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“He who controls the money supply of a nation controls the nation”*…

 

yuan1

 

In all economies, neither the amount of deposits nor the money supply hinge on national or household savings. When households and companies save, they do not alter the money supply. Banks also create deposits/money out of thin air when they buy securities from non-banks. As banks in China buy more than 80 per cent of government bonds, fiscal stimulus also leads to substantial money creation. In short, when banks engage in too much credit origination — as they have done in China — they generate a money bubble.

Over the past 10 years, Chinese banks have been on a credit and money creation binge. They have created Rmb144tn ($21tn) of new money since 2009, more than twice the amount of money supply created in the US, the eurozone and Japan combined over the same period. In total, China’s money supply stands at Rmb192tn, equivalent to $28tn. It equals the size of broad money supply in the US and the eurozone put together, yet China’s nominal GDP is only two-thirds that of the US. In a market-based economy constraints are in place, such as the scrutiny of bank shareholders and regulators, which prevent this sort of excess. In a socialist system, such constraints do not exist. Apparently, the Chinese banking system still operates in the latter.

[Emphasis added]

[image above: source]

* James A, Garfield

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As we practice parsimony, we might recall that it was on this date in 1972 that the longest running game show on American television, The Price is Right, hosted by Bob Barker, premiered on CBS.  Originally called The New Price Is Right to distinguish it from the earlier/original version (1956–65) hosted by Bill Cullen, it proved so popular in its own right that, in June 1973, the producers decided to drop the word “New” from its title.  In 2007, Drew Carey took over from barker as host.  Now in its 47th season, The Price Is Right has aired over 8,000 episodes since its debut and is one of the longest-running network series of any sort in United States television history.

BARKER source

 

Who – Where – How?…

In 1949, a solicitor’s clerk in Birmingham, Anthony Pratt, sold the rights to “Murder,” a board game he had invented, to English publisher Waddington’s, which in turn licensed North American rights to Parker Bros.  Later that year, the two companies introduced, respectively, Cluedo and Clue…. since when, tens of millions of people around the world have struggled to deduce who killed poor, perpetually-murdered Mr. Black (or “Mr. Boddy” in North American versions)– and have read the children’s books, played the video and iPod/iPhone games, put together the jig saw puzzles, and seen the television games shows, the Broadway musical, and the feature film all based on the game.

Readers can trace the evolution of the game here (from whence, the images above) or here, and can discover the (surprisingly complex) back-stories of the characters here.

As we adjust our deerstalkers, we might recall that it was on this date in 2007 that the continuity of America’s longest-running television game show, The Price Is Right, was maintained, as Bob Barker passed the microphone to Drew Carey.  Barker had taken over in 1972 from founding host Bill Cullen, who premiered the show in 1956.

Carey and Barker (source)

 

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