Monday , February 17 2020
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Tag Archives: China

THE WOLF STREET REPORT: Coronavirus Slams Airbnb, Airlines, Hotels, Casinos, San Francisco, Other Hot Spots

It’s not only Chinese tourists, business travelers, and property buyers who’re not showing up, but also travelers from all over the world who’ve gotten second thoughts about sitting on a plane (10 minutes). Enjoy reading WOLF STREET and want to support it? Using ad blockers – I totally get why – but want to support the site? You can donate. I appreciate it immensely. Click on the beer and iced-tea mug to find out how: Would you like to be notified via email when...

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The Violent Collision of Market Fantasy and Viral Reality

The shock wave unleashed in China on January 23 is about to hit the U.S. economy and shatter everything that is fragile and fantasy, starting with the U.S. stock market. The shock wave is still reverberating through the vulnerable Chinese economy, toppling all that is fragile: auto sales, sales of empty flats in Ghost Cities, shadow banking loans that cannot be paid, workers’ wages that won’t be paid, businesses that won’t re-open, supply chains dependent on marginal...

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“Speculative Energy in the Market is Incredibly out of Control”

“It is a mind-numbing exercise for investors who see the cognitive dissonance”: CIO at Guggenheim Partners. By Wolf Richter for WOLF STREET. This market has been an astounding experience for people who’ve traded through the prior stock market bubbles and the last three crashes, who’ve seen a national and several regional housing bubbles form and implode, who’ve seen the subprime-auto-loan Asset Backed Securities bubble blow up in the mid-1990s and again during the Financial Crisis, and...

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Our “Come to Mao” Reckoning and the Next Cultural Revolution

Let’s start our “Come to Mao” reckoning with the obvious: To the U.S. stock market: The coronavirus ravaging China doesn’t matter. China doesn’t matter. 1,500 deaths don’t matter, 5,000 deaths don’t matter, 50,000 deaths don’t matter, 500,000 deaths don’t matter. 10,000 coronavirus cases don’t matter,100,000 cases don’t matter, 1,000,000 cases don’t matter. All that matters is that exploited Chinese workers get back to assembling iPhones for Apple and all the landfill...

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China’s Fatal Dilemma

China faces an inescapably fatal dilemma: to save its economy from collapse, China’s leadership must end the quarantines soon and declare China “safe for travel and open for business” to the rest of the world. But since 5+ million people left Wuhan to go home for New Years, dispersing throughout China, the virus has likely spread to small cities, towns and remote villages with few if any coronavirus test kits and few medical facilities to administer the tests multiple...

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Controlling the Narrative Is Not the Same as Controlling the Virus

It’s clear that the narrative about the coronavirus is being carefully managed globally to minimize the impact on global sentiment and markets. Authorities are well aware of the global economy’s extreme fragility, and so Job One for authorities everywhere is to scrub the news flow of anything that doesn’t support the implicit official narrative: 1. The coronavirus is only an issue in China; it’s contained outside China. 2. The coronavirus will soon be contained in China,...

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Coronavirus Fears Sink World’s Biggest Mobile Trade Fair After US & Global Tech Giants Pull Out

With Facebook, Intel, Cisco, Sprint, Amazon, Nvidia, LG, Sony, Rakuten, Ericsson, Nokia, etc. out, the gig was up. Other big conferences in trouble too. Tourism industry is reeling. By Nick Corbishley, for WOLF STREET: The novel coronavirus, now named COVID-19, claimed a fresh victim outside China: the world’s biggest mobile trade fair, the Mobile World Congress (MWC). Contagion fears led a roster of tech and telecom companies, many of them non-Chinese, to announce they will be...

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Who Stole Americans’ Personal Data in Equifax Hack? China’s Military & How They Did it: US DOJ in 9-Count Indictment

Department of Justice indicts four members of China’s PLA. “We have the capability to remove the Internet’s cloak of anonymity.” But how far will it go? By Wolf Richter for WOLF STREET. I normally don’t get into who hacked whom, because it happens a lot, but here we’re talking about the Equifax hack, the most damaging hack for Americans ever, where hackers stole the crown jewels of personal information – including names, birth dates, social security numbers, and addresses – of 145...

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The Pandemic Isn’t Ending, It’s Just the Beginning of Global Disorder and Depression

Unsurprisingly, denying the pandemic is unstoppable and consequential is the order of the day: authorities everywhere are terrified these realities might leak through all their oh-so-obviously desperate firewalls and filters. Why are they terrified? Because they know the entire global economy, including the linchpin Chinese and U.S. economies, was extremely fragile before the pandemic arose: why else the panic-stimulus and panic-repo policies of the Federal Reserve and...

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When China’s Supply Chains Break, so Will the Delusion the U.S. Economy Is Invulnerable

Many commentators talk about supply chains in China, but how many have actually visited factories in China, other than carefully choreographed PR visits to suitably high-tech facilities? I’ve visited many factories in China, and not with a staff of minders who swiftly guide the visitors through the happy story of high-tech wonderland. I’ve visited some high-tech facilities but also many low-tech factories, where most of the supply chain originates, usually with one or two...

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