No this story is not from The Onion but is from The Telegraph:Local government officials in China have been ordered to smoke nearly a quarter of a million packs of cigarettes in a move to boost the local economy during the global financial crisis. See full article HERE
Riots and protest spread in both CHINA and RUSSIA
If you read the mainstream press, you might guess that both China and Russia have not much been affected by the economic crisis. But the truth is that they both have and things are getting ugly pretty fast.
“Bankruptcies, unemployment and social unrest are spreading more widely in China than officially reported, according to independent research that paints an ominous picture for the world economy.
The research was conducted for The Sunday Times over the last two months in three provinces vital to Chinese trade – Guangdong, Zhejiang and Jiangsu. It found that the global economic crisis has scythed through exports and set off dozens of protests that are never mentioned by the state media.” See VIOLENT UNREST ROCKS CHINA AS CRISIS HITS and
CHINA SLASHES 20 MILLION PLUS JOBS
And in Russia…
“The Kremlin’s rule is beginning to look much shakier than at any time since Vladimir Putin came to power, after a series of protests in cities across its vast landmass this weekend by Russians disgruntled about the economy. And as the country starts to feel the effects of the global credit crunch, there are also signs of a growing rift between Prime Minister Putin, and his hand-picked successor as President, Dmitry Medvedev.” See DISSENT BEGINNING IN RUSSIA
Iceland’s PM falls do to the Economic Crisis PLUS fear of increasing Violence and protest spread throughout the world
Iceland’s Prime Minister has resigned after weeks of violent protest…
“Iceland’s embattled Prime Minister Geir Haarde may have become the first political casualty of the global credit crisis, announcing his resignation yesterday, and clearing the way for elections in May. Illness was the official reason for Mr Haarde’s decision to quit, but few in the capital Reykjavik were in any doubt that his departure was linked to a week of intense and violent public protests at once prosperous Iceland’s economic implosion.
Since October’s financial earthquake Icelanders have vented their frustration, anger and despair in peaceful weekly protests. But demonstrations turned violent on Thursday, leading to 22 arrests and the worst civilian unrest since Iceland joined Nato in 1949″. See full story from The Independent UK HERE
Also China fears that riots due to worsening economic conditions increase…
“Without doubt, now we’re entering a peak period for mass incidents … In 2009, Chinese society may face even more conflicts and clashes that will test even more the governing abilities of the party and government at all levels,” said a senior Xinhua agency reporter, Huang Huo.
“The key is going to be what happens in a week or two. How many people are going to come back? And are there going to be jobs for them?” asked Geoffrey Crothall of China Labour Bulletin, a Hong Kong-based organisation defending mainland workers’ rights. “The most likely thing is that it will get heated after the new year. The government pulls out all the stops beforehand to make sure people have enough money to put in the red envelopes [traditional gifts] when they go home. It puts a false gloss on the real situation.” See story from The Guardian HERE
And finally, some video of all this HERE
Big Trouble brewing in China PLUS Sony in deep doo doo
Will China lead the world into the great Depression?
“”The Chinese economy is imploding and this raises the possibility of regime change. To prevent this, the authorities would likely devalue the yuan. A subsequent trade war could see a re-run of the Great Depression…. Do you really trust politicians to “do the right thing”?
See more from The Telegragh HERE
And Sony is getting ready to announce a 2 Billion Euro loss.
See HERE
The China Syndrome
Or maybe its the China problem. Where I live in Spain, the Chinese have been buying up every small business, bar or shop that they can as well as opening new small retail shops and clothing stores where there is retail space available. They are everywhere. Every barrio is beginning to look a little more like your typical “China Town” everyday. Which wouldn’t be a bad thing necessarily if it were just Chinese familias moving here to start a new life and open a business to support themselves. I would have no problem. But this is NOT what is happening. Its nothing more than a Chinese Government sponsored Mafia, that are involved in money laundering, human trafficking and much worse. And then there is the destruction, due to “slave labor prices” of local businesses and culture. Also the crap you buy breaks after 2 months.
Don’t shop there and support local “mom and pop” stores (of any nationality) instead.
Anyhow, two related stories. First one is on how the Chinese government is trying to fight the Mafia, which is increasing in power due the economic crisis. See HERE
And the second on China’s worsening economic problems, that the authorities are running scarred, and the social dissent that is starting to rear its head. See HERE
