JD400
3 days ago
YPF case: Argentina ordered to reveal location of Central Bank gold
Judge Preska called for information on the country’s coffers, which the government has contended is ‘confidential’
JANUARY 15, 2025
New York Judge Loretta Preska has ordered Argentina to hand over information on the Central Bank’s gold reserves per a request filed by hedge fund Burford Capital in October. The discovery order is the latest in the saga of a US$16.1 billion lawsuit it won against the country in 2023 for the expropriation of energy company YPF.
Argentina’s assets are being probed for potential seizure by the Southern District Court of New York to partly pay for the lawsuit. In a letter to Judge Preska, Burford quoted newspaper articles from last July reporting that Economy Minister Luis Caputo confirmed that the Central Bank had moved some of its gold overseas, which certain media outlets claimed would be used for a repo. The government did not provide further information on the matter.
Last week, Argentina wrote a letter to Preska arguing that the Central Bank and the Republic are legally separate entities, meaning that the gold reserves do not belong to the government and their details are confidential. The country, represented by the Sullivan & Cromwell law firm, also said that the Central Bank’s reserves “enjoy special protection from execution under [United States’ Foreign Sovereign Immunities Act] and UK law.”
In her order, Preska countered that “regardless of whether the gold reserves are held by [the Central Bank], the Republic shall produce its own documents concerning the reserves.”
The judge further demanded information on government accounts held in the country and overseas, as well as evidence from a separate lawsuit in order to “trace the Republic’s assets.”
On the one hand, Preska argued that Argentina should hand over SWIFT data on its accounts overseas instead of the account summaries it has already provided. She described them as “inadequate substitutes, given they do not identify the counterparty’s specific banking institutions making or receiving payments.”
On the other, the judge called for documents produced in the lawsuit the Bahamas-based Bainbridge Fund won against Argentina in 2023 for US$95 million of debt securities defaulted in 2001. Preska said the evidence could “lead to other executable assets.”
Argentina argued that the data would not lead to assets it could hand over in this case, but Preska argued that Burford was “entitled to request the information” regardless.
“The Republic does not get to just assert that such information ‘could not possibly lead to executable assets,’” Preska wrote. “The Court notes that it has likely taken more time and money to argue about producing these documents than to make the production.”
A spokesperson for the Treasury’s Prosecution Office declined to comment on the defense’s next steps.
https://buenosairesherald.com/economics/ypf-case-argentina-ordered-to-reveal-location-of-central-bank-gold
JD400
3 days ago
Has the World figured out U.S.Market Rigging
LFTV' panelists agree that the world has figured out U.S. market rigging
Submitted by admin on Sat, 2025-01-18 09:12 Section: Daily Dispatches
9:10a ET Saturday, January 18, 2025
Dear Friend of GATA and Gold:
Kinesis Money's "Live from the Vault" program with London metals trader Andrew Maguire is an excellent discussion with metals market experts Andy Schectman, Craig Hemke, and Robert Kientz about the prospects for the monetary metals in the new year.
The participants agree that the rest of the world has caught on to the market rigging and commodity price suppression implemented with derivatives by the U.S. government and is preparing for a new international financial system in which gold and silver are liberated and the dollar subjugated.
The program is 72 minutes long and can be viewed at YouTube here:
JD400
3 weeks ago
McEwen Mining Inc (NYSE:MUX) Shares Sold by State Street Corp
Posted by Defense World Staff on Dec 27th, 2024
McEwen Mining logoState Street Corp reduced its holdings in shares of McEwen Mining Inc (NYSE:MUX – Free Report) (TSE:MUX) by 16.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,119,821 shares of the basic materials company’s stock after selling 221,114 shares during the quarter. State Street Corp owned 2.12% of McEwen Mining worth $10,414,000 as of its most recent SEC filing.
Continues here good report>>> https://www.defenseworld.net/2024/12/27/mcewen-mining-inc-nysemux-shares-sold-by-state-street-corp.html
Isn't Statestreet Van Blackies largest shareholder Like Blackie is Vans largest shareholder Like Vans is Blackies largest shareholder
Mining CEO's need to get together and have a summit and put some kind of 50% moratorium on selling their gold until the banksters stop their predator selling ways imo
JD400
2 months ago
Rob McEwen - These Commodities Will Be On Everyone's Radar
Dec 1, 2024 #Wealthprotection #Singapore #Wealthpreservation
Rob McEwen from McEwen Mining joins Patrick Vierra in a chat about the economy, precious metals, the health of the miners, and the challenges they face. Regulations, nationalization and demand outpacing supply are just some of the topics discussed as these are but some of the challenges miners face. Opportunities are here.
