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The World News Media


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TheWorldNewsOrg last won the day on February 21 2020

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  1. Hard to say how this will play out.... 1990. The Economist. China's economy has come to a halt. 1996. The Economist. China's economy will face a hard landing 1998. The Economist: China's economy entering a dangerous period of sluggish growth. 1999. Bank of Canada: Likelihood of a hard landing for the Chinese economy. 2000. Chicago Tribune: China currency move nails hard landing risk coffin. 2001. Wilbanks, Smith & Thomas: A hard landing in China. 2002. Westchester University: China Anxiously Seeks a Soft Economic Landing 2003. KWR International: How to find a soft landing if China.. 2004. The Economist: The great fall of China? 2005. Nouriel Roubini: The Risk of a Hard Landing in China 2006. International Economy: Can China Achieve a Soft Landing? 2007. TIME: Is China's Economy Overheating? Can China avoid a hard landing? 2008. Forbes: Hard Landing In China? 2009. Fortune: China's hard landing. China must find a way to recover. 2010: Nouriel Roubini: Hard landing coming in China. 2011: Business Insider: A Chinese Hard Landing May Be Closer Than You Think 2012: American Interest: Dismal Economic News from China: A Hard Landing 2013: Zero Hedge: A Hard Landing In China 2014. CNBC: A hard landing in China. 2015. Forbes: Congratulations, You Got Yourself A Chinese Hard Landing …. 2016. The Economist: Hard landing looms for China 2017. National Interest: Is China's Economy Going To Crash? 2020. Economics Explained: The Scary Solution to the Chinese Debt Crisis 2021. DW News: What's behind the collapse of Chinese property development giant Evergrande?
    • Hello guest!
    Andreas Antonopoulos put all this best when he said [paraphrasing] "Do you trust the people who gave the world an open, free, borderless internet. Or the people who gave you the banking crisis?"
  2. Amid an outcry about Federal Reserve officials owning and trading individual securities, an in-depth look at officials' financial disclosures found three who last year held assets of the same type the Fed itself was buying, including Chairman Jerome Powell. None of these holdings or transactions appeared to violate the Fed's code of conduct, but they raise further questions about the central bank's conflict of interest policies.
      Hello guest!
  3. Chinese property prices 20x in 20 years. Surely the biggest bubble in history. The financial disaster alert is on! A catastrophic bank meltdown seems to be looming in China: The country's entire financial sector is getting extremely alarmed with the possibility of a major default crisis, given that one of its biggest property developers, Evergrande, recently announced that it became unable to pay its gigantic debt. That debacle has exposed the perilous state of China’s vast property sector and its consequences could have a ripple effect across global markets and lead to billions in losses. Last week, Evergrande, the world’s most indebted property developer, warned that it would likely fail to meet its financial obligations, triggering widespread panic among investors, dealing a severe blow to its bonds, and resulting in trading suspensions in the markets of Shenzhen and Shanghai.The crisis led two credit rating agencies to downgrade Evergrande last week, and it sparked a shocking 80% collapse on its Hong Kong-listed shares since the beginning of the year. And at the beginning of this week, the Shanghai Stock Exchange stopped trading in Evergrande's May 2023 bond after it dropped more than 30%. Right now, the Chinese developer is sitting under a colossal pile of liabilities that total more than $300 billion, after decades of borrowing to finance its rapid growth. Over the past few weeks, Evergrande has been rushing to sell assets to generate cash but several companies are refusing to accept the firm's commercial paper. According to S&P analysts, the developer might be paying suppliers through transfers of its properties instead of cash. In essence, the company has become exposed to a vicious debt cycle, and it doesn't have enough cash to finish its projects and generate further proceeds from sales. Only in August, sales declined by a staggering 26 percent compared to the same time last year despite the steep discounts. And, of course, the developer is in desperate need of that cash not only to service but also to reduce, its enormous debts. Beyond financial markets, the most significant problems that could be triggered by the Evergrande downfall are a residential and commercial real estate collapse all across China, as well as a brutal crisis on the broader property sector. Other worries include the growing possibility of a bank meltdown, as at least 128 banks are highly exposed to Evergrande's liabilities, according to a 2020 leaked document. On top of that, 121 non-banking institutions are also exposed, and all of them are at risk of facing billions in losses. Analysts have been comparing the imminent bank meltdown in China to the 2008 collapse of U.S. investment bank Lehman Brothers, which sparked crises at counterparties and ended up collapsing global markets. Bloomberg reported that Chinese authorities warned