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What the collapse of a company owing $300 billion means for the world
(www.businessinsider.com)
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this post was submitted on 03 Feb 2024
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The thing with debt is that every time someone (or something) that owes a world-changing amount of it suddenly goes kaput, it becomes pretty clear how much of the debt system is made up.
If Evergrande owes banks, they'll just write off the debts and pretend it never existed. If they owed companies, they'll recoup "lost" money from assets and loans from someone else.
Most of the debt system is arbitrary and totally nonexistent. This wont be the collapse of the chinese economy like ""china waters"" claimed it would be; for a capitalist country masquerading as a classless economic system they're doing capitalism a lot better than most of the world right now.
They just write it off 😃
https://m.youtube.com/watch?v=BAjxn2US7J8
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Until it gets down to paying small businesses and individual contractors, then all of a sudden the money is all gone and I don't even recognize you, señor.