Never remember those NPC and other acronyms, not that I miss anything. Actually I would love to miss them.
Matthew Crabbe calls it “The Annual Gathering of the Fossils” (I prefer dinosaurs or funeral meetings).
This year delegates were asked not to sleep or disappear from the meetings to have long tea breaks. Sit, don’t talk, either stare in front of you as a statue or pretend you are busy taking notes. And of course, all vote yes. Don’t talk with journalists, and say all is swell. Those are the instructions. Obviously journalists were not too pleased.
As always so-called minorities in colorful dresses were there for the journalists to make some nice shots, and to pretend those people are for real and do have something to say.
The meetings are a total waste of time for everybody except to show the great motherland all is swell and united. Those who disagree promptly disappear in officially non-existent “hotels” and provide extra income for those who report them to ze-men-in-black.
It’s a waste of time as it stops life in the city, messes up traffic; the entertainment industry has to “behave” – no monkey business as for now till the fossils go back home (bad for the economy!). Viagra is not recommended in this period.
The fossils are officially not allowed to enjoy the good life and are not supposed to park their black Audis in front of sauna and massage clubs. No problem, they promptly cover their number plates with newspapers to alert passers-by they are there. Silly.
All that does not mean Chinese don’t discuss and possibly disagree – it is all done behind closed doors and weeks in advance. All in the family. Transparency is not in the vocabulary yet but more and more Chinese start complaining about it.
Meanwhile the police and other security people have to work more. Explains why I just saw a policeman drive his car without hands as he was busy smoking and talking on the phone. Overworked, the poor guys. And all those army cars (read: nice luxury cars with a WJ plate) driving around, visibly filled with civilian-looking guys enjoying the good life with their girlfriends.
Then those people wonder why we don’t like them.
The economy and China: not getting better
The SCMP reported on 4 March that the mainland’s exports and imports declined further last month after a terrible January.
The trade figures would be weaker than January’s, commerce minister Chen Deming said on the sidelines of a meeting of the Chinese People’s Political Consultative Conference.
Mainland trade with the world took a turn for the worse in January, with exports falling 17.5% year on year to US$ 90.45 billion, much steeper than the 2.8% decline for December. Imports slumped 43.1% to US$51.34 billion, indicating slackening industrial demand.
The magnitude of the declines surprised many economists. Some blamed the drop on fewer working days in January because of the Lunar New Year holiday, which fell in February last year.
On 6 March: SCMP and other media reported that Beijing will run up a record deficit, as Premier Wen Jiabao announced, and he predicted this year would be “the most difficult so far this century”. The government is hoping higher public spending can revive the flagging economy.
Governments at all levels will run a 950 billion yuan deficit this year – seven times more than last year and equal to 3% of 2008 economic output. (not too bad compared to the USA)
“We will significantly increase government spending. This is the most active, direct and efficient way we can expand domestic demand,” Mr. Wen told the 3,000 NPC delegates. Higher public spending would allow the government to aim for economic growth of 8%, he said.
If one looks at the recent charts of the stock markets, we are finally getting at the low levels I was waiting for since months – below the 2002 levels. The concern is that mainland markets are still floating too high in a total disconnect from other main markets. So, fasten your belts.
Now here people start noticing how business slows down, people (many expats) are losing their jobs. Still, people are underestimating the impact of the recession.
The Chinese stimulus plan is still too modest and misses some key industrial segments – the SME. And more needs to be done for education and health care.
Curiously enough, quite a number of the much needed improvements here are similar with the USA – over there infrastructure (road, rail, air traffic, power lines, telecom, etc.), health care and education are also in dire need of improvement. No white elephants, real need to get it all improved.
I agree both the USA and China cannot make the mistake Japan made: not do enough and quickly enough. And avoid the Japanese bridges to nowhere.
One more reason to fly first class
Mourning for the lost husband
Anna had lost her husband almost four years ago. Her daughter was constantly calling her and urging her to get back into the world.
Finally, Anna said she’d go out, but didn’t know anyone.
Her daughter immediately replied, “Mom! I have someone for you to meet.”
Well, it was an immediate hit. They took to one another and after dating for six weeks, he asked her to join him for a weekend in Vermont.
Their first night there, she undressed as he did.
There she stood nude, except for a pair of black lacy panties; he was in his birthday suit.
Looking her over, he asked, “Why the black panties?”
She replied: “My breasts you can fondle, my body is yours to explore, but down there I am still mourning.”
He knew he was not getting lucky that night.
The following night was the same – she stood there wearing the black panties, and he was in his birthday suit – but now he was wearing a black condom.
She looked at him and asked: “What’s with the black condom?”
He replied, “I want to offer my deepest condolences.”
Reform of the U.S. financial sector
The SEC and the Fed have failed in their roles. Slowly the systems are being overhauled. Unfortunately crooks like Bernard Madoff and alike still continue to enjoy their luxury mansions while so many people lost their life savings. Many are driven to despair or worse, commit suicide. Somebody who twice steals a bar of chocolate in a shop can end up in prison for a long time. Call that “justice”. I prefer the Chinese approach, once they act against the swindlers it is “drastic”.
The fake financial guru, Alan Greenspan, last week uttered the following “wise words”: “The real lesson here appears to be that bank regulators cannot fully or accurately forecast whether, for example, subprime mortgages will turn toxic, or whether a particular tranche of collaterized debt obligation will default, or even if the financial system will seize up”.
Like Floyd Norris commented – sounds like a student who failed his exam and says “Dad, nobody could pass the test”. Admitting errors is not the guy’s strong point. The SEC was warned enough about the swindlers but never acted.
So why do all those guys deserve to get so much money for their utter clue-less-ness? Good to cap some salaries in Wall Street. Danger of brain drain in Wall Street? You mean, there were brains over there? I thought it was just pure greed instead.
Bernanke is trying his best to reboot the system.
So much damage has been done, there is little else to do than to come up with a robust stimulus plan. All Americans need to realize there is a price to pay and for some years to come, in view of the past and future deficits. The alternative is to lower taxes for the rich and let the country implode, dragging the world economy further down.
My question is, what will happen to the USD within 2 years. Once the USA is not looked at as “the safe heaven”. And it has debts worse than ever. Now the euro is weakening, but later?
Here in China, no appetite to buy into any of the overseas financial firms. Can’t blame them. Anyway, here we are not yet out of the woods either. Naïve people enough here too, except for the top government people. So, they prepare the police and army for “social disturbances”.