Chairman of China Investment Corporation: Europe’s bloated welfare state means that people do not work hard enough

  • Posted by a hidden member.
    Log in to view his profile

    Nov 07, 2011 4:22 AM GMT
    http://www.telegraph.co.uk/finance/financialcrisis/8872380/Goldman-euro-could-split-apart.html

    Also last night, the chairman of the supervisory board of China Investment Corporation, the country’s sovereign wealth fund, put further distance between China and the eurozone bail-out, saying that Europe’s bloated welfare state meant that people did not work hard enough.

    “I think if you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of their worn out welfare societies,” Jin Liqun said in an interview with Al Jazeera television. “I think the labour laws are outdated – the labour laws induce sloth, indolence rather than hard working. The incentive system is totally out of whack.”

    Eurozone leaders had been hoping that China would use some of its trade surplus to back the bail-out fund.
  • Posted by a hidden member.
    Log in to view his profile

    Nov 07, 2011 4:33 AM GMT
    It could get far worse before it gets better... they knew this was coming as early as early 2010 according to these cables and yet they waited for greece until now using bandaid solutions...

    http://www.zerohedge.com/news/wikileaks-exposes-german-preparations-eurozone-chapter-11

    The following cable from US ambassador to Germany Philip Murphy ("Ambassador Murphy spent 23 years at Goldman Sachs and held a variety of senior positions, including in Frankfurt, New York and Hong Kong, before becoming a Senior Director of the firm in 2003, a position he held until his retirement in 2006") "CONFIDENTIAL: 10BERLIN181" tells us all we need to know about what has been really happening behind the smooth, calm and collected German facade vis-a-vis not only Greece, but all of Europe, and what the next steps are: "A EUROZONE CHAPTER 11: DB Chief Economist Thomas Mayer told Ambassador Murphy he was pessimistic Greece would take the difficult steps needed to put its house in order. A worst case scenario, says Mayer, could be that Germany pulls out of the Eurozone altogether in 20 years time. In 1990, Germany's Constitutional Court ruled that the country could withdraw from the Euro if: 1) the currency union became an "inflationary zone," or 2) the German taxpayer became the Eurozone's "de facto bailout provider." Mayer proposes a "Chapter 11 for Eurozone countries," which would place troubled members under economic supervision until they put their house in order. Unfortunately, there is no serious discussion of this underway, he lamented." This was In February 2010. The discussion has since commenced.
  • Posted by a hidden member.
    Log in to view his profile

    Nov 07, 2011 5:44 AM GMT
    riddler78 saidhttp://www.telegraph.co.uk/finance/financialcrisis/8872380/Goldman-euro-could-split-apart.html

    Also last night, the chairman of the supervisory board of China Investment Corporation, the country’s sovereign wealth fund, put further distance between China and the eurozone bail-out, saying that Europe’s bloated welfare state meant that people did not work hard enough.

    “I think if you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of their worn out welfare societies,” Jin Liqun said in an interview with Al Jazeera television. “I think the labour laws are outdated – the labour laws induce sloth, indolence rather than hard working. The incentive system is totally out of whack.”

    Eurozone leaders had been hoping that China would use some of its trade surplus to back the bail-out fund.
    I find it very odd that you are jumping up and down touting a communist government controlled investment corps spokesman..

    Really really odd.............icon_rolleyes.gif
  • Posted by a hidden member.
    Log in to view his profile

    Nov 07, 2011 5:48 AM GMT
    TropicalMark said
    riddler78 saidhttp://www.telegraph.co.uk/finance/financialcrisis/8872380/Goldman-euro-could-split-apart.html

    Also last night, the chairman of the supervisory board of China Investment Corporation, the country’s sovereign wealth fund, put further distance between China and the eurozone bail-out, saying that Europe’s bloated welfare state meant that people did not work hard enough.

    “I think if you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of their worn out welfare societies,” Jin Liqun said in an interview with Al Jazeera television. “I think the labour laws are outdated – the labour laws induce sloth, indolence rather than hard working. The incentive system is totally out of whack.”

    Eurozone leaders had been hoping that China would use some of its trade surplus to back the bail-out fund.
    I find it very odd that you are jumping up and down touting a communist government controlled investment corps spokesman..

    Really really odd.............icon_rolleyes.gif


    More noting the irony.
  • Posted by a hidden member.
    Log in to view his profile

    Nov 07, 2011 5:53 AM GMT
    riddler78 said
    TropicalMark said
    riddler78 saidhttp://www.telegraph.co.uk/finance/financialcrisis/8872380/Goldman-euro-could-split-apart.html

    Also last night, the chairman of the supervisory board of China Investment Corporation, the country’s sovereign wealth fund, put further distance between China and the eurozone bail-out, saying that Europe’s bloated welfare state meant that people did not work hard enough.

    “I think if you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of their worn out welfare societies,” Jin Liqun said in an interview with Al Jazeera television. “I think the labour laws are outdated – the labour laws induce sloth, indolence rather than hard working. The incentive system is totally out of whack.”

    Eurozone leaders had been hoping that China would use some of its trade surplus to back the bail-out fund.
    I find it very odd that you are jumping up and down touting a communist government controlled investment corps spokesman..

    Really really odd.............icon_rolleyes.gif


    More noting the irony.
    Noting the hypocrisy.
  • creature

    Posts: 5197

    Nov 07, 2011 6:00 AM GMT
    http://www.guardian.co.uk/technology/2011/apr/30/apple-chinese-workers-treated-inhumanely

    Thank you, southbeach.
  • GQjock

    Posts: 11649

    Nov 07, 2011 10:48 AM GMT
    Now .... lemme get this str8

    This European crisis has nothing to do with Wall Street bond bidding but Because Europeans don't work hard enough?

    You're kidding me right?

    Or are you sniffing the republican glue?
  • Posted by a hidden member.
    Log in to view his profile

    Nov 07, 2011 10:53 AM GMT
    GQjock saidNow .... lemme get this str8

    This European crisis has nothing to do with Wall Street bond bidding but Because Europeans don't work hard enough?

    You're kidding me right?

    Or are you sniffing the republican glue?


    The European crisis was caused by government overspending and unsustainable levels of debt. They are now looking to China for a bandaid solution of buying debt so that they can defer any solutions. China is balking.
  • Posted by a hidden member.
    Log in to view his profile

    Nov 07, 2011 2:17 PM GMT
    The chinese prefer Anhui, Cantonese, Fujian, Hunan, Jiangsu, Shandong, Szechuan, and Zhejiang cuisines.

    Not goulashes, pasta, dumplings and pastries. sorry.
  • Posted by a hidden member.
    Log in to view his profile

    Nov 07, 2011 2:48 PM GMT
    riddler78 said
    GQjock saidNow .... lemme get this str8

    This European crisis has nothing to do with Wall Street bond bidding but Because Europeans don't work hard enough?

    You're kidding me right?

    Or are you sniffing the republican glue?


    The European crisis was caused by government overspending and unsustainable levels of debt. They are now looking to China for a bandaid solution of buying debt so that they can defer any solutions. China is balking.

    Amusing how you have to connect the dots for some of these people. Not surprising given some have very little capability of analytical thought. Of course, that typically goes with the baiters.