Excerpted from http://www.williamengdahl.com/englishNEO17Sept2021.php
"A bizarre war of words has erupted in recent days in the pages of financial media between . . . George Soros and the gigantic BlackRock investment group. The issue is a decision by BlackRock CEO Larry Fink to open the first foreign-owned mutual fund in China presumably to attract the savings of China’s new (and fast disappearing) middle income population. In a recent newspaper interview Soros called the BlackRock decision a threat to BlackRock investors and to US national security.
"On September 6 Soros wrote . . . sharply criticizing BlackRock for investing in China: “It is a sad mistake to pour billions of dollars into China now. This is likely to lose money for BlackRock customers and, more importantly, harm the national security interests of the US and other democracies . . . The BlackRock Initiative threatens the national security interests of the US and other democracies because money invested in China will help advance President Xi’s regime, which is repressive at home and aggressive abroad.”
"The world’s “most valuable” real estate group is also the world’s most indebted real estate group. Evergrande, based in Shenzhen, has been teetering on the edge of bankruptcy for months as it defaults on loan after loan and the major credit rating agencies lower its rating to junk status. The group owes a total of $305 billion and that debt is both offshore in dollar loans as well as domestic unregulated loans from what are termed WMPs or wealth management products. As its finances implode and unit apartment sales plunge, tens of thousands of prospective apartment owners are threatened with having paid for unfinished apartments. To date the central bank of China has not intervened but speculation grows that a state bailout of the group is days away in order to prevent a systemic financial contagion. The reason is apparently that Evergrande is only the tip of a very debt-bloated China corporate sector iceberg."
See the article for much more.
