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Samson Soturian
China Observer
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Comments by "Samson Soturian" (@samsonsoturian6013) on "Banks Struggling to Operate, Large Malls Like Ghost Towns, Closure Wave Sweeps China by Year-End" video.
I think the bottom line is those markets were all sustained with borrowed funds. Not just their own mortgages, but the loans of the companies that the customers work for.
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Most people are poor anyway
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Low birth rates, high illness rates, outward migration.
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They are also bankrupt. They don't even have the money to pay rescue workers
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China never had a middle class
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It was all sustained with borrowed funds. The retail business and area factories that the customers worked for all had ponzi level of mortgages and investors. Now everyone is back to street vendors and wholesale merchants like before.
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They're buying wholesale foods and from neighborhood street vendors rather than from restaurants and supermarkets to save costs
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@HKim0072 I didn't mean mortages, i meant Ponzi schemes. Evergrande was simply the biggest, but they're all ultimately Ponzi schemes.
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@nommchompsky Yes, that was ultimately where the loans came from
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@GeorgeMonet who were all ponzi schemes and/or counterfeiters
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The factories were all counterfeiters and ponzi schemes. @GeorgeMonet
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They're all gamblers. They seek out risk.
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