152
submitted 3 months ago by MaoTheLawn@hexbear.net to c/news@hexbear.net

How stupid do they think China is

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[-] JohnBrownsBussy2@hexbear.net 84 points 3 months ago

It is funny that this supposedly "market-based" solutions boil down to an axiom that creditors should never be allowed to lose when making a bet or a loan, and that the state should always compensate creditors.

[-] Tom742@hexbear.net 49 points 3 months ago

That’s basically the IMF’s whole bid too, the west created a whole global institution to create loans that can never lose, their goal is debt trap.

Which is ironic considering the capitalists rhetoric around loans and interest is that riskier loans have higher interest because of the chance of default. Then they go and ensure that no loan is risky if it’s enough money owed to the right people.

[-] PKMKII@hexbear.net 33 points 3 months ago

Michael Hudson has written about this, that the international loan system exists so that the imperial core can put the screws on the “developing” world whenever it makes political economy decisions that threaten international capital’s bottom line.

[-] Tom742@hexbear.net 19 points 3 months ago* (last edited 3 months ago)

Yup! I read Super-Imperialism and then shortly after read Debt: The First 5,000 years, and I think they compliment each other really well in being able to conceptualize how debt is wielded as a weapon.

Debt actually opens up with the example of how “incredulous” of an idea it is that a country would default on their IMF loan and then shreds it apart.

[-] corgiwithalaptop@hexbear.net 12 points 3 months ago

The freeeeeeeeee marketttttttttt

[-] vertexarray@hexbear.net 82 points 3 months ago

The IMF wasn't even offering to loan any money out, they were just telling China how to run their economy lmao

[-] Tom742@hexbear.net 39 points 3 months ago

Trying to get China to debt trap the central government to the real estate capitalists themselves essentially

[-] Grownbravy@hexbear.net 62 points 3 months ago
[-] citrussy_capybara@hexbear.net 43 points 3 months ago* (last edited 3 months ago)

can put words directly atop emoji with {emoji|text} and not have to try manually spacing
{friend-visitor-3|China}mystery-emote{friend-visitor-4|IMF}

*edit - was unaware browser support mixed, YMMV

[-] wheresmysurplusvalue@hexbear.net 22 points 3 months ago* (last edited 3 months ago)

fwiw it doesn't render correctly for me on desktop firefox, can only read the words by highlighting them

[-] citrussy_capybara@hexbear.net 18 points 3 months ago

oof
in Chromium and Safari looks like

[-] viva_la_juche@hexbear.net 18 points 3 months ago

On ddg on iOS it didn’t even render at all for me lol

[-] citrussy_capybara@hexbear.net 13 points 3 months ago

odd, works in iOS ddg and firefox here

[-] Evilphd666@hexbear.net 20 points 3 months ago

Ohhh new tricks to power up the shitposting! Thank you 😊

[-] citrussy_capybara@hexbear.net 15 points 3 months ago* (last edited 3 months ago)

{07|you’re welcome!}

[-] Grownbravy@hexbear.net 11 points 3 months ago* (last edited 3 months ago)

{friend-visitor-3 | Every Chromium Browser } mystery-emote {friend-visitor-4 | The exact one I use}

Neat trick, but it’s rendering wrong for me

[-] citrussy_capybara@hexbear.net 10 points 3 months ago

unfortunate, but that makes this one you just did even funnier

[-] LaGG_3@hexbear.net 9 points 3 months ago

I've made a handful of shit posts with that newish furigana feature, but didn't even think of using it with emoji. centrist next level shit

[-] citrussy_capybara@hexbear.net 8 points 3 months ago

you mean {centrist|next level shit}

[-] sovietknuckles@hexbear.net 56 points 3 months ago

The IMF called on China to deploy “one-off” fiscal resources to complete and deliver pre-sold properties or compensate homebuyers, according to an annual review of the world’s second-largest economy published Friday. It put the cost at the equivalent of 5.5% of gross domestic product over four years.

That would amount to almost $1 trillion based on last year’s GDP, according to Bloomberg calculations.

Bloomberg made up the $1 trillion figure

[-] Pastaguini@hexbear.net 31 points 3 months ago

“This would amount to INFINITY PLUS ONE TIMES A HUNDRED dollars.”

