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By Tyler Durden

Back in December, New York-based China Beige Book International released what they called a “disturbing” set of data that pointed to pronounced weakness in the Chinese economy.

“National sales revenue, volumes, output, prices, profits, hiring, borrowing, and capital expenditure were all weaker than the prior three months,” the firm – whose CBB is modeled on the Fed’s survey of US economic conditions and is supposed to provide a more objective assessment of China’s economic health than the goalseeked figures that emanate from the NBS – remarked.

In the three months since the CBB’s last report, we haven’t seen a whole lot in the way of positive data that would have caused us to believe that things are looking up. Exports, for instance, cratered more than 20% in RMB terms last month and 25% in USD terms – the third worst performance in history.

Sure enough, the CBB’s latest quarterly read on the Chinese economy betrays more pervasive problems including a persistent lack of hiring and a disheartening dearth of capex. “Only 33% of firms reported capital expenditure growth in the first quarter, the lowest in the survey’s five-year history,” Reuters reports, adding that “the share of firms reporting capex growth has fallen by over 40 percent since the second quarter of 2014.”

The CBB’s survey, which includes 2,200 companies and 160 bankers, showed that although profits have risen, hiring has collapsed to a four-year low and that poses a very real problem for the Party which is perpetually concerned with optics. “The weakness in the job market hits at a paramount concern for the Chinese Communist Party,” WSJ notes, before quoting CBB president Leland Miller, who said the following in the report:

“The party cares very much about the state of the labor market. The first quarter may therefore be one of the rare occasions when investors see the data and react mostly with relief, while the results cause some mild panic back in Beijing.”

“Our data show that firms first stopped borrowing, then cut spending and now are becoming allergic to hiring,” Miller continues.

Right. And if there’s anything the politburo does not need in the current environment, it’s for firms to develop a hiring “allergy.”

As we’ve documented exhaustively of late, China is staring down what may end up being a catastrophic employment crisis as the government must choose between allowing an acute industrial overcapacity problem to sink the entire economy or else move to implement a massive restructuring of elephantine SOEs.

Reforming grossly inefficient government enterprises will likely cost hundreds of thousands if not millions of jobs and if Beijing can’t manage to mitigate the situation by reassigning workers or otherwise providing some manner of social safety net, they’ll be widespread social unrest.

Of course besides the whole “popular revolt”/ “angry coup” issue, mass layoffs also do not bode well for China’s nascent transition …read more

Source: China Beige Book Reveals Employment Plunges To 4-Year Low, Capex Worst In History

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By Tyler Durden

Back in December, New York-based China Beige Book International released what they called a “disturbing” set of data that pointed to pronounced weakness in the Chinese economy.

“National sales revenue, volumes, output, prices, profits, hiring, borrowing, and capital expenditure were all weaker than the prior three months,” the firm – whose CBB is modeled on the Fed’s survey of US economic conditions and is supposed to provide a more objective assessment of China’s economic health than the goalseeked figures that emanate from the NBS – remarked.

In the three months since the CBB’s last report, we haven’t seen a whole lot in the way of positive data that would have caused us to believe that things are looking up. Exports, for instance, cratered more than 20% in RMB terms last month and 25% in USD terms – the third worst performance in history.

Sure enough, the CBB’s latest quarterly read on the Chinese economy betrays more pervasive problems including a persistent lack of hiring and a disheartening dearth of capex. “Only 33% of firms reported capital expenditure growth in the first quarter, the lowest in the survey’s five-year history,” Reuters reports, adding that “the share of firms reporting capex growth has fallen by over 40 percent since the second quarter of 2014.”

The CBB’s survey, which includes 2,200 companies and 160 bankers, showed that although profits have risen, hiring has collapsed to a four-year low and that poses a very real problem for the Party which is perpetually concerned with optics. “The weakness in the job market hits at a paramount concern for the Chinese Communist Party,” WSJ notes, before quoting CBB president Leland Miller, who said the following in the report:

“The party cares very much about the state of the labor market. The first quarter may therefore be one of the rare occasions when investors see the data and react mostly with relief, while the results cause some mild panic back in Beijing.”

“Our data show that firms first stopped borrowing, then cut spending and now are becoming allergic to hiring,” Miller continues.

Right. And if there’s anything the politburo does not need in the current environment, it’s for firms to develop a hiring “allergy.”

As we’ve documented exhaustively of late, China is staring down what may end up being a catastrophic employment crisis as the government must choose between allowing an acute industrial overcapacity problem to sink the entire economy or else move to implement a massive restructuring of elephantine SOEs.

Reforming grossly inefficient government enterprises will likely cost hundreds of thousands if not millions of jobs and if Beijing can’t manage to mitigate the situation by reassigning workers or otherwise providing some manner of social safety net, they’ll be widespread social unrest.

Of course besides the whole “popular revolt”/ “angry coup” issue, mass layoffs also do not bode well for China’s nascent transition …read more

Source: China Beige Book Reveals Employment Plunges To 4-Year Low, Capex Worst In History

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1980s tech brought us personal computing and mobile phones to the masses, even if gadgets were bulky and slow by today’s standards.

…read more

Source: The totally righteous technology of the 1980s

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Mother Mary Angelica of the Annunciation, a Catholic nun who started a TV station in a garage that grew into a religious media giant, died on Easter Sunday, according to her company.

…read more

Source: Nun who built Catholic media network passes

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By Tyler Durden

Authored by Paul Craig Roberts,

An address delivered to the Libertarian Party of Florida on March 23, 2016 in Destin, Florida

To answer the question that is the title, we have to know of what the US consists. Is it an ethnic group, a collection of buildings and resources, a land mass with boundaries, or is it the Constitution. Clearly what differentiates the US from other countries is the US Constitution. The Constitution defines us as a people. Without the Constitution we would be a different country. Therefore, to lose the Constitution is to lose the country.

Does the Constitution still exist? Let us examine the document and come to a conclusion.

The Constitution consists of a description of a republic with three independent branches, legislative, executive, and judicial, each with its own powers, and the Bill of Rights incorporated as constitutional amendments. The Bill of Rights describes the civil liberties of citizens that cannot be violated by the government.

Article I of the Constitution describes legislative powers. Article II describes executive powers, and Article III describes the power of the judiciary. For example, Article I, Section 1 gives all legislative powers to Congress. Article I, Section 8 gives Congress the power to declare war.

The Bill of Rights protects citizens from the government by making law a shield of the people rather than a weapon in the hands of the government.

The First Amendment protects the freedom of speech, the press, and assembly or public protest.

The Second Amendment gives the people the right “to keep and bear arms.”

The Third Amendment has to do with quartering of soldiers on civilians, a large complaint against King George III, but not a practice of present-day armies.?

The Fourth Amendment grants “the right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures” and prevents the issue of warrants except “upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.” The Fourth Amendment prevents police and prosecutors from going on “fishing expeditions” in an effort to find some offense with which to charge a targeted individual.

The Fifth Amendment prohibits double jeopardy, self-incrimination, the taking of life, liberty, or property without due process and the prohibition of seizing property without just compensation.

The Sixth Amendment guarantees speedy and public trial, requires that a defendent be informed of the charge against him and to be confronted with the witnesses, to present witnesses in his favor, and to have the assistance of an attorney.

The Seventh Amendment gives the right of trial by jury to civil suits.

The Eighth Amendment prevents excessive bail and cruel and unusual punishments.

The Ninth Amendment says that the enumeration of certain rights in the Constitution does not deny or disparage others retained by the people. In other words, people have rights in addition to the those listed in the proscriptions against the government’s use …read more

Source: Does The United States Still Exist?

    

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