A massive explosion in a southern Chinese city is only the latest in a series of industrial accidents that have hit China in recent weeks. While the country’s economic boom has always been dogged by environmental and safety hazards, the frequency of disasters this summer has raised new questions about whether the country can maintain its pace of expansion without doing catastrophic harm to its people and the environment. "These accidents are happening all over China, and the scale … has become larger and larger," says Wen Bo, a senior fellow with the San Francisco–based NGO Pacific Environment. "You see something you have never seen before, and then you see it again on a larger and larger scale."
The July 28 explosion at a shuttered plastics factory in Nanjing rocked the surrounding neighborhood, killing at least 10 people and injuring another 300, according to state media reports. Investigators suspect the rupture of a propylene pipeline, possibly caused by workers who were dismantling the factory, triggered the midmorning blast. The explosion collapsed nearby structures, shattered windows in the surrounding area and sent columns of acrid black smoke into the air. "I heard a loud bang that lasted for about one second," said a teacher at the Nanjing Technical College of Special Education, which is about a kilometer northwest of the factory. "My first reaction was to run downstairs because I thought it was an earthquake … As soon as I got outside the building, I saw most of the windows on the first floor were shattered."
On the same day, thousands of barrels containing toxic industrial chemicals were spotted in the Songhua River in northeast China. Floodwaters had swept the containers from a nearby storage depot and into a tributary of the river, Jilin province environmental authorities reported. Some 7,000 barrels are estimated to have been lost in the river, including 3,000 that contained chemicals used in making synthetic rubber, among other applications. China’s Ministry of Environmental Protection said Thursday that "no abnormalities" had been detected in a test of the river’s waters.
Those disasters were preceded by a July 16 oil spill at the port city of Dalian in northeast China. Some 1,500 tons of crude spilled into the Yellow Sea when two pipelines belonging to the state-owned China National Petroleum…
If you eat meat, the odds are high that you’ve enjoyed a meal made from an animal raised on a factory farm (also known as a CAFO). According to the USDA, 2% of U.S. livestock facilities raise an estimated 40% of all farm animals. This means that pigs, chickens and cows are concentrated in a small number of very large farms. But even if you’re a vegetarian, the health and environmental repercussions of these facilities may affect you. In his book Animal Factory: The Looming Threat of Industrial Pig, Dairy, and Poultry Farms to Humans and the Environment, journalist David Kirby explores the problems of factory farms, from untreated animal waste to polluted waterways. Kirby talks to TIME about large-scale industrial farming, the lack of government oversight and the terrible fate of a North Carolina river.
What exactly is a factory farm?
The industrial model for animal food production first started with the poultry industry. In the 1930s and ’40s, large companies got into the farming business. The companies hire farmers to grow the animals for them. The farmers typically don’t own the animals — the companies do. It’s almost like a sharecropping system. The company tells them exactly how to build the farm, what to grow and what to feed. They manage everything right down to what temperature the barn should be and what day the animals are going to be picked up for slaughter. The farmer can’t even eat his or her own animals. People who grow chickens for Perdue in Maryland have to go down to the market and buy Perdue at the store.
We collectively refer to these facilities as factory farms, but that’s not an official name. The government designation is CAFO, which stands for Concentrated Animal Feeding Operation. Basically, it’s any farm that has 1,000 animal units or more. A beef cow is an animal unit. These animals are kept in pens their entire lives. They’re never outside. They never breathe fresh air. They never see the sun.
Problems in China continue to mount. Money supply is growing rampantly out of control, property prices are in a bubble, exports are weak, commodity speculation is pervasive, and GDP growth is more of a mirage than real.
New local-currency loans totaled 294.8 billion yuan ($43.2 billion), compared with 253 billion yuan in October, according to data released by the People’s Bank of China on its Web site today. The median forecast of 19 economists in a Bloomberg News survey was 250 billion yuan.
M2, the broadest measure of money supply, rose a record 29.74 percent in November from a year earlier.
China’s banking regulator plans to slow new lending to between 7 trillion yuan and 8 trillion yuan next year, a person familiar with the matter said this week. China is trying to ensure that there is enough credit to support an economic recovery without increased risks of bad loans and asset bubbles.
“We believe slower credit growth in 2010 will be key to avoid a boom-bust scenario in the economy,” Wang Tao, a Beijing-based economist for UBS AG, said in a report.
