Just got back
from Shanghai.
First thing I noticed,
coming in from the airport,
are all the new condos
at Pudong.
Impressive,
but less than half sold.
The developers are racing
towards a property crisis.
When their bank loans
are not translating into
condo sales.
Soon, they will default.
And a banking crisis
will erupt,
exploding the economy.
When a country
pursues expensive self glorification projects,
ignoring economic realities,
it always gets ugly.
The Pearl TV Tower
is a case in point,
towering above
HuangPu River,
like a nightmarish appendage
from Terminator II
or Alien III.
Billions spent on
the high speed super bullet train,
airport to town,
in 8 minutes flat.
But ticket charge
is a mere RMB30.
Its gonna take them
about 500 years
to breakeven
running full capacity.
Average worker wage
about RMB2000 a month
in Shanghai,
and a beer costs
RMB45.
A social crisis
will flare.
I believe
China will collapse first
before it becomes
a world economic
powerhouse.
Just like
no commercial monopoly
ever becomes
efficient,
neither can
political monopolies.
On Singapore's 39th national day,
it's time we remember that,
as our political leaders
make one costly mistake
after another.
Nonetheless,
I stood
at the mouth
of YangTze River
pondering the waters
that gave rise
to the Chinese race.
In a city,
that once humiliated
its people.
No dogs and Chinese
allowed.
Shanghai,
China's prostitute.
Always been,
and always
will be.