Discussed in this interview:
00:00 Introduction
02:03 Current Trends in Gold Prices
06:16 U.S. Debt, Inflation, Manufacturing Competitiveness
08:46 Global Currency Concerns
13:52 Confiscation of Assets, U.N. Falling Apart, Sovereignty
17:50 The Health of the Miners and Copper Demand
23:20 Can Copper Keep Up With the Electrification of Everything?
32:30 Updates and Info on McEwen Mining
JD400
2 months ago
Saddened by Kidd mine news? McEwen Mining sees new gold production over the horizon
Toronto gold company drilling off Grey Fox deposit with bump in resources expected in early 2025
Ian Ross | Northern Ontario
McEwen Mining's Fox ComplexMcEwen Mining photo
While Glencore’s Kidd base metals mine is slated for closure in two years time, the legendary Timmins camp is far from finished when it comes gold mining longevity.
McEwen Mining is excited by a new prospect in its gold mining stable at the Fox Complex, east of the city, that contains a new and emerging deposit dubbed Grey Fox.
In releasing a raft of high-grade assay results this week, the Toronto gold company framed the ongoing exploration program at Grey Fox as opening up “new possibilities for resource and production growth” in what is already a very prolific mining area for McEwen.
The company boldly compares the geology at Grey Fox to the Hishikari Gold Mine in Japan, one of the world’s richest gold mines that’s produced 8.6 million ounces of gold at an average grade of 30 to 40 grams per tonne since 1985.
At the Fox Complex, McEwen has three main properties — Black Fox, Stock and Lexam — situated along Highway 101 and around the town of Matheson.
Black Fox, 11 kilometres east of Matheson, is an integral piece of the company’s production in containing the Black Fox and Froome mines with two mines-in-waiting in Grey Fox and Tamarack.
As an area of intense interest for McEwen, Grey Fox is situated on the southern part of the Black Fox property with six gold zones mapped out, including Whiskey Jack where those drilling results originated from. One drill hole, spotlighted in a Dec. 2 news release, yielded 10.2 grams per tonne of gold over an 11-metre section.
Currently, Grey Fox has a gold resource of 1.4 million ounces of gold in the indicated and inferred categories. McEwen maintains that more than 90 per cent of that resource sits within 300 metres of surface.
These latest drill results will be folded into an upcoming new mineral resource for Grey Fox and the entire Fox Complex, due out sometime in early 2025.
Come January, expect a new exploration push at Grey Fox. Armed with a $9.7-million budget, the plan is to punch almost 70,000 metres worth of drill holes.
McEwen said it wants to determine if there are near-term gold mining possibilities while it probes into some previously untouched areas in order to develop a better geological model of the deposit.
The company’s currently modelling of Grey Fox shows the presence of more than 50 distinct gold mineralized lenses — a body of ore that’s thick in the middle and thin at the edges — in an area of about 1.3 square kilometres, with many of those features extending near surface.
In a statement, chairman and chief owner Rob McEwen is enthusiastic about the potential at Grey Fox.
“Our investment in exploration at Grey Fox, in the southern portion of the Black Fox property, is generating an exciting future for two specific reasons," he said.
"Firstly, our team is focused on drilling to add gold ounces into our production pipeline. Secondly, we are impressed by the depth potential.
"There are two styles of gold mineralization, epithermal veining and orogenic lenses, both gold-rich at the top of the systems. Based on our past and recent drilling, it appears that the Fox Complex has the opportunity to expand its production profile, and the depth potential is still wide open.”
https://www.northernontariobusiness.com/industry-news/mining/saddened-by-kidd-mine-news-mcewen-mining-sees-new-gold-production-over-the-horizon-9905316
JD400
2 months ago
McEwen Copper Secures Environmental Permit for Construction and Operation of Los Azules
December 3, 2024
Download this Press Release PDF Format (opens in new window)
TORONTO, Dec. 03, 2024 (GLOBE NEWSWIRE) -- McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to announce the approval of the Environmental Impact Assessment (EIA) for its Los Azules copper project. The Environmental Impact Statement (EIS), which is the ministerial resolution approving the EIA, is a key permitting milestone on the way to feasibility, construction and future operation.
