‘We are Wall Street’: No, you’re a walnut

Wednesday 19 September 2012, 12.30am HKT

Reality check on general strategy of cleaning up ‘Global Wall Street’:

  • Nobody is taking your tax money except the government.
  • If you want to fix the problem, change the leadership.
  • The people screwing you isn’t Wall Street or your favourite local equivalent.
  • Be serious: how clean is (Global) Wall Street really? Is it clean enough for rampant theft?
  • The average, generic, non-specific, unidentified investment bank in any average country gets hit every year with an average of three criminal actions and five administrative disciplinary actions over investment mispractices that they on average settle out of court.
  • Meanwhile every year, these average investment banks put out an average 12 corporate PR ads extolling virtues of integrity, trustworthiness and professionalism in handling your hard-earned, cold cash.
  • I ought to know this: I’m a financial printer.

Click page 6 now.

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9 Responses to “‘We are Wall Street’: No, you’re a walnut”

  1. Ed Hurst said

    You get it; they don’t. Yes, we are doomed with QE3 and what goes with it. I was wondering how extensive is the ghost inventory backing so many loans in China. I’m willing to bet your economy still works better than ours in the long run.

    Like

    • Honestly speaking, I wish the various economies in Asia are as good as they seem. The biggest problem here in China (and Hong Kong now being part of China) is that our overlords in Peking have a penchant for fudging figures and cooking the books, so nobody knows how good/bad the situation is. Until it hits the fan. And then we done for.

      Like

    • Hong Kong doesn’t fudge figures – indeed, it’s one of the few places in the world that give out 99% honest figures. The main problem is that honest figures may not be correct figures.

      After 15 years of Chinese sovereignty, Hong Kong is 99% tied up with the Chinese economy through the Pearl River Delta manufacturing base that it’s just impossible to separate the two sets of figures. Where does one set end and the other start? In the end, the economic figures are no better than sit-in-the-bathroom speculation.

      What we do know is that if China stumbles (because America stumbles), we’re screwed royally here.

      Dongguan City about 50 miles west of Hong Kong is a SMALL mainland manufacturing hub with a 13 MILLION population (twice that of Hong Kong), nearly 80% of that population are workers from other provinces! Imagine 10 million people out of work because the USA dries up.

      Most people don’t understand China doesn’t want to screw the USA.

      Like

  2. Ed Hurst said

    Quite right about that interdependence. Most people see only the posturing and hear the saber rattling, but have no real idea what’s going on behind all that fakery. Yeah, in the long run, we are all screwed in one way or another.

    Like

    • Orthio said

      Hey chin up ed – life’s good! Naked, where do you get this info from btw? Is it mostly newspapers? I wonder how easy it is to say with any accuracy whatsoever how truthful china’s economic numbers are… I’m sure they’re not perfect cause, y’know, it’s a huge place to gather data for but still.

      Like

    • Source? I talk to PEOPLE. I’m a financial printer, so I have access to people who are relatively more knowledgeable than the most of us.

      Nothing is ever even 90% truthful, in case your mum didn’t tell you before.

      Unless you actually live in this corner of the world, it’s difficult to appreciate how the economic figures between different places of the same country operate.

      Like

  3. Orthio said

    I feel like I’m reading propaganda whenever I visit your page!

    Brits use billion too btw

    Like

Comments are closed.

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