martes, 22 de noviembre de 2011

Y, para completar lo anterior - Tidal forces

Guerra del Opio, China abre sus puertos, Taiping 20 años despues, rebelion interna, para conseguir plata, las aduanas las manejan los que importan (en ambas acepciones).

Lios por todos lados, en voz baja se dice que en China hay un boom que se va a parecer a un bust en cualquier momento, que hacen las municipalidades o provincias?, piden plata

Vuelta a 2011

The bounty of the muni

Shanghai’s government borrows in its own name for the first time in decades

How big is your balance-sheet?

IN 1861 Shanghai came under attack from the Taiping rebellion, a bloody uprising led by the self-proclaimed younger brother of Jesus Christ. To help pay for their defence, China’s provincial governments borrowed money from foreign investors. As collateral, they offered claims on Shanghai’s customs revenues. Foreigners were happy to accept, because foreigners themselves ran the custom house.

Provincial debt has its uses. Besides saving Shanghai from a divine sibling, it is also a rational way to finance long-lived infrastructure, spreading costs over the same period as the benefits. But since 1994 China’s provincial and municipal governments have been prohibited from borrowing. That changed on November 15th when Shanghai sold the first bonds under a new scheme, raising 7.1 billion yuan ($1.1 billion).

be afraid, be very afraid