Timothy Coulter, Bloomberg: We Traveled Across China and Returned Terrified for the Economy
China’s steel and metals markets, a barometer of the world’s second-biggest economy, are “a lot worse than you think,” according to a Bloomberg Intelligence analyst who just completed a tour of the country.
What he saw: idle cranes, empty construction sites and half-finished, abandoned buildings in several cities. Conversations with executives reinforced the “gloomy” outlook.
“China’s metals demand is plummeting,” wrote Kenneth Hoffman, the metals analyst who spent a week traveling across the country, meeting with executives, traders, industry groups and analysts. “Demand is rapidly deteriorating as the government slows its infrastructure building and transforms into a consumer economy.”
Update: A Bloomberg analyst just traveled across China and came back with a serious warning for the global economy -- Business Insider
WNU Editor: All my Chinese friends are telling me the same thing .... everything is slowing down.
3 comments:
Maybe if the Chinese leadership would stop shoveling money to presidential candidates like Al Gore and others, things would be better.
But the Chinese leaders and the presidential candidates can do whatever they want because as AL Gore told us:
There is no controlling legal authority.
He would know, because he got is J.D. ... scratch that.
Love the picture, just like old times, throw in a brand new 5 year plan, announce production goals being surpassed everywhere and we'll have a thousand flowers blooming.
What is wrong with that James?
https://www.youtube.com/watch?v=qfKl_33pAtQ
I attended an APICS preparation class. the instructor had a saying.
"The less you know the easier it seems to do"
This folksy aphorism is just another expression of the formal Dunning–Kruger effect.
U.S. politicians typically have juris doctorates. So what do they know of economics, engineering, accounting, actuarial science, business, farming, military science or so many other fields?
Emergency room physicians have to maintain their credentials. Do lawyers have to retest? Some engineers do.
I am not comfortable with politicians-lawyers getting JD 20 or 30 years ago and then ruling from the Beltway.
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