- cross-posted to:
- world@lemmy.world
- cross-posted to:
- world@lemmy.world
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If a billionaire is in actual trouble, he’s in China. US would have bailed out Evergrande.
I have pretty severe concerns about how the Chinese government operates, but this is one thing they do right.
I have pretty severe concerns about the way the American government operates.
We have traded the literal genocide and opression for corporations performing economic genocide and opression on us.
But hey, aren’t billionaires cool?
Yeah, well, I like having rights so we’ll just have to accept that everything can’t be perfect.
You know the majority of the world has the same if not more rights than you. Take Canada, I can go to any hospital without worrying if I will become bankrupt. I can own the majority of firearms this world has to offer and if I get pulled over, the police can not legally rob me because the money I have on hand isn’t drug money unless there is difinitive proof that it is.
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What the previous comment to yours was criticising the US govt. I didn’t move any goal posts was just pointing out that your freedoms is to do what your are told. Not much difference from China tbh
That’s the hypocrisy that we’re pointing out
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Typical American Exceptionalism take. Hey buddy, there are hundred of free countries that provide their citizens with inalienable rights.
How about you take your “America can do anything” attitude and apply it to GOOD instead of killing others?
American CAN do anything it wants, like helping its citizens.
It chooses not to.
Shhh, shhh. Quiet now.
Imagine living in a country where the rich are actually subject to the laws like everyone else…
Not exactly … they still treated with special previllages, its just this is bit too much
What special privileges are they treated with?
What special privileges are they treated with, motherfucker?
Smh first they come for the corrupt property developers
he was investigated over suspected “illegal crimes”
Are there any legal crimes you guys know of that I can try?
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Idk, piracy and jaywalkin’…
Then there’s loitering?
TFW: A writer gets paid by the word…
Lobbying is just corruption with a different name.
Anything with a fine you can easily pay.
are you rich?
Fun fact: his last name means a ‘dick’ in Polish (the most vulgar version of that word).
Not only in Polish. Pretty sure it’s most of Eastern Europe. 🤭
Gee it sure sucks that Evergrande collapsed. What a horrible sign for the Chinese economy!
Chinese do not fool around. I expect they will make an example of this guy.
Sucks to suck. This guy should be OK though, based on the CCPs history of fair trials and lenient sentencing.
Uh-huh: https://en.wikipedia.org/wiki/Incarceration_in_the_United_States
The United States has the largest known prison population in the world, it has 5% of the world’s population, and 20% of the world’s incarcerated persons. China, with four times more inhabitants, has less persons in prison.
Uh-huh:
https://deathpenaltyinfo.org/policy-issues/international/executions-around-the-world
As in previous years, execution totals do not include the estimated thousands of executions carried out by the world’s leading executioner, China, where execution data is considered a state secret; …
Like, a whole lot of secret state executions, pinky swear. 😂
As in, you doubt that people get executed in China?
Or
They do, but the numbers are inflated?
I’m just not sure what you’re trying to say.
I don’t doubt it: https://en.wikipedia.org/wiki/Capital_punishment_in_China
Although most death sentences are “with reprieve,” which seldom lead to execution: https://en.wikipedia.org/wiki/Death_sentence_with_reprieve
All of those are on the public record.
What I’m saying is: where is their evidence for an “estimated thousands of executions carried out” that are secret?
So you’re going with wilful ignorance. Neat.
Name a country that executes more people per year than China does.
Actually, since you can’t do that, don’t worry about it.
Anyhoo, they’ll execute him.
Man all these bad news about Chinese property market, hopefully there isn’t a collapse there as predicted.
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We are saddened to announce that he was fined deaded with two bullet wounds 😔
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He is fucked… he is a dead man…
How do you recover that? How the hell are they going to recover what is essentially multiple time the sum of the wealth of all the top 10 richest individuals on earth???
Presumably they won’t recover, because the Chinese state isn’t coming to their rescue: China’s housing minister says real estate developers must go bankrupt if necessary
I just hope the collapses won’t pull others with them and the whole construction sector. I think the fear of that and the effects rippling to other sectors and to trust in the economy is why bailing out is sometimes done.
yes, it’s a good reminder that capitalism doesn’t actually work and needs to be propped up with bailouts to ensure it doesn’t collapse and gets replaced.
Well China is trying to not bail them out, at least for now. And some others have done it before too. It’s just people fear the risk of doing that, hoping that by bailing them out things won’t be as bad.
Except that the Chinese national government is trying to reign in the domestic construction market and export as much as it can.
It was the right strategy to keep building for a generation, but it isn’t right strategy any more.
I’ve read that they’re trying to lessen the share of the GDP but an uncontrolled crash would still be horrible. Hopefully whatever they do that is avoided.
It is more than that. China significantly invested in infrastructure for a generation, which was generally good. However, China has hit a point where infrastructure investment won’t produce the returns it used to or any at all. China also needs to figure out a way to find municipal governments, which it hasn’t before. China also has to deal with a significant drop in economic growth, something it hasn’t dealt with for a generation.
These are novel problems for the Chinese government.
By locking up the rich, seizing their wealth, and using SOEs to take over incomplete projects for pennies.
multiple time the sum of the wealth of all the top 10 richest individuals on earth???
Do you mean the $78B fine or the $300B debt?
In either case, you’re way over exaggerating. All of the top 14 wealthiest people have over $100B each. Jeff Bezos (#2 richest) has close to $200B alone.
It’s even worse than I thought… Holy fucking shit.
Right!?
These people have more wealth than the GDP of some nations.
Jeff Bezos has more wealth ($190B) than the GDP of Ukraine ($170B).
In theory, but if he tried to liquidate all of his Amazon stock at once it’s very unlikely he would get that much for it. The price of the stock would crash.
except in theory they can borrow from the bank with their stock as leverage and would never actually need to liquidate anything (and they do just that).
Yep. This fucking loophole in the American tax system.
You borrow against your existing wealth, then the cost basis of your investments resets upon inheritance. So your estate can sell the investment to pay off the debt, and no capital gains tax is ever paid.
Because of this, in America, capital gains tax only applies to the middle class. The rich have a clear and obvious loophole.
You don’t, the investors loose the money. That’s the risk that they take investing in a business.
Now do Ken Griffin
Based. Wish that were us; we’ve got OODLES of real estate clowns who need to be shoved in a Brazen