The government “plans to control property prices by accelerating property investment and increasing supply,” economists Lu Ting and T.J. Bond said in an e-mailed note today. That contrasts with efforts in 2006 to cool prices by controlling investment, the economists said.
China Is Overbuilding Already
Note the insanity. China want to control prices by building more. It already has completely empty shopping centers, condos, and even a completely empty city.
China’s Empty City
That is an amazing video of a completely empty city.
China Has Trouble Maintaining Demand Growth
In spite of obvious speculation and overheating in the housing sector,
America used to mistreat her land and water like this.
This sort of thing, by the way, is how you manage to produce things with a wage of $1 or $2/day and undercut first-world producers.
When we have "free trade" with China, this is what we are supporting. This is what we’re serving up on their people. This is what our government and corporations all say is ok – so long as it is hidden from us, and happens "over there."
Make all the excuses you want America, this is what you’re supporting every time you buy anything made in China or containing Chinese componets.
Go walk around your house and pick up 10 random items. Look for the "made in" tag on the back or bottom. What’s it say? Now consider this – it is virtually impossible today to buy a piece of consumer electronics, a toy, an automobile or even a toaster without some part of it coming from China.
YOU are why this is happening.
These are not old photos, or someone’s Photoshop experiment.
They’re real, they’re current, and they are what our hedonism, demand for $20 DVD players and "cheaper and faster" from everyone has resulted in, all so our "corporations" can report "record profits."
Those "great earnings" the last two quarters were in fact generated by firing Americans and shifting yet more production over to China, where they poison their air, water and ground with wild abandon, all so we can have a "strong" stock market and our banksters can loot us some more.
You probably haven’t heard of Mark Paffrath, the 28-year-old Navy veteran, and former employee of the Drury hotel chain, who was fired from his job and called a “terrorist” for taking pictures of Department of Homeland Security (DHS) vehicles and posting them to his personal Facebook page.
The story of his recent job termination is further proof of fascism’s relentless bull market within these United States. What happened to Mr. Paffrath co...
Looking back to 2007 (seven years ago) we have seen the price of crude oil perform incredible price swings. No matter the time frame in which we observe price when an extreme price spike takes place due to news/event, statistics show that half if not all the event driven price spike will eventually be negated in the future.
The perfect example of this is the rubber band affect. If you pull an elastic band in one direction, eventually when it breaks or it’...
With warmer weather arriving to melt the early snowfall across much of the country, investors seem to be catching a severe case of holiday fever and positioning themselves for the seasonally bullish time of the year. And to give an added boost, both Europe and Asia provided more fuel for the bull’s fire last week with stimulus announcements, particularly China’s interest rate cut. Yes, all systems are go for U.S. equities as there really is no other game in town. But nothing goes up in a straight line, not even during the holidays, so a near-term market pullback would be a healthy way to prevent a steeper correction in January.
In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based Sector...
By Rod Garratt and Rosa Hayes - Liberty Street Economics, Federal Reserve Bank of New York
In June 2014, the mining pool Ghash.IO briefly controlled more than half of all mining power in the Bitcoin network, awakening fears that it might attempt to manipulate the blockchain, the public record of all Bitcoin transactions. Alarming headlines splattered the blogosphere. But should members of the Bitcoin community be worried?
Miners are members of the Bitcoin community who engage in a proce...
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I officially bought 250 shares of EZCH at $18.76 and sold 300 shares of IGT at $17.09 in Market Shadows' Virtual Portfolio yesterday (Fri. 11-21).
Click here for Thursday's post where I was thinking about buying EZCH. After further reading, I decided to add it to the virtual portfolio and to sell IGT and several other stocks, which we'll be saying goodbye to next week.
A four-year low for the spot price of gold has had a devastating impact on Yamana Gold (Ticker: AUY), with shares in the name down at the lowest price in six years. Some option traders were especially keen to sell premium and appear to see few signs of a lasting rebound within the next five months. The price of gold suffered again Wednesday as the dollar strengthened and stock prices advanced. The post price of gold fell to $1145 adding further pain to share prices of gold miners. Shares in Yamana Gold tumbled to $3.62 and the lowest price since 2008 as call option sellers used the April expiration contract to write premium at the $5.00 strike. That strike is now 38% above the price of the stock. Premium writers took in around 16-cents per contract o...
Reminder: Pharmboy is available to chat with Members, comments are found below each post.
Well PSW Subscribers....I am still here, barely. From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.
First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices. Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment. Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer. For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...
This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at firstname.lastname@example.org with any questions.
Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
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