China: Fraud Punishable by Death

[DemonD]

It appears that the Chinese government is taking a hard, hard stand against banking interests controlling their government. I had heard this and read blurbs here and there, so a quick google search yielded this article:

http://www.washingtonpost.com/wp-dyn...031901604.html

In China, where more than 60 types of crimes -- including economic ones like tax fraud and bribery -- are punishable by death, the government has been criticized for its broad application of the death penalty. Some estimates put the number of court-ordered executions at as high as 10,000 a year. In 2005, Amnesty International logged 1,770 executions, or about 80 percent of the known total worldwide...

Last year, China sought to lower the number of executions by enacting a law that requires all death sentences to be reviewed by its supreme court; last week, the country's chief justice affirmed that the court would uphold only an "extremely small" number of such sentences.

But at the same time, it defended use of the punishment for financial crimes, which the government says rose 11 percent last year as unscrupulous people sought to take advantage of the booming economy.

Examples of fraud/banking/financial capital punishments:

In recent months, two former employees of China Construction Bank -- Zhou Limin, who was a branch manager, and accountant Liu Yibing -- were put to death by lethal injection for stealing almost $52 million from customers by offering bogus accounts that they said would earn high interest rates. And Li Rongxing, an oil executive, was given the death sentence for embezzling more than $4 million and taking $620,000 in bribes.

In Wang's case, for instance, investors shelled out 10,000 yuan, the equivalent of about $1,300, for cardboard boxes full of black ants, purportedly rare ones sometimes used in China to make medicines and wine but actually worth about $25.

Over two years, more than 36,700 residents of 12 towns in China's northeastern Liaoning province were tricked out of nearly $400 million, resulting in many of them losing their life savings. At least one investor committed suicide.

This, combined with the government regulation of raising banking reserve requirements is pretty clear that the chinese government is not allowing big banks to control their government.

Now, on the other hand, how fraudulent, bribe-accepting, and outright thieving is the communist party in china itself? I wonder if some of this is the government taking it's cake from these people making the money and taxes, and then making these people a fall guy.

[rabot10]

Re: China: Fraud Punishable by Death

The old black ant scam, haven't seen that one used in sometime. Now red ants may be worth that much

[Tet]

Re: China: Fraud Punishable by Death

It appears that the Chinese government is taking a hard, hard stand against banking interests controlling their government. I had heard this and read blurbs here and there, so a quick google search yielded this article:

http://www.washingtonpost.com/wp-dyn...031901604.html



Examples of fraud/banking/financial capital punishments:





This, combined with the government regulation of raising banking reserve requirements is pretty clear that the chinese government is not allowing big banks to control their government.

Now, on the other hand, how fraudulent, bribe-accepting, and outright thieving is the communist party in china itself? I wonder if some of this is the government taking it's cake from these people making the money and taxes, and then making these people a fall guy.

Any country that hangs banksters is a hell of a lot more free than any country that doesn't, no doubts about that.

[DemonD]

Re: China: Fraud Punishable by Death

Tet, as if just on cue, Russ Winter wrote a blog today that pretty much addressed all of my suspicions. As bad and corrupt as the US and euro governments may be, I can't see how anyone can trust the communist china party any more (or even equally) with those societies.

http://wallstreetexaminer.com/blogs/winter/?p=726

Some highlights for you (tet would appreciate your feedback on this):

In February, M1, or cash in circulation and deposits, increased 21 percent year on year, a record high for the past 37 months, indicating increased liquidity pressure. In January and February, domestic banks extended new loans of 982 billion yuan ($127 billion), about 260 billion ($33.6 billion) more than a year ago. Meanwhile, banks have accumulated 11.1 trillion yuan ($1.44 trillion) of idle funds that can be used for lending.

Clearly, the Chinese have lost control of their monetary and lending policy, which of course never really was a policy to begin with. Instead we’ve witnessed an insider plutoctratic swindle to exchange overpriced US Dollars for local currency, and mostly for a select group of exporters...

Chinese exporters inflate their invoices to convert more US dollars into renminbi, or use transfer pricing to sell at artificially high US-dollar prices to related offshore entities...

Any thinking person should characterize this as one of the greatest criminal enterprises in history. It’s effect has been to:

1. Line the pockets of “exporters”, who are really racketeers, with massive wealth transfers from government coffers (called the “People’s” Bank of China of all things, and you could just as easily substitute the servile Bank of Japan).

2. Enabled China based “exporters/racketeers” (including multi-national US based firms) to send products abroad, subsidized by theft and China’s absurd currency scheme and without a true accounting of the real costs, including negative externalities such as environmental and resource degradation. This is classic slash and burn but on a modern scale. Propagandists and Ministry of Truth operatives and cheerleaders then call this, “the China Miracle”, and encourage US investors to pour money into the subsequent Bubble.

3. Enabled the development of a separate criminal racket of Pig Men, who issue a vast array of dubious securities subsidized by the recirculated US Dollar toxic waste that the racketeers need to get rid of. This vendor financing has in effect bankrupted and debt enslaved a large segment of the US population, who were sucked in on Bubble chases, housing speculation, the purchase of big screen TVs, and the notion that producing tradable goods is not necessary.

4. Enabled US based corporate “leadership” to gut the manufacturing base of the US, and instead send their supply chains to a nation engaged in dubious racketeering as a national policy.

5. Caused China to lose complete control of it’s economy and descend into free for all of “suck in old ladies” chaotic speculation, “build it and they will come” schemes, smoke and mirror scams, and the growing of wasteful weed fields of new rackets. Included in this “policy” is the provision of vendor financing for Riskloves so they can bid up needed and scarce resources (including food) for Chinese rackets to further waste, and Americans to consume.

Also, take a look at the picture he posted on there. On the worst day I have ever seen here in LA, I have never seen anything like that, not even the worst actual fog rolling off the ocean (although granted i don't live in a foggy area).

In any case it's like Russ saw my musings on here and answered them directly. I'm also wondering something more nefarious, like does the chinese controlling class use banking interests for their own gains, and then when they find the fraud they go "i'm shocked, i'm absolutely shocked!" and they hang the guy while they laugh all the way to their solid-gold toilets and jade statues of themselves.