Robert Woodson on 40 years of empowering Black communities
By Salena Zito
MILWAUKEE, Wisc. — When Paul Ryan and Robert Woodson first came here nearly 10 years ago, the Republican congressman from Janesville and the civil rights icon had something in common. They both believed that poverty and generational crime in black communities was best remedied not by big government programs, the monies of which typically go more to staff than those in need, but instead by the community members themselves.
For years, Woodson took Ryan incognito to neighborhoods in Indiana, Ohio, and here in Wisconsin, each plagued by generations-long drug epidemics, street violence, and a shortage of prosperity and upward mobility. They visited faith-based organizations, often led by ministers whose own lives had included stints on drugs or in jail. These community leaders, reborn in their own lives, were able to reach their peers. They wanted to be part of the solution rather than continuing the legacy of apathy and dependence.
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Obviously the threatened collapse of the second largest real estate entity in China was probably not timed and was premature. However, it points out, again, what I have been reporting as a result of reading Robert Spalding's: "Stealth War." Eventually Western Investors will be on the financial hook, as China exploits them by using their money to provide discounted homes and apartments to house rural citizens who will eventually inhabit these empty building in current ghost towns as they become sites of extensive manufacturing cities.
Xi and CCP are engaged in transferring rural Chinese, training them to become more productive, increase their standard of living and provide them better places to live as China increases its own trade balance world wide.
Xi and the CCP are doing the same thing throughout the world. They go into a country, offer to build infrastructure, make exorbitant loans which the nation eventually cannot repay. The infrastructure also is built not with local labor but Chinese labor. The infrastructure becomes owned by China and has military benefits, ie. port facilities etc.
The downside is eventually this approach and Chinese arrogance is beginning to wear thin. The Silk Road is Xi's clever way of allowing China to accomplish their long term dominance by allowing others to finance their goals while providing work for their own population. the Chinese may not be independently creative but they are clever and they are running circles around the West , the continent of Africa etc
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.Evergrande’s Global Bondholders Didn’t Receive Interest Payment
Chinese property developer was on the hook to make $83.5 million in coupon payments by Thursday
Why China’s Evergrande Has Global Markets on Edge
By Serena Ng, Alexander Gladstone, Gregory Zuckerman and Justin Baer
Global investors who own China Evergrande Group’s EGRNF -10.42% U.S. dollar bonds hadn’t received an interest payment from the property giant by Thursday’s deadline, said people familiar with the matter.
Evergrande was on the hook to make $83.5 million in coupon payments by Sept. 23 on dollar bonds with a face value of $2.03 billion. The company could make the payments belatedly and it has a 30-day grace period before bondholders can call a default.
A missed payment would set the stage for what could be the largest-ever dollar-bond default by a company in Asia. Evergrande didn’t respond to a request for comment.
Thursday’s payment deadline became a focal point for global investors after Evergrande’s liquidity worsened dramatically over the summer, leading to construction halts at some of its unfinished apartment complexes and sharp sales declines. As recently as June, the company had emphasized that it had never missed a bond payment since its founding in 1996.
On Wednesday, Evergrande’s flagship property business in mainland China said it had privately negotiated with onshore bondholders to settle a separate coupon payment on a yuan-denominated bond. The developer didn’t say if that payment, equivalent to about $35.9 million, would be made in cash or other assets. Evergrande’s beaten-down shares fell 11.6% in Friday trading in Hong Kong, and are down more than 84% this year.
Chinese authorities have asked local governments to prepare for the potential economic and social repercussions that could result from Evergrande’s downfall, The Wall Street Journal reported earlier on Thursday. That indicates Beijing is reluctant to bail out the developer, but wants to avoid a disorderly unraveling that could create social instability or serious problems for ordinary people who could be affected by the company’s failure.
Shenzhen-headquartered Evergrande, the world’s most indebted real-estate developer, is China’s largest issuer of junk-rated debt, with around $19 billion of publicly traded dollar bonds outstanding. Prices of some of those bonds had earlier plunged to around 25 cents on the dollar, reflecting investors’ extreme pessimism about Evergrande’s ability to repay its debts.
“This is a controlled, managed default that didn’t catch authorities or investors by surprise,” said Thu Ha Chow, a senior credit strategist and portfolio manager at Loomis Sayles in Singapore. “It is not a ‘Lehman moment,’ but the market will be watching for any unintended consequences that may result.”
Evergrande’s troubles have captivated market participants all over the world because of the developer’s outsize position in Asia’s credit markets and China’s overheated housing market.
Thirteen years ago this month, when the Wall Street firm Lehman Brothers Holdings Inc. failed to secure a U.S. government rescue and defaulted on its borrowings, it sent shock waves through global stock, bond and money markets as a range of asset prices tumbled.
This time, global investors have had months to prepare for an Evergrande failure. The company’s stock and bond prices began sliding during the summer, when the developer’s heavy discounting of apartments on sale helped spark concerns that it was under pressure to raise cash to pay its interest bills and other expenses.
Evergrande was recently China’s largest developer by contracted sales, and reported the equivalent of $111.9 billion in such transactions in 2020. It has built residential complexes in every Chinese province.
Many buyers of its apartments made large cash down payments or paid up in full for homes that were scheduled to be completed in a few years. Evergrande has presold more than 1.4 million apartments valued at $200 billion that it has yet to finish, according to estimates from research firm Capital Economics.
It remains unclear how Evergrande will resolve its massive liabilities, which totaled $304 billion at the end of June, including $88 billion in interest-bearing debt. The developer owes large sums of money to suppliers of building materials and contractors that were constructing its apartment complexes, and recently resorted to paying some of them with unfinished apartments when it ran short on cash.
Banks that lent to Evergrande and investors that bought its securities could still incur some losses, but many market participants believe that a government-led restructuring will prevent a collapse of the company and protect the interests of home buyers and its suppliers.
“There have been enough signals out there to point to a default of some form,” said Will Malcolm, portfolio manager for emerging market and Asia-Pacific equities at Aviva Investors in Singapore, adding that Evergrande is also too systemically important for Beijing to allow it to implode.
“There’s a big social agenda here,” he said. “The primary concern is that the properties by Evergrande get built and the buyers are protected. And they don’t get built unless the suppliers are made whole.”
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I read a recent article about Harry and Meghan, England's lost Royalty, who are replacing his long departed abdicating great uncle and wife, Wally, as the go to couple for American society elites. Even the taste of our own high falooter's has sunk to new lows. Harry's wife seems to be a gold digger as was Wally. Harry, I understand, is on Goldman Sach's pay roll but I have not verified.
Abdicating George and Wally used to be paid thousands to appear at cocktail parties given by other American wealthy for their snobbish friends. Though I was alive when this was occurring I only know it from fourth hand experience and read Life Magazine which is also defunct.
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The Duke and Duchess of Sussex have landed lucrative entertainment deals since leaving England, often drawing on content from their personal lives. The big unknown: whether audiences will pay attention when they aren’t spilling the tea on the royal family.253Long read
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