This EIS, which is issued by the San Juan Provincial Government's Ministry of Mines, highlights the support for copper mining in the pro-mining province of San Juan.
Since submitting the EIA documentation in April 2023, which was compiled by the international engineering and consulting company Knight Piesold and supported by 22 subject matter experts from San Juan, the Ministry of Mining and 14 public and private institutions comprising the Evaluation Committee have thoroughly reviewed over three thousand pages of the EIA and included a process of public consultation and a site visit to the project. This rigorous process ensures the project's environmental viability and establishes a solid foundation for responsible development.
Completing the evaluation process required significant work from our internal team and specialized consultants. McEwen Copper extends its sincere gratitude to everyone whose collaboration has been essential to meeting the highest technical and environmental standards. We look forward to their continued partnership in the following stages of the project.
Robert McEwen, CEO and Founder of McEwen Mining stated: "Our commitment to modern, sustainable, and regenerative mining practices at Los Azules is reflected in our PEA and EIA, and we continue this work through our upcoming definitive feasibility study. We thank the 14 institutions for their work, whose efforts helped secure this key environmental permit."
Michael Meding, Vice President and GM of McEwen Copper and General Manager of the Los Azules Project, added: "This milestone propels Los Azules forward and highlights its transformative potential for the province and Argentina's mining industry. As we advance, sustainability and community engagement will remain at the heart of our project development."
Strengthening Community Partnerships and Sustainability Commitments
Los Azules has built a strong partnership with the Calingasta community, fostering mutual trust and collaboration. McEwen Copper reaffirms its commitment to sustainable regional development by incorporating local perspectives. Los Azules distinguishes itself through its focus on sustainability. The project is designed to operate on renewable electric energy and achieve carbon neutrality by 2038. Its innovative process design ensures one of the lowest water footprints in the mining sector, aligning with international best practices; Los Azules aims for excellence in environmental stewardship.
Next Steps: Toward Feasibility and Construction
With the EIA approval in place, Los Azules is advancing towards publishing a definitive feasibility study, expected in the first half of 2025, with the potential start of construction as early as 2026, further strengthening McEwen Copper's position on the forefront of sustainable mining and as an important driver of economic and social development in San Juan.
https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2024/McEwen-Copper-Secures-Environmental-Permit-for-Construction-and-Operation-of-Los-Azules/default.aspx
tredenwater2
2 months ago
JD I dont believe all energy efficiencies MUX has designed are bad. Grow your own food, smart. Use solar where its applicable, smart. Recycle water, check!
What doesnt make sense is when you use more energy than your saving from battery implementation and increasing solar panel jobs in China.
A funny note about Tesla car battery chargers is we had new Costco built near us and they used CNG ran motors, underground, to lower the chargers. Lol
As for DEI, shut that switch completely off. Hire who is best fit to fill the job role.
JD400
2 months ago
Milei pulls Argentina’s delegation from COP29 climate conference
Government orders Argentina’s representatives to walk out of ongoing global climate conference, in order not to endorse UN’s Agenda 2030, which has been criticised by President Milei
President Javier Milei government’s on Wednesday ordered the entire Argentine delegation to withdraw from the ongoing COP29 climate change conference in Azerbaijan.?
"Yes, the team is withdrawing," a source at the Environment Secretariat told the AFP news agency on Thursday. Authorities at COP29 later confirmed the withdrawal.
This decision relates to President Milei’s rejection of the United Nations’ 2030 Agenda for Sustainable Development. Argentina’s libertarian administration says the plan, which was adopted by all UN member states in 2015, inconveniences companies operating in this country.
A small delegation of Argentine officials was at the summit, which began on November 11, but they received orders last Wednesday to suspend their agenda and return to Buenos Aires immediately.
Leftist voices seek to be heard at Rio's G20 summit
Read more...
Leftist voices seek to be heard at Rio's G20 summit
The representatives walked out in order not to endorse what is decided there, government sources leaked. Milei later retweeted some messages celebrating the move.
Negotiations at COP29 have a clear focus on the need for more financing from developed countries to mitigate climate change.
Landing a new agreement is the top priority of negotiators at the summit in Azerbaijan. But it is deeply contentious, and consensus has eluded negotiators from nearly 200 nations for the better part of a year.
The G20: Tackling economic issues in a turbulent world
Read more...
The G20: Tackling economic issues in a turbulent world
Most developing countries favour an annual commitment from wealthy countries of at least US$1.3 trillion, according to the latest draft of the long-sought climate finance pact.
