The Man Who Stole $300 Billion - Largest Ponzi Scheme In History

Once one of China’s most successful developers, Evergrande has been labeled a defaulter and is more than $300 billion in debt. Now it's racing to restructure as bondholders warn of possible enforcement action. How Evergrande Became China’s Biggest Financial Headache. Evergrande Says Creditors Have Moved to Seize H.K. Plot. Everything You Need To Know About the Chinese Evergrande Crisis (So Far) - How Money Works. The end of china's economic miracle.
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[@CuriousReason]

Offset your carbon footprint on Wren: www.wren.co/start/curiousreason The first 100 people who sign up will have 10 extra trees planted in their name!

[@Blog4Justice]

Peddling the carbon racket while exposing a Ponzi scheme. Slick.

[@evandiliberto6238]

It feels like this channel could easily have hundreds of thousands of subscribers with this type quality content. Best of luck on the algorithm picking you up

[@novaphera]

Because it's filled with misinformation

[@anteeko]

@@novaphera "Because it's filled with misinformation" care to elaborate what was misinformation?

[@glennchartrand5411]

One of the things people misinterpret about the "ghost cities". In China you have to get permission to immigrate from one part of the country to another. If you move to a city, you are basically an illegal immigrant , your children cant attend public school and you have fewer employment opportunities. But if you buy an apartment you can become a legal resident. Even if that apartment is an empty concrete shell in a "ghost city". Thats why you see row after row of empty apartment buildings with no elevators, plumbing or electricity but people were standing in line to pay outrageous prices for them. Imagine how bizarre that is , having to buy an unlivable "apartment" just so you could legally rent an apartment in the same city and get a better job.

[@azmodanpc]

This is so out of whack. Also if you want to marry, you have to own property, otherwise you're labeled as pauper. One child policy also did not help.

[@derekwhittom1639]

This is true.

[@mingmangmung3051]

That makes so much sense as to why it’s driving up the demand. The govt is definitely to blame too

[@jerry3790]

I’m glad you’re getting sponsorships now! You’ve come a long way.

[@thomasdr08]

Also, let’s not forget that they did presales on their buildings and took the revenue to purchase and begin building other properties to reach the presale stage, rinse and repeat.

[@glicerioacosta957]

One common characteristic of people who became victims of Ponzi schemes, they are all greedy. In Evergrande case, the money lent were put up by investment managers for their clients hoping to get higher interest and in return earn the commissions. The investment managers rarely don’t lose money, their clients do.

[@ruairim2283]

Imagine working for this incredibly large company that gives out expensive bonuses, yet they give it to you as a Gucci bag. I hope they got the receipt lmao

[@degox99]

I knew about this company but this video explained very well the details arround how the invests in china work and why the state didn't stopped it

[@keineangabe1804]

You got one crucial thing wrong: it's not like nobody wants to buy shares. You can't buy shares that are worth their money. Housing is the only thing you can realistically invest. You don't want to buy housing, you have to.

[@joerudnik9290]

The thing about Ponzi schemes, it’s painful when they come to light; but it doesn’t cause less pain/damage to find out about them at a later date. 🤨😡😱

[@chaoyoong9987]

Need to change from Ponzi to Evergrande....maybe EverPonz....

[@bobbylee2853]

The Grandest Ponzi ever.

[@amiteshgupta8404]

I am subscribed to you since you have 50k subs but with such good content you will have 1 million in no time...

[@nilsman4994]

Hey, could you pls consider linking Sources under your Videos?

[@brennencox516]

0:14 Why does this map lack Hainan (海南)? I've seen many maps leave off Hainan, but I'm not aware of any reason for this.

[@trousdalemini2247]

Hey I didn't even know I'm subscribed but I'm happy I am what a lovely video

[@AntAntL]

What happens when you take on way more debt that you need. Yeah, the GDP numbers look great, people working and getting paid, and experiencing booming real estate industry.....but it eventually has to be paid back. If this debt is written off, someone somewhere will take the loss.....and it eventually spreads.

[@derekwhittom1639]

There is no reason why debt has to necessarily be paid back.

[@AntAntL]

@@derekwhittom1639 a few bankruptcies relative to a low percentage of the overal debt load...yeah, who cares. But when you have large scale bankruptcies that starts to hit a large percentage of the debt loads....unpaid debt will be felt....in many ways.

[@derekwhittom1639]

@@AntAntL that wasn’t what I was addressing. Only that the idea that debt must be paid back is a myth. Debt must be serviced.

[@thomasdr08]

I hear tell that the biggest issue behind the 3 red lines policy was due to internal CCP politics between the Xi regime and the previous regime. The leaders of the previous regime are entrenched in the major RE corporations and this policy will essentially bankrupt them. Interesting theory, and would make for a pretty fantastic Netflix miniseries

[@juanlibertario5251]

Hey! I just found your channel and it seems great and you make very interesting videos, but I would like to make one recommendation: lower the volume of the background music or potentially remove it, it just feels like it shouldn't play that big of a role in an informative video

[@CuriousReason]

Noted, thank you :)

[@datahoundhunter]

Does the USA hold this companies stock . I saw a video that showed poor construction practices. Is that true?

