The trader has referred to Patrick Chovanec multiple times when it comes to China and the dynamics “over there”.
Below is an interview with Chovanec sharing his thoughts on the Chinese Leaders and the corruption that risks destroying the country.
Must watch video below.
The new powerful elite of China is getting richer by the day. Disparity due to corruption and illegal land grabbing continues will continue spurring protests and social unrest. With China aiming for the No1 Economy in soon future, we will all be working for the Chinese elite. From Bloomberg;
The richest 70 members of China’s legislature added more to their wealth last year than the combined net worth of all 535 members of the U.S. Congress, the president and his Cabinet, and the nine Supreme Court justices.
The net worth of the 70 richest delegates in China’s National People’s Congress, which opens its annual session on March 5, rose to 565.8 billion yuan ($89.8 billion) in 2011, a gain of $11.5 billion from 2010, according to figures from the Hurun Report, which tracks the country’s wealthy. That compares to the $7.5 billion net worth of all 660 top officials in the three branches of the U.S. government.
The income gain by NPC members reflects the imbalances in economic growth in China, where per capita annual income in 2010 was $2,425, less than in Belarus and a fraction of the $37,527 in the U.S. The disparity points to the challenges that China’s new generation of leaders, to be named this year, faces in countering a rise in social unrest fueled by illegal land grabs and corruption. (Full article here).