Target looted, liquor store burned, multiple Walgreens looted and fires started, UPS and Amazon trucks looted. National Guard mobilizations, tear gas deployed, protest spreading to other cities.
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Show posts MenuQuote from: Chinese chaos worse than Greecelink=topic=8089.msg419978#msg419978 date=1436337718WHILE the world worries about Greece, there’s an even bigger problem closer to home: China. A stock market crash there has seen $3.2 trillion wiped from the value of Chinese shares in just three weeks, triggering an emergency response from the government and warnings of “monstrous†public disorder.
• LATEST: CHINESE INVESTORS FLEE FOR SAFETY
And the effects for Australia could be serious, affecting our key commodity exports and sparking the beginning of a period of recession-like conditions.
“State-owned newspapers have used their strongest language yet, telling people ‘not to lose their minds’ and ‘not to bury themselves in horror and anxiety’. [Our] positive measures will take time to produce results,†writes IG Markets.
“If China does not find support today, the disorder could be monstrous.â€
In an extraordinary move, the People’s Bank of China has begun lending money to investors to buy shares in the flailing market. The Wall Street Journal reports this “liquidity assistance†will be provided to the regulator-owned China Securities Finance Corp, which will lend the money to brokerages, which will in turn lend to investors.
The dramatic intervention marks the first time funds from the central bank have been directed anywhere other than the banks, signalling serious concern from authorities about the crisis.
At the same time, Chinese authorities are putting a halt to any new stock listings. The market regulator announced on Friday it would limit initial public offerings â€" which disrupt the rest of the market â€" in an attempt to curb plunging share prices.
While the exact amount of assistance hasn’t been revealed, the WSJ reports no upper limit has been set.
All short-selling â€" the practice of betting that stocks will fall â€" has been banned, and Chinese media has rushed to reassure citizens.
Yesterday, shares in big state companies soared in response to the but many others sank as jittery small investors tried to cut their losses, Associated Press reports. The market benchmark Shanghai Composite closed up 2.4 percent but still was down 27 percent from its June 12 peak.
Experts fear it could turn into a full-blown crash introducing even more uncertainty into global markets as Europe teeters on the edge of a potential eurozone exit by Greece, after Sunday’s controversial referendum.
WHAT DOES IT MEAN FOR AUSTRALIA?
For Australia, the market crash in China is likely to impact earnings on key exports iron ore and coal, further slashing government revenue, while also putting downward pressure on the Australian dollar.
Jordan Eliseo, chief economist with ABC Bullion, said it was important to remember that the amount of wealth Chinese citizens have tied up in the stock market is relatively minor compared with western investors.
Stocks only make up about 8 per cent of household wealth in China, compared with around 20 per cent in developed nations.
“The market crash there is generating headlines, but it’s not going to have the same impact as a comparable crash would in a developed market,†he said.
“What it means for Australia, though, is it’s very clear there are some serious imbalances in the Chinese economy, and the rate of growth they’ve enjoyed in the past is over. There’s no question our export earnings are going to take another hit.â€
Mr Eliseo predicts Australia is likely to experience “recession-like†conditions such as negative wage growth for many years to come. “I believe that’s going to be the new norm,†he said.
WHAT ARE THEY DOING ABOUT IT?
On Saturday, China’s 21 largest brokerage firms announced that they would invest more than $25.35 billion in the country’s stock markets to curb the declines.
The brokers will spend at least 120 billion yuan ($25.75 billion) on so-called “blue chip†exchange traded funds, the Securities Association of China said in a statement after an emergency meeting in Beijing.
On Friday the Shanghai Composite Index closed down 5.77 per cent to end at 3,686.92 points. Since peaking on June 12 Shanghai has dropped nearly 29 per cent, which Bloomberg News said was its biggest three-week fall since November 1992.
The Shanghai market had swelled by 150 per cent in the last 12 months and experts had expected a sharp correction, though the rate at which it has occurred is unnerving many.
Middle-class Chinese investors, encouraged by the government, have been pumping money into the stock market. The WSJ quoted 51-year-old Li Ping, who sold her 7 million yuan ($1.5 million) Beijing apartment to plough 4 million yuan into stocks.
Ms Li said she thought the market would stabilise and rise again. “The fund that I have invested in is very mature and professional,†she said.
CRACKDOWN AS PANIC TRIGGERS ‘SUICIDE’ RUMOURS
Underscoring growing jitters amid the three-week sell-off, police in Beijing detained a man on Sunday for allegedly spreading a rumour online that a person jumped to their death in the city’s financial district due to China’s precarious stock markets.
The 29-year-old man detained was identified by the surname Tian, and is a manager at a technology and science company in Beijing, police said in a post on their official microblog.
Police said Tian’s alleged posting of the rumour took place Friday and called on internet users to obey laws and regulations, not to believe and spread rumours, and to cooperate with police.
The state-run Xinhua news agency reported that Tian allegedly posted the rumours with video clips and screenshots Friday afternoon.
The post, which is said to have gone viral, “provoked emotional responses among stock investors who suffered losses over the past weeksâ€, Xinhua said.
Xinhua added that a police investigation showed that the video in question had been shot on Friday morning in the eastern Chinese province of Jiangsu where a man had jumped to his death. Local police there were investigating that case, Xinhua said.
