development. The first STRO was founded in 1970 in Holland. Social Trade promotes the opportunity for communities to optimise the circulation of purchasing power in their community. Using the Social Trade methods the potential of the community can be optimised based on the community’s culture with respect for the environment. People involved in realising the Social Trade targets are working from local offices in Porto Alegre (Brazil), Montevideo (Uruguay), Tegucigalpa (Honduras), Utrecht (Holland), Lisbon (Portugal) and Murcia (Spain).
    STRO picks up the challenge described by Bank of England’s governor Mervyn King:
    “Is it possible that advances in technology will mean that (…) the world may come to resemble a pure exchange economy? Electronic transactions in real time hold out that possibility. There is no reason, in principle, why final settlements could not be carried out by the private sector without the need for clearing through the central bank. (…) There is no conceptual obstacle to the idea that two individuals engaged in a transaction could settle by a transfer of wealth from one electronic account to another in real time. (…) The same system could match demands and supplies of financial assets, determine prices and make settlements. Financial assets and real goods and services would be priced in terms of a unit of account. Final settlement could be made without any recourse to the central bank.(…) Without such a role in settlements, central banks, in their present form, would no longer exist; nor would money.”

    Cyclos solutions for social impact.
    The objective of the Social Trade Organisation is to provide a professional platform that can be used by different organisations and institutions that are aiming on social economic impact. Cyclos supports a wide variety of implementations.
    Banks in developing countries
    Cyclos allows local and regional banks to compete with big international banks, because Cyclos allows them to provide cost effective state of the art on-line banking, sms banking, POS and mobile banking services. This contributes to a more diverse banking sector which makes it stronger and more competitive. Regional banks are also known to invest more money in the region contributing directly to the country’s economic growth instead of international speculation.
    Barters
    Because of Cyclos barters can easily be set up at low cost, the barter doesn’t have to invest heavily in expensive software. Research shows that Barters can be very beneficial to a countries economy in times when capital is scarce, making countries more resilient in times of economic crises. The reason behind this is simple. When the economy suddenly contracts enterprises which still have products or services to offer, but not enough customers. Even if company A wants to buy a product from company B and company B wants to buy a product from company A, often the money (or credit) is missing to enable trade. A barter helps these companies to trade with each other through the barter network.
    Campus card systems
    An University campus, where a lot of local economic activity is happening is an ideal environment to implement an Campus card (payment) system with Cyclos. Some of the features are
    • Student-to-Business payments (Parking, Copy/printing, Laundry, Bookstore, Restaurant, Housing, Events & Activities, Tuition)
    • Student-to-Student micro payments (any goods or services exchanged among students)
    • External-to-Student payment (donations from parents, who can specify payment destination)
    • Student loans (emission/management)
    • Market place (students can post offers and interests in goods and services)
    • Market place notifications. SMS or e-mails can be sent automatically when personal criteria are matched in the marketplace
    • University notifications & mailings can be send to groups of student’s by e-mail and/or SMS (events, emergencies)
    • Student business profile (profiles can be included in a website that can be viewed by local businesses)
    • Job board (local business can publish Jobs & internships)
    • Available channels: Web, card/POS, mobile
    • Independent: Not bound to contracts with specific software providers and Banks
    OK, finish!!!

    Reply
  27. backwardsevolution

    Marc Faber:

    “There has been a huge credit bubble in China, and it isn’t going to end well. Its economy officially grew 7.7% in the first quarter. In reality, it is growing 4% a year, at best. Figures on Chinese exports to Taiwan, South Korea, Hong Kong, and Singapore don’t agree with the import figures of those countries. In each case, reported exports are much larger than reported imports.”

    Reply
  28. Samium Gromoff

    I wonder if Mr. Robin Smith approaches the lines of bannability, with his link spam and advertising.

    Reply

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