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    The Chinese Economy Is A House Of Cards Built On Mountains Of Bad Debt -And It's Starting To Crumble

    September 7, 2021
    1 Comment
    The Chinese Economy Is A House Of Cards Built On Mountains Of Bad Debt -And It's Starting To Crumble
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    With algos busy chasing upward momentum in futures and global stocks, the biggest - if largely ignored story - remain the ongoing collapse of "China's Lehman", the $300+ billion China Evergrande, where following our earlier reports (see below) that a bank run  emerged among creditors of the biggest and most indebted Chinese developer as its bonds were no longer eligible collateral in the repo market after a ratings downgrade, on Monday the rout went from bad to catastrophic as various Evergrande bonds crashed amid a liquidation frenzy, prompting China's stock exchanges to halt trade.

    The Shanghai Stock Exchange said in a statement that it had temporarily suspended trading in China Evergrande Group's 6.98% July 2022 corporate bond following "abnormal fluctuations." The exchange had also suspended trading in the bond on Friday.

    Shanghai exchange data showed the bonds sliding more than 25% to a low of 40.18 yuan after the resumption of trade on Monday afternoon. The company's 5.9% May 2023 Shenzhen-traded bond , which was also suspended, fell more than 35% after trading resumed. China Chengxin International Credit Rating Co (CCXI) downgraded Evergrande and its onshore bonds to AA from AAA on Thursday, and placed the company and its bonds on a watchlist for further downgrades, effectively freezing the company out of the repo market...

    To read more visit Zero Hedge.

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    The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."
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    That is the reason why China will take Afghanistan and its millions in Rare earths and minerals. Why it will invade India and take the billions in treasures from their temples. That is why they will invade the Vatican and take all its money and treasures. That is why Russia will make them do it for Russia, start WW3 and then Russia will introduce the Chabad Lubavitch Antichrist as a savior and go on a crusade to pretend to save the world from China, when in truth they are working together=all on behalf of the ones who can't be named. The Luciferian Bankers order all the Wars. WW3 is their final war to consecrate in Blood rituals /wars, the entire Earth toLucifer their God. The Chinese are smarter, higher Iq's and they will take down America first. Covid is just a ruse to kill off all the military and people in nations by the vaccines, before they invade, when no one can put up a fight. The vaccines will induce real pandemic for which there will be no cures Orr vaccines and people will die in a few days. The vaccines will also set precedents to force people to take the digital ID biochips which also will lead to death of entire populations. They know they can't go to space or another planet=that is all fake. They can depopulate entire nations and take new frontiers as their new conquest of homes for their expanding populations, I have seen it, it will happen if people continue to be gullible Marks for the con artists in charge of the world bank.


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