July 9, 2012 in Daily Bulletin
Trefor Moss writes “That’s globalization for you: A Chinese person turns off the air-conditioning, and the world economy catches a cold” and the Chinese are turning off their air-conditioning because the Chinese economy seems about ready for a collapse. He notes:
- Local governments are selling off the luxury cars they purchased during the height of China’s economic boom. This has made Ferrari nervous.
- “When the going gets tough, the rich head to the airport” – and more than 50% of China’s millionaires are considering moving to another country.
- Grocery prices are see-sawing. Egg prices have gone up so quickly that the term “Rocket Eggs” is now common among consumers, and pork prices (China ate 1.7 million pigs a day in 2007) fell so low that the government had to buy pork on the market to stabilize prices for producers.
To read more in what is an extremely well written article, with several witticisms similar to the one this post opened with, as well as to read more details, and find out why elaborate banquets might come to an end, the potential for future riots, what, exactly, “naked officials” are, and why it is likely to be a long hot summer, click here.
Source: Foreign Policy