This figure is more than 10 times the US$100 billion annually that a small pool of developed countries – among them the United States, the European Union and Japan – currently pay.
Argentina’s COP walkout does not mean it is withdrawing from the Paris Accords to halt global warming. That would require a more extended process of up to a year, which would imply ceasing to form part of the UN Climate Change Framework Convention.
Wars, looming Trump reign set to dominate G20 summit
Read more...
Wars, looming Trump reign set to dominate G20 summit
Donald Trump is expected to withdraw the United States from the agreements once he becomes US president next January, as he already did in his first term.
"It’s time to demonstrate that world cooperation is not stagnant but is up to what this moment requires," said Simon Stiell, UN Executive Director for the Climate, when opening the COP conference earlier this week.
The summit will run until next Friday with the presence of presidents and leading figures but not any Argentine representation.
Argentina votes against UN resolution on women and girls
Read more...
Argentina votes against UN resolution on women and girls
Argentina has been one of the leading Latin American voices at international forums and summits, such as the COP talks, for decades.
"The exit of the Argentinean delegation from the climate conference in Baku is unprecedented in the country's diplomatic history, and marks a clear contrast with Buenos Aires‘ foreign policy of engaging productively in international negotiations," said Oscar Soria, an Argentine environmental activist and the director of the Common Initiative NGO.
"This is a bilateral issue between Argentina and the UN and we are not going to comment on it," Azerbaijan's chief negotiator at COP29, Yalchyn Rafiev, said Thursday.
Milei hails Trump win as 'greatest political comeback in history'
Read more...
Milei hails Trump win as 'greatest political comeback in history'
Asked about Argentina's decision, Chilean Environment Minister Maisa Rojas was also cautious.
"Whether one says yes or no, climate change is real, it is happening. All countries are experiencing its impacts and therefore it is in the interest of all countries to build resilient structures," she declared.
– TIMES/NA/AFP
https://www.batimes.com.ar/news/world/milei-pulls-argentinas-delegation-from-cop29-climate-conference.phtml
Not a good look for green mining projects in Argentina
surfer44
2 months ago
McEwen Mining: Q3 2024 Results
TORONTO, Nov. 05, 2024 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today released its financial and operational results for the third quarter ended September 30, 2024 (“Q3”). The Company achieved significant improvements in revenue and operating profitability, driven by higher gold prices and strong production. The results reflect McEwen Mining’s ongoing commitment to expanding gold and silver production, advancing its large copper project and robust investment in exploration programs.
Financial Highlights (Q3 2024 vs Q3 2023)
Revenue increased 36% to $52.3 million due to higher realized gold prices and an increase in gold equivalent ounces (GEOs) produced for our 100%-owned mines. Average gold price sold was $2,499 per ounce in Q3 vs $1,920 in Q3 2023.
Gross profit increased 268% to $13.8 million due to higher gold prices, improved operational efficiencies and higher production.
Net loss significantly decreased to $2.1 million or $0.04 per share, compared to a net loss of $18.5 million or $(0.39) per share in Q3 2023, reflecting the Company’s focused efforts on cost controls and lower expenditures at the Los Azules copper project.
Operating cash flow increased to $23.2 million or $0.45 per share, compared to negative operating cash flow of $2.3 million or $(0.04) per share in Q3 2023, primarily reflecting the improvement in gross profit above.
Adjusted EBITDA(1) increased 586% to $10.5 million or $0.20 per share, compared to $1.5 million or $0.03 per share in Q3 2023. Adjusted EBITDA excludes the impact of McEwen Copper’s results and reflects the operating earnings of our mining assets, including the San José mine. This measure underscores McEwen Mining’s success in improving cash flow and operating performance across its production portfolio.
Operational Highlights
Gold Bar Mine, Nevada: Production reached 13,640 oz Au(1) in Q3, a 43% increase compared to the same period in 2023, driven by higher gold grades and improved recovery rates. The site is on track to meet its annual production guidance of 40,000 to 43,000 oz Au.
Fox Complex, Canada: Production totaled 7,855 oz Au(1) down 30% year-over-year, impacted by a temporary shortfall in development due to a stope failure in Q2 2024 that limited stope availability. However, the Company anticipates enhanced stope availability in Q4 2024, which will support increased production. The Fox Complex is expected to produce approximately 15-20% fewer ounces compared to its annual guidance of 40,000 to 42,000 oz Au.