major lenders to China Evergrande Group "not to expect interest payments due next week on bank loans, which takes the cash-strapped developer a step closer the nation’s largest modern-day restructurings," and signals that China's "Lehman Moment" is right around the corner. Authorities have been silent on whether they will allow Evergrande creditors to face major losses. Bondholders are speculating that a buyout, break-up, or bailout are the only possible scenarios, which has infuriated countless investors and creditors. The company's intricate web of obligations to bondholders, investors, banks, suppliers, and homeowners has essentially turned into one of the biggest sources of financial risk in the world’s second-largest economy. It is now threatening to trigger a crisis that goes beyond a residential and commercial real estate collapse -- or even a widespread bank meltdown -- but it could result in a financial catastrophe that would impact the entire world. Analysts argue that now that investors started to sell off their holdings of the company, the broader credit market may be dragged further down if the property developer fails to buy time with banks to pay off its debt. The consequences are also threatening to spill over the Chinese economy. Considering that real estate is the central engine of China's growth, which accounts for 29% of economic output, a residential and commercial real estate collapse in addition to the bankruptcy of such a large company would have severe repercussions on the economy. Investors are growing increasingly nervous that the Evergrande collapse could spread to other property developers and result in dangerous systemic risks for the country's banking system. As the financial expert Mark Twain noted, companies go bankrupt in two ways. "Gradually, then suddenly." Until last week, Evergrande was in the "gradually" phase. Now, it just got to the "suddenly" phase. From now on, the collapse is likely to accelerate and generate a cascade of systemic failures, bankruptcies and push China to the verge of a default crisis never before seen in world history.
  4. Found out her father was VP of Enron. I guess crime and being a sociopath run in the family
  5. And here we are in 2021 and just now.... Theranos Founder Elizabeth Holmes Is on Trial. Silicon Valley Is Watching
      Hello guest!
    The most telling aspect of the recent news is that Holmes “likely will be testifying in her own defense.” There's a whole documentary on HBO about it.
      Hello guest!
  6. Marcy Borders (July 19, 1973 – August 24, 2015) was an American legal assistant who worked at the Bank of America located in the World Trade Center and survived its collapse (WTC1, WTC2, WTC7), following the al-Qaeda attacks on September 11, 2001. Stan Honda, a photographer for Agence France Presse, captured an image of Borders, completely covered in dust from the building collapse, that subsequently became widely described as "iconic". The image became so well known and so widely distributed, that Borders became known as "The Dust Lady". A resident of Bayonne, New Jersey, the 28-year-old Borders was working on the 81st floor inside of the North Tower at the time of the attack. Borders said that she never recovered from the trauma of the attack. Depression led to a break-up with her partner, the loss of custody of her children, and an addiction to alcohol and drugs. Borders said that a key event in her recovery and return to sobriety was learning of the death of Osama bin Laden. Borders had preserved the outfit she wore in the iconic photo. The image Honda took of Borders became iconic; she was remembered in many retrospective articles about the attacks of 9/11. The Daily Telegraph chose her as one of the survivors they profiled on the tenth anniversary of the attack. Borders had been invited to spend the tenth anniversary of 9/11 at a memorial event in Germany. Borders was diagnosed with stomach cancer in August 2014. Borders's cancer had resulted in a $190,000 debt—even though she had not yet received surgery and she still needed additional chemotherapy. Borders said she could not even afford to get her prescriptions filled. She believed her cancer was triggered by the toxic dust she was exposed to when the World Trade Center collapsed, having once stated, "I definitely believe it because I haven't had any illnesses. I don't have high blood pressure, high cholesterol, diabetes." Borders died from cancer on August 24, 2015.
  7. When Mike learned that the 81-year old civil rights activist had been robbed and beaten in her Detroit home in 1994, he wanted to move her to a safer apartment, so he established a trust to cover her rent. Regarding the guy that robbed and beat her: According to news articles, he didn't know it was her house at first. He just wanted to rob an elderly woman. Then he recognized her, confirmed it was her, and then beat and robbed her anyway. And what makes it even better... This fact was found out after his death. Rosa Parks died in 2005, and news of this was not made public til after the death of Mike Ilitch in 2014. There was no advertising about this, certainly not in either of their lifetimes. It’s how it should be. Do good deeds because it’s the right thing to do. Not for personal or commercial gain.
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