How To Avoid Getting Kidnapped In China

[metalman]

How To Avoid Getting Kidnapped In China

You have to make your business interactions about relationships, not legalities--and find an ''uncle

China Law Blog recently ran a chilling post about an executive who found himself held captive in a hotel until his company paid money it owed his kidnappers--even though his firm had declared bankruptcy. The article pointed out that holding executives until their companies pay up is not uncommon in developing countries; it advised that any business expecting to go into default get its foreign personnel out of the country first.

Is that really what happens when you don't pay a Chinese creditor?

Americans used to be afraid Chinese businesses would stiff them; now it's the other way around. With thousands of American firms declaring bankruptcy, many companies in China have been left unpaid and angry. How your firm deals with your Chinese partners can make the difference between maintaining a valuable business relationship and losing out on a critical market--or worse.

so glad we owe this nation of thugs $1 trillion :mad:

[audrey_girl]

Re: How To Avoid Getting Kidnapped In China

so glad we owe this nation of thugs $1 trillion :mad:

if you count paper that is not US Tbills or notes, but which have Fed guarantee (Fannie/Freddie, etc.) - me thinks the total is closer to 2 Trillion and pocket change

as a country this was a real bone-headed thing to do

[touhy]

Re: How To Avoid Getting Kidnapped In China

But perhaps not as boneheaded as the Chinese trusting the integrity of those notes...

[sutro]

Re: How To Avoid Getting Kidnapped In China

Sort of like a debtors prison back in the good old days...

[touchring]

Re: How To Avoid Getting Kidnapped In China

so glad we owe this nation of thugs $1 trillion :mad:

This guy is lucky to be in China. In Indonesia, they throw you into prison if you owe money. I heard a case of a Singapore businessman who owed some money to an influential Indonesian company, refused to pay, and one day he tried to sneak into indonesia, he was seized at the customs (he was marked, don't ask me how), and spent 3 weeks in prison. He was released after his family came over with cash to redeem the man.

There is no law that says that a man can be seized and put in jail for 3 weeks for owing money. The Indonesian police are in the debt collection business.

[metalman]

Re: How To Avoid Getting Kidnapped In China

This guy is lucky to be in China. In Indonesia, they throw you into prison if you owe money. I heard a case of a Singapore businessman who owed some money to an influential Indonesian company, refused to pay, and one day he tried to sneak into indonesia, he was seized at the customs (he was marked, don't ask me how), and spent 3 weeks in prison. He was released after his family came over with cash to redeem the man.

There is no law that says that a man can be seized and put in jail for 3 weeks for owing money. The Indonesian police are in the debt collection business.

what is the penalty for a country that owes you $2 trillion but won't pay?

[touchring]

Re: How To Avoid Getting Kidnapped In China

what is the penalty for a country that owes you $2 trillion but won't pay?

$2 trillion isn't a lot of money. Only 7 years of adventure in Iraq and Afghanistan.

I am of the opinion that the US as a whole has the money to pay of its debts. Of course, if you tax the middle class only, and leaving out the wealthy people, it will take forever to pay off.

Since the wealthy are unwilling to pay more taxes, the only alternative will be to inflate and print more money, impoverishing the rest.

[santafe2]

Re: How To Avoid Getting Kidnapped In China

so glad we owe this nation of thugs $1 trillion :mad:

Thuggery, I suppose, is in the eye of the beholder. We're a bit more disposed toward the idea of outlaw justice in the western US and I wasn't offended by the idea of taking the law into one's hands. It made me wonder when the first US bank executive or insurance executive would face a similar tumbleweed justice. When CNN and the other suspects characterize this person as a thug I think most on iTulip will be thinking...about time.

Seriously metal, re-context this idea, drive it down to some bastard that owes your family money and you know they're hiding behind the law. Do you really trust the body of western law to treat your rights responsibly? Ethically?

I'm no friend of the Chinese political system but I don't dislike this act of defiance. These are just people trying to made whole on money they're owed within a system that excuses theft.

[blazespinnaker]

Re: How To Avoid Getting Kidnapped In China

so glad we owe this nation of thugs $1 trillion :mad:

Funniest Itulip Quote Ever.

[flintlock]

Re: How To Avoid Getting Kidnapped In China

You could tax the "rich" at 100% and it wouldn't pay off our debt. And who would continue to earn at that rate?

[touchring]

Re: How To Avoid Getting Kidnapped In China

You could tax the "rich" at 100% and it wouldn't pay off our debt. And who would continue to earn at that rate?

You can apply taxes on the rich without taxing their income directly. In fact that's the most futile way of taxing the rich.

A more effective method will be to tax the consumption of the rich, for example, there could be luxury taxes on luxury items, as such luxury cars, cars with big engines and high oil consumption, taxes on yachts, taxes on corporate and personal jets, taxes on residential real estate transaction that exceed a certain amount like $3 million, for example, a mansion that sells for $30 million can invite an additional $3 million sales tax. ;)

Luxury taxes could easily raise $200 billion a year in the US, and in 5 years, you will have an extra $1 trillion. It will also help with the trade deficit by reducing oil consumption and unnecessary imports (yachts, luxury cars, personal jets) that don't help productivity.

[sn1p3r]

Re: How To Avoid Getting Kidnapped In China

You can apply taxes on the rich without taxing their income directly. In fact that's the most futile way of taxing the rich.

A more effective method will be to tax the consumption of the rich, for example, there could be luxury taxes on luxury items, as such luxury cars, cars with big engines and high oil consumption, taxes on yachts, taxes on corporate and personal jets, taxes on residential real estate transaction that exceed a certain amount like $3 million, for example, a mansion that sells for $30 million can invite an additional $3 million sales tax. ;)

Luxury taxes could easily raise $200 billion a year in the US, and in 5 years, you will have an extra $1 trillion. It will also help with the trade deficit by reducing oil consumption and unnecessary imports (yachts, luxury cars, personal jets) that don't help productivity.

This sort of talk makes me sick to my stomach...let's not fix the spending problem just tax those EVIL rich people more...let me guess we need to 'spread the wealth around' too?

[WildspitzE]

Re: How To Avoid Getting Kidnapped In China

You can apply taxes on the rich without taxing their income directly. In fact that's the most futile way of taxing the rich.

A more effective method will be to tax the consumption of the rich, for example, there could be luxury taxes on luxury items, as such luxury cars, cars with big engines and high oil consumption, taxes on yachts, taxes on corporate and personal jets, taxes on residential real estate transaction that exceed a certain amount like $3 million, for example, a mansion that sells for $30 million can invite an additional $3 million sales tax. ;)

Luxury taxes could easily raise $200 billion a year in the US, and in 5 years, you will have an extra $1 trillion. It will also help with the trade deficit by reducing oil consumption and unnecessary imports (yachts, luxury cars, personal jets) that don't help productivity.

bahahahaha now that is funny.

[wayiwalk]

Re: How To Avoid Getting Kidnapped In China

I don't know why the chinese are so up in arms about our dollars becoming worthless - didn't we mostly buy stuff from them that had a life expectancy of 1 year or less anyway? I don't think we could box it up and send it back at this point, most of it is already landfilled

[metalman]

Re: How To Avoid Getting Kidnapped In China

I don't know why the chinese are so up in arms about our dollars becoming worthless - didn't we mostly buy stuff from them that had a life expectancy of 1 year or less anyway? I don't think we could box it up and send it back at this point, most of it is already landfilled

good point. our debt to them will last a lot longer than the products we bought from them using the money we borrowed from them. now they get to come after us for assets of real, lasting value... quite clever, really.