San José Mine, Argentina: The 49% share of production from the San José Mine in Argentina was 13,684 GEOs(1)(3). Lower than anticipated grades contributed to a 23% decrease from Q3 2023. Nevertheless, Hochschild plc, as operator of the San José mine, expects to achieve its annual guidance for San José, which stands at 50,000 to 60,000 GEOs for McEwen Mining’s attributable share. The improved metal price environment has allowed the San José mine to build a strong liquidity position, with an increase of $40.4 million in working capital from $34.1 million at September 30, 2023 to $75.5 million at September 30, 2024, while also investing $8.5 million in exploration and $3.5 million in expanding the mill during 2024.
JD400
3 months ago
McEwen ups holdings in gold junior Inventus Mining
Staff Writer | October 21, 2024 | 10:25 am Exploration Markets News Canada Gold
Mini excavator extracting and loading the bulk sample at Pardo project. Credit: Inventus Mining
Canadian mining entrepreneur Rob McEwen has upped his holdings in Inventus Mining (TSXV: IVS) through the participation in the gold junior explorer’s latest private placement financing to support its ongoing exploration in Ontario.
In total, McEwen, through his company McEwen Mining (TSX: MUX), will buy 10 million units of Inventus at a price of C$0.04 per unit. McEwen currently holds approximately 35.8 million shares, or about 21% of Inventus, having built his take over the years since Inventus operated under its old name Ginguro Exploration
Inventus’ shares gained 50% to C$0.045 apiece by 1:20 p.m. ET, for a market capitalization of C$7.6 million.
In addition to McEwen’s purchase, an additional 5 million units will be sold to other investors, for gross proceeds of C$600,000 to fund Inventus’ exploration activities.
The company’s main asset is the Pardo paleoplacer gold project located 65 km northeast of the Sudbury mining district. The current exploration target is a near-surface gold-bearing conglomerate reef that ranges from 1 to 4 metres thick.
A 2018 technical report on Pardo outlined three target ranges for the gold-bearing conglomerate based on the limited exploration work to date, with the largest estimated at 12.5 million tonnes grading 3.5 g/t for a gold content of 1.4 million oz.
The conglomerate, if economically feasible, would be subject to low-cost surface strip mining methods, Inventus said on its website. The company had also billed the project as the “first large-scale paleo-placer gold deposit in North America”.
In 2022, Inventus conducted the first phase of a 50,000-tonne advanced exploration bulk sampling program at Pardo, returning an average head grade of 3.4 g/t gold. The bulk sample program has built confidence of the gold grade and paved the way for an initial resource estimate on the property, the company said.
https://www.mining.com/mcewen-ups-holdings-in-gold-junior-inventus-mining/
mahatmapaul
3 months ago
that's a somewhat deceptive post, since it's a boilerplate article that they apply to various miners. If you type in google the first few words, you get the same article for various other miners.
Basically, it's not about MUX, but about the miners' market in general, so you have to take it with a grain of salt.
JD400
4 months ago
Save Canadian Mining - The Big Push
Sep 17, 2024
Naked Short Selling has cost Canadian small cap companies upwards of $1 Trillion according to Terry Lynch referencing a recent Globe & Mail article.
Terry Lynch is the CEO of Power Nickel and the Founder of "Save Canadian Mining", the small cap stock advocacy group backed by industry giants such as Eric Sprott, Keith Neumayer, Robert McEwen and multiple sponsors who have worked tirelessly and given generously over the last 4 years to conduct research, create reports and meet with key government officials & regulatory bodies - all for the singular purpose of putting an end to the devastating practice of illegal short selling in the Canadian small cap market.
FRIDAY THE 13TH UPDATE VIDEO FOLLOWS BLACK FRIDAY AND GOOD FRIDAY VIDEOS
On a couple of occasions over the past 10 months Save Canadian Mining has held major webcasts for the industry, beginning with the Black Friday event (November 2023) in which Wes Christian and David Wenger discussed the landmark decision in a New York case in which Broker-Dealers could now be liable for failing to fulfill their "Gatekeeping Responsibilities" of monitoring client trading actions
Then came the Good Friday video (March 2024) in which Terry and his team not only discovered the shocking mechanism to facilitate the firehose of naked short selling - but along with it the specific actions that could easily be taken by regulators and/or government officials in order to put an end to it.
Thousands of small cap companies and tens of thousands of investors participated.
