debt   16203

« earlier    

Tencent and Alipay set to lose $1bn in revenue from payment rules | Financial Times
In January 2017, the People’s Bank of China announced that it was requiring third-party payment groups to keep 20 per cent of customer deposits in a single, dedicated custodial account at a commercial bank and specified that this account would pay no interest.

In April, the ratio was increased to 50 per cent, and last month, the central bank announced that it would raise the reserve requirement to 100 per cent by next January. At that point, payment groups will earn zero interest on all custome...
china  tencent  finance  debt  deleveraging 
yesterday by jayyy
"Creating Wealth" through Debt: The West's Finance-Capitalist Road | Michael Hudson
The other major reaction against classical and Marxist theory was English and Austrian “utility” theory. Focusing on consumer psychology instead of production costs, it claimed that there is no difference between value and price. A price is whatever consumers “choose” to pay for commodities, based on the “utility” that these provide – defined by circular reasoning as being equal to the price they pay. Producers are assumed to invest and produce goods to “satisfy consumer demand,” as if consumers are the driving force of economies, not capitalists, property owners or financial managers.

Using junk-psychology, interest was portrayed as what bankers or bondholders “abstain” from consuming, lending their self-denial of spending to “impatient” consumers and “credit-worthy” entrepreneurs. This view opposed the idea of interest as a predatory charge levied by hereditary wealth and the privatized monopoly right to create bank credit. Marx quipped that in this view, the Rothschilds must be Europe’s most self-depriving and abstaining family, not as suffering from wealth-addiction.
marginal_utility  austrian_economics  debt  michael_hudson  china  marxism  economics  banking 
4 days ago by perich
Update: Regulators Pause on Wealth Management Products - Caixin Global

Chinese regulators may delay the release of rules on the country’s 30 trillion yuan ($4.5 trillion) wealth management product (WMP) business in an attempt to avoid further upsetting the stock, bond and foreign exchange markets, Caixin has learned.
china  debt  Banking 
7 days ago by jayyy
Millions Are Hounded for Debt They Don’t Owe. One Victim Fought Back, With a Vengeance - Bloomberg
By the time Therrien came looking for Joel Tucker in the fall of 2015, he’d become a hard man to find. Twice divorced, he was moving from place to place, ducking his creditors. A booking photo from the time when he was briefly imprisoned for failing to show up for court in an unrelated lawsuit shows him with bristly gray hair and dark circles under deep-set blue eyes. Therrien couldn’t find a working phone number for him—not even when he reached his 81-year-old mother, Norma. She claimed not to know where he was
business  debt  scam 
8 days ago by fallond

« earlier    

related tags

"capitalism"  _blog_  _links_  accounting  age  agile  aging  america  app  apprenticeship  article  artist  asset  astonvilla  austerity  austrian_economics  b2b  babyboomers  baffler  bailout  bank  banking  bars  bestpractices  bitcoin  bonds  bondseyeview  budget  business  california  cameron  cancer  card  cards  caregiver  carolita_johnson  cartoon  cash  cbo  change  chart  china  clegg  code  college  comic  corporate_finance  credit  crisis  crypto  culture  currency  cycle  data  david  dc:creator=robertsmichael  dctagged  debit  debitcards  debtdynamics  defense  deficit  deleveraging  democrats  depp  design  distribution_debt  dollar  drawing  econ  economics  economy  education  emotional_labor  empire  engineering  erdogan  etl  eu  eurogroup  europe  european_union  exepectations  federal  fees  feminism  finance  financialization  finans  fiscal  fiscalpolicy  fiscalspace  football  foreign.interference  forgiveness  fraud  g7  gambling  gap  george  getrichslowly  global  government  graduateschool  graphic  great  greece  grief  growth  higher_education  higher_education_finance  highereducation  history  hmrc  homeownership  housing  how  illustration  inequality  interest  interestrates  international  investing  investment  labor  land  lawenforcement  lending  lesscode  leverage  lh  liability  life  linesofcode  loan  loans  malspeculation  management  marginal_utility  markets  marxism  michael_crawford  michael_hudson  michaelhudson  millennials  mittelstand  ml  monetarypolicy  money  moneymoment  mortgagecrisis  nick  obor  opinion  osborne  oslo  patriarchy  pdf  pe  pensions  pipeline  pm  podemo  policy  politics  ponzi  poor  populism  poverty  predation  price  product-management  productivity  programming  property  regulation  relationship  rentseeking  repayment  report  research  reservecurrency  retirement  russia  russian  saving  savings  scam  search  search_engine  ship  skills  sourcecode  sovereign.debt  sovereign.manipulation  spending  sri.lanka  starbucks  stockmarket  stories  strikedebt  student-debt  student  student_debt  student_loans  studentdebt  studentloans  students  subsidy  suicide  svea  sweden  tax  taxes  tech  technical  technicaldebt  tencent  test  thebaffler  time  toblog  tories  trade  trap  trump  tuition  turkey  uk  universities  university  us  usa  video  vocational  wapo  wealth  work  works 

Copy this bookmark: