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China Freezes $1.5 Billion of P2P Assets in Intensified Probe
Chinese police have frozen about 10 billion yuan ($1.5 billion) of assets across more than 380 peer-to-peer lenders in an escalated investigation into illicit financing.

Codenamed ‘Fox Hunt,’ the operation spanned 16 countries and regions including Thailand and Cambodia and led to the arrests of 62 suspects implicated in Chinese P2P frauds since June, China’s Ministry of Public Security said in a statement on Sunday. It didn’t disclose more details but said police is still recouping...
china  debt  fraud  finance 
5 hours ago by jayyy
BC Hydro rates expected to increase 8% over 5 years | CBC News
""The announcement comes after a report commissioned by the NDP government says BC Hydro customers will pay $16 billion over the next two decades because the Crown utility was pressured by the former Liberal government to sign contracts with independent power producers.

The report says the Liberals manufactured an urgent need for electricity but restricted BC Hydro from producing it, forcing the utility to turn to private producers and sign long-term contracts at inflated prices."

"Former B.C. Treasury Board director Ken Davidson authored the study, which estimates the cost to the average residential BC Hydro customer will amount to about $4,000 over the next 20 years or about $200 per year."

"Energy Minister Michelle Mungall says Davidson's report also concludes the agreements forced upon BC Hydro were mainly with run-of-river producers, whose power is primarily available during spring run-off, when B.C. doesn't require it."

""B.C. didn't benefit. BC Hydro customers didn't benefit. A small number of well-placed independent power producers benefited, and customers were stuck with a 40-year payment plan," Mungall says in a news release."

"The NDP government is also crying foul over $3 million in campaign donations from the independent power industry to B.C. Liberal campaign coffers over 12 years.""
britishcolumbia  hydro  electricity  corruption  debt  politics 
3 days ago by pacpost
Bond Economics: Understanding The "Debt Burden" Debate
the side that argues that "debt is a burden" typically argue by constructing examples, where there is an effect that mimics such "time travel". In order to understand the debate, we need to understand those examples. They generally look like this. At some initial time, the government spends money, and increases its liabilities. Typically, this is a transfer to an "older generation" (think of government pensions), which spends the money and then promptly dies. The government liabilities are rolled forward for a number of "generations". The government raises taxes on the future "young generation" to eliminate those increased liabilities. ("Paying off the debt.") Therefore, it looks like the future "young generation" is penalised with higher taxes as a result of the increased government liabilities that was used to transfer resources to the present day "old generation". Government liabilities appear to act as an intermediary in a transfer between those generations. The flaw with these examples is that there is no justification as to why the government liabilities have to be reduced in the future. This is just an arbitrary government action that is imposed by the person giving the example. In the real world, government money and debt grow along with nominal GDP, so one could easily have an alternate story in which the tax hike never occurs. (My previous article gave such an example.) That said, it appears safe to say that is impossible to grow liabilities faster than GDP "forever", and so actions may eventually be needed to limit liability growth. The fact that the "burden" is actually the result of what appears to be an arbitrary government policy was observed earlier. The Austrian economist Robert P. Murphy gives a good summary of the debate in this article, which discusses this point. He also lists the positions of the various economists involved. The Real Question The question that the debate is really about is: does increasing government liabilities now (above some "normal level") imply an obligation to reduce them back to some "normal level" (with some form of austerity policy) in the future? ...
mmt  debt  austerity 
4 days ago by MicrowebOrg
Opinion: To Aid the Private Sector, Financial Policymakers Need to Get Money Flowing - Caixin Global

However, the problem is that all this additional credit that policymakers are trying to get to the private sector isn’t getting to the private sector. As a result, credit hasn’t expanded significantly under the policy stimulus. Last year, new loans borrowed by governments, nonfinancial corporations, individuals and the nonbanking sector reached 18.5 trillion yuan ($2.73 trillion), down almost 40% from a peak of 30 trillion yuan from mid-2015 to mid-2016.
china  monetary  debt 
5 days ago by jayyy
[no title]
Blanchard speech on debt constraints
debt  fiscalspace  fiscal  funcfin  moneymoment 
5 days ago by JWMason

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