China Turns Over

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Renegade Economists Show 405

As broadcast on the 3CR airwaves 5.30 – 6pm Wednesdays.
Subscribe to the free weekly podcast.

Show Notes
Karl reveals his lead indicator of looming economic calamity as we step through why China has exploded so spectacularly this week. Jim Chanos lends his insights on why he bet so heavily against the Chinese economic miracle. Thanks Unsplash for the pic

China Turns Over by Renegade Economists on Mixcloud

Related Links
** Pls read – China’s Economic Fundamentals Exposed
Jim Chanos on Charlie Rose – watch the full interview, excellent!
From the Subprime to the Terrigenous – must read report on how land turnover pre-dates credit crunch.
China’s developers growing bankruptcy
Further pressure on Chinese developers
Ambrose Evans Pritchard and China’s trillion dollar reserves not so grand
Jim Chanos – The Man Who Got China Right. Wish I had of quoted on air:

“I’ll never forget the day in 2009 when my real estate guy was giving me a presentation and he said that China had 5.6 billion square meters of real estate under development, half residential and half commercial,” Chanos told me the other day.

“I said, ‘You must mean 5.6 billion square feet.’ ”

The man replied that he hadn’t misspoken; it really was 5.6 billion square meters, which amounted to over 60 billion square feet.

For Chanos, that is when the light bulb went on. The fast-growing Chinese economy was being sustained not just by its export prowess, but by a property bubble propelled by mountains of debt, and encouraged by the government as part of an infrastructure spending strategy designed to keep the economy humming. (According to the McKinsey Global Institute, China’s debt load today is an unfathomable $28 trillion.)

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Planned Obsolescence of the Public Interest

Karl FitzgeraldMultimediaLeave a Comment

Renegade Economists Show 404

As broadcast on the 3CR airwaves 5.30 – 6pm Wednesdays.
Subscribe to the free weekly podcast.

Show Notes
Part 2 to the Forest Park interview with Prof Michael Hudson and Tune Nielsen on the state of economic reform. This week we delve deeper into the Greek capitulation to the Troika, how to get free of the euro, the state of US democracy and other aspects to economic warfare. The underlying theme of course is how the planned obsolescence of the public interest is orchestrated.

Planned Obsolescence of the Public Interest by Renegade Economists on Mixcloud

Related Links
Part 1 of the interview:

QE for the People by Renegade Economists on Mixcloud

Show notes to Part 1 of the interview

Why Comparative Advantage was replaced by Rent Extraction – with Prof Michael Hudson by Renegade Economists on Mixcloud

Read more of Prof Michael Hudson’s excellent work, highly recommended are his recent book The Bubble and Beyond and upcoming Killing the Host.

Keep an eye on Tune Nielsen and the Gode Penge NGO.

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QE for the People

Karl FitzgeraldCommentary, Multimedia2 Comments

Renegade Economists Show 403

As broadcast on the 3CR airwaves 5.30 – 6pm Wednesdays.
Subscribe to the free weekly podcast.

QE for the People by Renegade Economists on Mixcloud

Show Notes
Financial warfare discussed as only we can with Prof Michael Hudson, this time joined by Tune Nielson (Positive Money Denmark). We wind through the tricks of the trade the FIRE sector (Finance Insurance and Real Estate) adopt to keep our economic rights off the agenda.

Part 2 next week.

Related Links
Tune Nielsen and the Gode Penge NGO .

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There Goes the Neighbourhood

Karl FitzgeraldCommentary, MultimediaLeave a Comment

Renegade Economists Show 402

As broadcast on the 3CR airwaves 5.30 – 6pm Wednesdays.
Subscribe to the free weekly podcast.

Show Notes
DJ Cooba (Clarion Alley Mural Project), Andy Blue and Felicia appear in an on the streets of San Francisco Renegades special. Themes:gentrification, art culture, survival & real estate commodification.

Related Links
Clarion Alley Mural Project

Montana freight train

Image – Aaron Burden, Unsplash

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Distribution Dangerous for Economists

Karl FitzgeraldMultimediaLeave a Comment

Renegade Economists Show 401

As broadcast on the 3CR airwaves 5.30 – 6pm Wednesdays.
Subscribe to the free weekly podcast.

Show Notes
Joseph Stiglitz discusses with the Institute for New Economic Thinking the important role of monopoly rents that Piketty missed in critique of inequality. If ever there was a demonstration of the Corruption of Economics, this was it. Karl then comments within the Australian context. Gee I wish I could reveal what’s happening behind the scenes! Exciting times.

Distribution too Dangerous for Economists by Renegade Economists on Mixcloud

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Baltimore vacancy and Freddie Gray

Rise of the FHB Specufestor

According to Mortgage Choice’s latest Investor Survey, 36.6% of investors were first time buyers – significantly higher than the 21.1% recorded this time last year.

According to the ABS, rents nationally grew by 0.4% over the June quarter of 2014 – the equal lowest quarterly growth since March 2005 – and was up by only 1.9% over the year

AFR on loan costs to investors

The Australian Prudential Regulation Authority this week instructed the main four banks and Macquarie Group to hold billions of dollars in extra capital to cover mortgage loans. The change may be passed on to customers in higher borrowing costs.

An investor who wants to buy a $1 million property could have to prove they will generate an additional $22,500 in cash a year under new standards, assuming a 20 per cent minimum deposit. An investor with a $500,000 property could need up to $12,300 in additional cash a year.

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