[-] PolandIsAStateOfMind@lemmygrad.ml 17 points 3 months ago* (last edited 3 months ago)

Ancient Chinese or Greeks would use "10000" for that figure of speech but it would look silly for US oligarch.

[-] Self_Sealing_Stem_Bolt@hexbear.net 15 points 3 months ago

an annual review of the world’s second-largest economy

What weird hollywood accounting are they using to put China's economy behind amerikas lmao

[-] AstroStelar@hexbear.net 11 points 3 months ago* (last edited 3 months ago)

Using nominal GDP instead of GDP adjusted for purchasing power parity (PPP). America still leads in the former because the same goods and services cost more there than in China.

[-] Kieselguhr@hexbear.net 13 points 3 months ago

this is also the same neat trick they use when they say Italy's economy is bigger than Russia's

[-] Frank@hexbear.net 54 points 3 months ago

“We believe that we should continue to apply market-based and rule-of-law principles in completing and delivering these units,” said Zhang Zhengxin, the IMF’s executive director for China who was elected to the fund by the government in Beijing.

Lol. Just lol. "Actually we're just gonna do capitalism and see how that works out".

[-] SkingradGuard@hexbear.net 7 points 3 months ago

One of the many downsides of getting too many people educated in westoid universities

[-] StalinStan@hexbear.net 50 points 3 months ago* (last edited 3 months ago)

They should take the money and just give it to Palestine. Then when the imf guy comes to ask for a payment they should arrest him and put him on their space station where we can't get to him

[-] barrbaric@hexbear.net 14 points 3 months ago

No fair, why should IMF ghouls get to go to space for free?

[-] StalinStan@hexbear.net 5 points 3 months ago* (last edited 3 months ago)

Just like all imf business the cost is free upfront, it is getting out at the end that is gonna cost.

[-] RNAi@hexbear.net 37 points 3 months ago* (last edited 3 months ago)

Even if they were interested in injecting money on the companies that lost a shitton of money; doesn't China have like a shitton US debt that they could call? Why would they get a loan for it?

[-] JohnBrownsBussy2@hexbear.net 33 points 3 months ago

US treasuries have a fixed coupon schedule, so they can't be "called." They can be sold for liquid cash though.

[-] RNAi@hexbear.net 8 points 3 months ago

Ok, that then

[-] LENINSGHOSTFACEKILLA@hexbear.net 29 points 3 months ago

how the fuck is the imf even in china to begin with

[-] Yor@hexbear.net 28 points 3 months ago
[-] InevitableSwing@hexbear.net 27 points 3 months ago

The IMF called on China to deploy “one-off” fiscal resources to complete and deliver pre-sold properties or compensate homebuyers, according to an annual review of the world’s second-largest economy published Friday. It put the cost at the equivalent of 5.5% of gross domestic product over four years.

That would amount to almost $1 trillion based on last year’s GDP, according to Bloomberg calculations. It’s a solution that China all but ruled out in an official response included in the report.

“We believe that we should continue to apply market-based and rule-of-law principles in completing and delivering these units,” said Zhang Zhengxin, the IMF’s executive director for China who was elected to the fund by the government in Beijing.

[-] Dirt_Owl@hexbear.net 24 points 3 months ago
[-] tactical_trans_karen@hexbear.net 20 points 3 months ago

IMF: porky-happy Heyyyy buuuuudy! It's me, the West, your old pal that you have a good history with who never says openly that we want to sew the seeds of your destruction. You know that thing that you're being so successful at? Yeah, the economy! Looks like you need some help with that, wanna borrow some money?

China: xigma-male I am the one who loans.

[-] umbrella@lemmy.ml 20 points 3 months ago

it is my understanding that they announced and even planned to divert resources away from real estate

why would they want to reinvest in it again all of a sudden in the first place

[-] WhatDoYouMeanPodcast@hexbear.net 16 points 3 months ago
[-] CarbonScored@hexbear.net 14 points 3 months ago* (last edited 3 months ago)

The way I'm reading this, it sounds like the IMF was just telling China how to use its own funds.

[-] Finger@hexbear.net 13 points 3 months ago

no more half measures walter

[-] LaughingLion@hexbear.net 6 points 3 months ago

BUT AT WHAT COST?

this post was submitted on 04 Aug 2024
152 points (99.4% liked)

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