As a result of the reaction and reach of that video, which laid the foundation for both a massive industry wide social media campaign and a potential billion dollar plus class action lawsuit against one of Canada’s big banks, Save Canadian Mining was able to secure meetings with leading Ontario Provincial Government officials. At that point, a decision was made to pause the campaign in order to give the talks a chance to bear fruit.
We are going to talk about those talks, as well as, a shocking revelation that came out of a legal document filed with the Supreme Court of British Columbia recently.
RCMP & DOJ RECEIVE EVIDENCE DETAILING EVIDENCE OF COLLUSION BETWEEN BANKS AND REGULATORS TO SUPPRESS THE TRUTH
12 Years
166 Exhibits
3,631 Pages
“A Pattern Consistent With The Definition Of Organized Crime”
Suffice it to say, this 3rd installment of the Save Canadian Mining video series is the most serious and important one yet
SUE + SOCIAL MEDIA PRESSURE + EMBARRASS. THE PLAN TO MOBILIZE SMALL CAP COMPANIES, INVESTORS AND VENDORS
While the class action ramps up, we have put together a plan to mobilize hundreds of small cap companies, their investors and their vendors with a coordinated social media campaign that simply can not be ignored by the banks, regulators and government.
Finally, for investors that are active, vocal and passionate about this topic on social media platforms, there is an Easter Egg waiting for you in this video that you 100% guaranteed will NOT want to miss.
Thank you for now taking the time to watch this video and please be sure to share it with your networks across all of your social media platforms.
Let the Big Push Begin to make Canadian markets fair to all investors.
0:00 PRE-AMBLE
4:00 Doug Ford Talks
6:35 Ontario PC Understanding
7:55 Market Cap Destruction
9:50 Alcohol Over Naked Shorting
12:48 BIM Organized Crime Filing
13:58 Terry's Reaction
18:00 Trillion Dollar Terror
18:35 Stop The Bleeding
19:17 3 Brokers Support
21:25 Walls Closing In
23:20 The Brawl Phase
24:45 The Class Action
27:00 The CIBC "Kiss"
29:40 Joining Forces
31:08 Donations Big & Small
32:00 Search For Pit Bull
35:55 Social Media Reward Plan
41:10 Commodity Market Optimism
Save Canadian Mining
https://savecanadianmining.com
JD400
4 months ago
$MUX Institutional corrupted mining stocks rise on Chinese stimulus
Of course nothing to do with MUX or even mining & metals
Everything to do with corrupted Banksters or as Rob calls it (Markets)
Ambrose Evans-Pritchard: Groundswell builds for massive Chinese stimulus but today wasn't real thing
Submitted by admin on Tue, 2024-09-24 22:07 Section: Daily Dispatches
By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, September 24, 2024
China urgently needs a stimulus of shock-and-awe proportions, backed by a deep cleansing of its broken banks along the lines of America's "TARP" (Troubled Asset Relief Program) rescue in 2008. The latest package announced today falls far short.
The drumbeat for radical action is by now deafening. It dominated the weekend's China Macroeconomy Forum in Hong Kong, where a chorus of influential voices called for a fiscal blast of up to $1.4 trillion to pull the country out of debt deflation and cosmic gloom.
iu Shijin, a former rate-setter at the People's Bank of China, said the government should issue special bonds worth 8% of GDP to boost social spending, pensions, and health care. And to convert the galactic glut of unsold flats into homes for the 180-million-strong army of migrant workers caught in the no-man's land of the semi-feudal Hukou system.
Mao Zhenhua, co-director of the Renmin Institute of Economic Research, wants a similar package of $1.4 trillion -- or 10 trillion yuan -- proposing direct cash transfers to citizens akin to Covid cheques in the West.
The authorities have been dribbling out stimulus for months but it has been too half-hearted to arrest the slide into a Keynesian liquidity trap. Disappointing data over recent weeks have finally caused the dam to break. The PBOC cut the reserve requirement ratio by 50 points today. There were targeted measures to prop up the crumbling housing market.
Raymond Yeung, China strategist at Australia's ANZ bank, said the measures will inject a trillion yuan into the banking system but do not add up to a genuine bazooka. "We question whether today's package can lift China from the deflationary spiral. Massive easing and a complete change in mindset are required," he said. ...
... For the remainder of the report:
https://www.telegraph.co.uk/business/2024/09/24/groundswell-building-for-massive-chinese-stimulus/
*https://www.gata.org/node/23385
*Subdivisions: Neil Peart nails it. Of course.
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