The original post was unavailable Sunday on China’s tightly controlled social media, where authorities are quick to delete controversial material.
http://www.news.com.au/finance/economy/chinese-chaos-worse-than-greece/story-fnu2pycd-1227430761673
Quote(CNN)There are tiring commutes. And then there's James Robertson's commute. The 56-year-old Detroit man walks 21 miles every weekday as part of his journey to and from the factory where he works.James Robertson, far right, walks 21-miles to and from work each day. Monday, along with friend Blake Pollack, Robertson met Evan Leedy, who helped raise more than $200,000 for him to buy a new car. EXPAND IMAGE"I never thought anything I did would garner this much attention," Robertson said.
Robertson takes the bus some of the way, but for the past decade, ever since his car broke down, he has trudged the better part of a marathon each workday. Rain, snow or shine.
After reading about Robertson's commute in a Detroit Free Press article from over the weekend, college student Evan Leedy was moved. Like Robertson, the 19-year-old lives and works in two counties, so he spends a great deal of time commuting himself. But Leedy has a car.
Leedy decided to set up an online fundraiser to buy Robertson a new car.
"My first car cost $3,000," Leedy said, "So I set the goal at $5,000. Within an hour, we'd raised $2,000."
Leedy's fundraiser on GoFundMe has blown past its original goal, reaching more than $257,000 by Tuesday evening.
Robertson, in a video message posted on the Free Press website, gave thanks.
"Everybody calls me the inspiration, but to those who have been great enough to donate and everything ... it was really so welcome that I don't know what to tell you," he said. "You guys are the heroes."'A true American hero'Comments on the page from people donating money suggested that the story of Robertson's dedication to getting to work had tapped into a deep well of public feeling.
"Thank you for inspiring me and hopefully tons of other people to persevere in the face of adversity," said a contributor by the name of Kevin LeMelle. "You are a true American hero."
"We could use more men like James Robertson in this world," wrote a donor named Betty Blanchard.
Blake Pollack identifies with the strangers' words of support. He first spotted Robertson during his own work commute a year and a half ago.
"Climbing over snow banks, when it was pouring down rain in the summer," Pollack said, "Whatever the weather, he was there."
Pollack approached Robertson, who told the financial executive his story. Pollack promised to give him a ride the next time he saw him.
"Two to three months later, I saw him on a corner," Pollack remembered, "And I asked if he needed a ride to work."
Pollack estimates he's given Robertson between 40 and 50 rides since then, and the two men from vastly different worlds have formed an unlikely friendship.
The pleasure, Pollack said, has been all his. 'I set our attendance standard by this man'"I'm the lucky one," Pollack said. "Driving him around isn't a chore, it's a reward."
Pollack said Robertson is inspirational and funny, adding that his work ethic puts anyone to shame.James Robertson."I set our attendance standard by this man," Todd Wilson, plant manager at the engineering factory, told the newspaper. "I say, if this man can get here, walking all those miles through snow and rain, well I'll tell you, I have people in Pontiac 10 minutes away and they say they can't get here -- bull!"
Robertson apparently has a perfect attendance record. He earns $10.55 an hour, not enough to save up to buy, insure and operate a car in the city, according to the newspaper.
With the online donations now topping $200,000, Robertson, Pollack and Leedy met together for the first time Monday night. The overwhelming support has extended beyond money -- and several car dealerships have offered to give him a vehicle outright.
"Now that [the effort] is so big, there's so much more to think about," Leedy said.
There are, unfortunately, people who want to take advantage of Robertson's newfound celebrity and his generosity, Pollack said. He put together a team that includes an attorney from a large law firm in Michigan, a CPA and a certified financial planner that he says will ensure the donation money is handled appropriately and in a way that best serves Robertson.
"This money that is being given to him -- he earned every penny of it," Leedy said, just by his work ethic and his attitude.
He's been making the arduous 21-mile journey from Detroit to Rochester Hills since his 1988 Honda Accord gave up on him.
The donations mean that Robertson's mode of transportation will likely soon be changing, and without the long commute, he'll probably be getting a lot more sleep. But he loves where he works, so he has no plans to change much else.
"I can't imagine not working," Robertson said. "It's what I've always done."
Robertson, in his message, said he never expected as much support as he has received. He encouraged people to look out for one another.
"If this story will touch at least one person and inspire them to do something out of the goodness of their heart, I will be the happiest person alive," he said.
QuoteBy Cecilia Kang September 25 at 8:52 PM
They were too clunky to download. The topics were sometimes a little too obscure. And they didn’t really make any money.
Podcasts, the short-form audio files that entered the mainstream with the original Apple iPod, have been around for more than a decade. But while Apple this year discontinued the classic version of its iconic device, the podcast is resurgent, drawing hard-core fans who want to listen to other people talk about, well, pretty much everything.
An average of 1.5 million listeners a month download “99% Invisible,†a program produced on a shoestring on the theme of design. Sports are such a popular topic that when ESPN suspended Bill Simmons for his podcast tirade against NFL Commissioner Roger Goodell, fans of his “B.S. Report†helped make #FreeSimmons a top trending term on Twitter. A new series from “This American Life†producer Alex Blumberg â€" about starting a podcast business â€" has quickly become one of the top 10 most-downloaded programs in the country.
And, importantly, podcasts are finally profitable.
QuoteQuote from The New Dawn Liberia:
“Two Ebola patients, who died of the virus in separate communities in Nimba County have reportedly resurrected in the county. The victims, both females, believed to be in their 60s and 40s respectively, died of the Ebola virus recently in Hope Village Community and the Catholic Community in Ganta, Nimba.
“But to the amazement of residents and onlookers on Monday, the deceased reportedly regained life in total disbelief. The NewDawn Nimba County correspondent said the late Dorris Quoi of Hope Village Community and the second victim only identified as Ma Kebeh, said to be in her late 60s, were about to be taken for burial when they resurrected.â€