[@brennencox516]

8:09 *yields (i before e, except after c, and all those exceptions)

[@in4theride75]

Title correction: How Evergrande pulled off the second biggest ponzi in history.

[@alaeriia01]

What's the biggest?

[@in4theride75]

@@alaeriia01 Social Security.

[@alaeriia01]

@@in4theride75 that wasn't intended to be a Ponzi scheme; the Republicans have repeatedly stolen from that trust fund since the 80s.

[@in4theride75]

@@alaeriia01 It was quite literally designed as a ponzi scheme from it's inception. From day one social security was to be paid to the elderly from the young and it's just gotten worse as time has gone on. Nothing to do with democrats or republicans.

[@alaeriia01]

@@in4theride75 so, like everything else, the solution is to feed all the boomers into a wood chipper. *Note: this may be illegal in your jurisdiction.

[@jimcahill6330]

The “bum bum bum, ding” music gets really old

[@18000rpm]

The "b" in debt is silent.

[@davidhynes]

When you build homes to boost GDP something has to give, too much supply and not enough demand common sense.

[@ebayaccount675]

Naked puts & synthetic shares

[@sociolocomtsac]

Real estate has been the best investment class in the US, too.

[@jasperhorace7147]

Yes, most places in the West. The difference is that Westerners generally don’t buy real estate to leave it unoccupied and hope that ever rising prices will eventually make them rich. In the West properties are leased out and provide ongoing income. It seems these Chinese investors have never had that income stream. An unused, unoccupied property, in a city where no one wants to live, seems like a pretty useless investment.

[@BeautifulEarthJa]

the waste of the world's resources while ppl are still homeless and starving the planet needs a reset, the human parasite needs to be kept in check

[@samiali6860]

Srinivas Gowda,Is the fastest man in the world beating usain record

[@switchoff64]

Good vid

[@sonofnam4418]

China is bad news, so it'd be wise to stay away. Let's buy our cheap toasters from other countries 🤣

[@davidherdman9798]

Think US 1929. The Americans were investing in the stock market heavily. Banks, brokers, companies were all thriving money into stock. They mistakenly thought the companies would keep growing, and the stock become worth more. Move to 2015 to 2020 and China. The average Chinese wants a long term investment for retirement as they do not have a "Social Security" safety net. But wait. In 1929 the stocks did NOT get more valuable (yes, its a bit more complicated than that, just as land sales in China are complicated) so banks failed, and brokers jumped out of windows. And now land is not the long term investment that was thought, so new properties are not being sold at the same rate, nor at the same price. And as it noted in the video, there are a bunch of empty apartments everywhere. Way too many for the population. This video says 60 million, but others say as much as 90 million. Thatvis enough forvthe ENTIRE US POPULATION. In the US each county charges property tax based on type, and value. That funds the local government, paves roads, plows snow, and a host of other things. China is just now beginning to experiment with property tax, in selected cities. Fewer (or cheaper) land sales means less money for the local government who derive a huge portion of their annual income from these sales. Now the local government does not have the funds to fix roads, pay trash collectors, or (here comes the big one) pay back to bonds they issued to pay for high speed rail in their location. Further, hundreds (thousands, millions?) of construction workers are now out of jobs. No unemployment insurance in China. And many of these folks bought apartments as investments and they are a) incomplete, or b) not worth the money paid for them, or c) falling apart. The default rate on mortgages is staggering. This crisis is covering up the high speed rail crisis. The trains typically don't have enough riders to pay the interest on the construction bonds, much less the operating costs. China Rail Corporation (owned by the government) owes almost 1 TRILLION dollars for construction bonds, and currectly they are losing MILLIONS each DAY in operations. That doesn't count what the local government contributed to build the rail system. There really is no clear pathway out of this for China.

[@tiitgeorg720]

To be honest I dont think the China and USA concrete comparison is fair. USA used a lot of wood and other stuff. You should have compared China with Europe or some country in Europe.

[@mcasey8451]

Second biggest ponzi scheme next to Elon Musk.

[@StrangerHappened]

*A correction:* China has actually had the biggest economy in the world for many years by now. This is because economies actually compare on a real currency value basis rather than a nominal one, which is only a function of exchange ratio and its fluctuations.

[@Radagast49230]

how much have the Chinese paid you to talk them up across the net? Cause you know I'm curious how much shilling for them nets you nowadays.

[@StrangerHappened]

@@Radagast49230 Projection NSA's trolls show by talking about payments by other countries is always fun as they expose themselves.

[@Ravi9A]

that's completely moronic. Go take an economy class please.

[@nakosimpson7459]

Hoingtont

[@loveisnotfree7896]

Xi Jin Ping says everything is fine no worries China is great with no problems hahahahaha best commie joke ever

[@nathan-iz2bq]

god i hate capitalism

[@smith9157]

Ummm

[@jerry3790]

It’s not perfect but better than the alternative

[@baarth8305]

@@jerry3790 lets see

[@SelectCircle]

Grow up - value freedom - and stop dreaming of genocide.

[@benjaminr8961]

This is communism moron.

[@forgotten1s]

Your accent is thick and your mic is a bit bad and music is too loud which makes your videos hard to watch.

[@Adriazredz]

I’ll happily accept these tradeoffs any day for information and knowledge. People need to know what priorities are and appreciate the privileges in accessing value-added contents.