Panic sets in as $3.7 trillion wiped of China share market

Chinese are notorious gamblers, and beer drinkers.

Not usually, a winning combination.

a reply to: kitzik

Who wants to bet George Soros made money on this

a reply to: maddy21

When it comes to money China is the US now so maybe ditzoid wolf caller is right this time!

My wife's friends on WeChat say they are locking all the balcony doors of the apartments in her area of Beijing. I thought she was joking but apparently they are serious.

This is to stop people from jumping of the Balcony..

My Uncle who lives in Guangzhou (and is married to a Chinese wife, and kids are 1/2 Japanese, 1/2 Chinese) told me that his wife's side of the family lost a lot, its that bad in the real estate area. My Uncle owns a Japanese import export store (bodega) stationed in Guangzhou as well as Hong Kong ---- seems like lots of his workers are panicking. There is panic going on. But that's just from his side of the story --- and in Guangzhou. I don't know what its like in Beijing, Shanghiai, Ningbo and other parts of the country.

These are basically posts from some of my friends who have relatives in China. IT doesn't look good...

a reply to: maddy21

Well, maybe US companies will finally realize that outsourcing wasn't such a great idea after all. Imagine, if China collapses, pretty much EVERYTHING electronic is made there, you won't be able to buy computer products in the US at all, which will devastate our economy as well. That's the pitfall of globalization, if one country collapses, it's a domino effect. I guess we'll find out in the coming weeks.

China represents another gleaming example of the futility in trying to create billions of jobs for people when there isn't a necessity for them.

Man we humans are slow to learn.

Not enough jobs because we don't need them anymore. 1 person can do 15 jobs now and it's only going to keep going in that direction.

We need a new economy a system that isn't dependant on labor but on something else.

Now I starting to understand that Putin wrote this Independence day letter to Obama , Something Mr Xi Jinping forgot to do...

a reply to: onequestion
Our whole system of economy is out dated and able to crash. It all started to fall apart when the start of globalization and one world economy. Back when the economy of each county was not so tightly bond to the rest of the world one could fail and the rest of the world would hardly notice. But now when one starts to crash it pulls down the whole world with it.

sounds like yes it will be bad news for someone .
the people who import cheap labour. made in china no more?!

originally posted by: EA006
3 trillion is a catastrophe.

China's coat is on a shaky peg

Yup. That's a full $700 Billion more than Rumsfeld stole - err, I mean lost at the Pentagon

Get ready for more Sino nationalistic war-mongering and provocation...

a reply to: maddy21

Over the past year I have been saying in posts China's economy was going to crash because it is all smoke and mirrors even more so than their western counterparts.........Many posters on this site said I had no idea what I was talking about.......Take a good hard look.......I was right on the money.



China is screwed.......And ya it is bad for the rest of the world. They will need to pump so much money into the system it will cause massive..........EPIC inflation. They way over extended themselves to the point of financial collapse. The only way China makes it out of this is to pump massive amounts of cash into the system........Build more Dams,roads,buildings,schools........It is the only way and I bet come next week if it continues to decline we will see large amounts of cash being thrown at the system.

a reply to: SubTruth

Ghost towns aren't going for another round.

China went through a super fast stage into "modern" economy.

my only friend, the end...

originally posted by: StoutBroux Since China produces almost everything, if they went to full automation and with their excess population, it would be even more devastating.

I'd welcome it...

Full automation will force us to re-think the concept of compensation and money in general.

The end result is a self-managing all-in-one fully automated system that will service man and provide all the basic needs for free...

...Because otherwise, a lot of people will lose their jobs and result to chaos.

We will be forced to make a choice, let machines do everything for free or let people who lost their jobs to machines beg in the streets.

In fact, full automation in a global scale is the heart of my concept of zero-poverty, zero-violent-crime society. Money does not exist in this society and everyone works in the field of scientific research/exploration or creative arts in any form.

originally posted by: pl3bscheese
a reply to: SubTruth

Ghost towns aren't going for another round.

China went through a super fast stage into "modern" economy.

my only friend, the end...

They could build more dams or something to power all those vacant cities.

In the past people were an asset on the great balance sheet of life - today they are clearly a liability.
Too many people, not enough jobs, and soon not enough food, water, shelter - the basics.
China has a huge liability in its population, and has recognised that for some time (1 child policy). Too late they cried apparently.
In a world devoid of stupid rich f&ckers, we would all sufficiently fed, watered, educated, entertained and all of that sustainably - it is human nature. Oh, and no wars, no weapons because we would all have enough. Imagine billions of people ALL WORKING TOGETHER!!! Wow. What could be achieved. Instead religion and money divide and conquer us.
First stop China.
Next stop USA (Jade Helm 15).

a reply to: onequestion

It amazes me that very few people realize that, even among intelligent people. When I talk to people about that I get this kind of reaction usually:

This is what happens when they ban the confederate flag.

a reply to: pl3bscheese

Ghost towns aren't going for another round.

my point exactly

Maybe someone else here from Sydney could back me up ???

I can tell you now the Chinese are moving their cash from China and into Australia. The Sydney housing market is awash with cashed up Chinese buying EVERYTHING on the market. My sister lives about 50 mins from Sydney in the western suburbs. The fibro house 2 doors down went on the market for $490,000. By 2pm 2 chinese investors were fighting over it. By 4pm it was sold for $600,000.

Most houses are not even making a week on the market. I would love to know exactly how many houses are now sitting in Sydney completely empty. They don't even want to rent them out.