marți, 29 ianuarie 2013

Just for You from YouTube: Weekly Update - Jan 30, 2013

YouTube sends email summaries like these so you can keep up with your channel subscriptions.
If you no longer want to receive these updates, you may edit your preferences here or unsubscribe.
©2013 YouTube, LLC 901 Cherry Ave, San Bruno, CA 94066

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis


China Averts $482 Billion in Local Bank Defaults via Massive Rollover Scheme; Extend-and-Pretend Chinese Style

Posted: 29 Jan 2013 08:09 AM PST

The Chinese banking system is insolvent. Of course, the entire global banking system is insolvent, but today's spotlight is on China. Please consider China averts local government defaults.
Chinese banks have rolled over at least three-quarters of all loans to local governments that were due to mature by the end of 2012, an indication of the immense challenge facing China in working down its debt load.

Local governments borrowed heavily from banks to fuel China's stimulus programme during the global financial crisis and are now struggling to generate the revenue to pay them back, a shortfall that could cast a shadow over Chinese economic growth.

Banks extended at least Rmb 3tn ($482bn) – and perhaps more – of the roughly Rmb 4tn in loans plus interest that local governments were to have paid them by the end of last year, according to Financial Times calculations based on official data.
Extend-and-Pretend Chinese Style

Since details on refinancing and interest rates are lacking, the reported $482 billion is undoubtedly on the low side.

The key point is that massive rollovers were needed to stave off defaults.

"That's a correct observation and explanation," said Stanley Li, a banking analyst with Mirae Asset Securities. "Based on the payback period for the infrastructure projects [started by local governments], it will take more than 10 years to pay these loans back."

Ten years? How about never? Many of these projects were never economically viable, especially the housing and land schemes.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

Damn Cool Pics

Damn Cool Pics


Potato Chip Rock in San Diego

Posted: 29 Jan 2013 06:18 PM PST

Potato Chip Rock is located in Lake Poway Park near San Diego. It's a famous local attraction. There is always a line to take a picture on the rock.















































40 Cool and Unusual iPhone Cases

Posted: 29 Jan 2013 06:01 PM PST

iPhone cases that are weird, unique and unusual are useful as well as a lot of fun!

Sometimes they don't look much like iPhone cases, other times they just look funny... but always cool and unique!

















































































Dining With Wolves

Posted: 29 Jan 2013 04:22 PM PST

Werner Freund, 79, is an ex-paratrooper who for 40 years has hand raised and lived among wolves at his sanctuary in Merzig, Germany. The magnificent creatures, naturally feared by any man, all behave playfully and submissively towards Werner, who has over the years exerted his dominance in the pack.

At feeding time, Werner must ensure he continues to feed first and disallows any of the hungry and salivating wolves to come near, in order to maintain the respect of the pack. It is for this reason that they do not attack him and, instead, lick his face and act playfully when they are not feeding.






























Via dailymail

Top 10 Failed Social Media Sites [Infographic]

Posted: 29 Jan 2013 10:46 AM PST

The folks at mylife.com have put together this infographic showing the top 10 list of the most epically failed social media sites of all time.

Click on Image to Enlarge
 
Via mylife

Panhandler Party – NYC Subway Style [Video]

Posted: 28 Jan 2013 09:09 PM PST


Gary Lee Mahmoud and a group of pranksters posed as panhandlers and slowly filled a New York City subway car, creating the surreal spectacle of a 'panhandler party.'



Pictures of Wild Cat Jaguarundi

Posted: 28 Jan 2013 08:45 PM PST

The jaguarundi is a small-sized wild cat native to Central and South America. The jaguarundi is found from southern Texas and coastal Mexico in the north, through central and South America east of the Andes, and as far south as northern Argentina.