UPDATE 01/03/22 Evergrande stock: China’s property developer suspends trading in Hong Kong – CNN
While we’re shopping from Amazon (or at the mall?), ominous events are taking place in the investment world: China’s largest real estate company, Evergrande—with 200,000 employees and more than 1,300 developments in more than 280 cities–has defaulted on its $300 billion debt. This despite having real estate sales of $110 billion last year. Why is this significant? Never mind the awful consequences of our complete social shutdown—depression, suicide, drinking and drug use, reckless Covid relief and stimulus—the U.S. pension system and insurance funds are heavily invested in the collapsing Chinese real estate bubble and consequently, have lost billions. Other Western nations are in a similar bind. Continue reading “Packages and Rescue Packages: Online Consumerism Shields a Brewing Storm”