{"id":165594,"date":"2021-10-01T11:26:30","date_gmt":"2021-10-01T09:26:30","guid":{"rendered":"https:\/\/climatescience.press\/?p=165594"},"modified":"2021-10-01T11:26:31","modified_gmt":"2021-10-01T09:26:31","slug":"will-evergrande-sink-china-and-others","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=165594","title":{"rendered":"Will Evergrande Sink China (and others)?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"723\" height=\"451\" data-attachment-id=\"165595\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=165595\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-evergrande.png?fit=937%2C585&amp;ssl=1\" data-orig-size=\"937,585\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"0china-evergrande\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-evergrande.png?fit=723%2C451&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-evergrande.png?resize=723%2C451&#038;ssl=1\" alt=\"\" class=\"wp-image-165595\" srcset=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-evergrande.png?w=937&amp;ssl=1 937w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-evergrande.png?resize=300%2C187&amp;ssl=1 300w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-evergrande.png?resize=768%2C479&amp;ssl=1 768w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-evergrande.png?resize=640%2C400&amp;ssl=1 640w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-evergrande.png?resize=816%2C509&amp;ssl=1 816w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-evergrande.png?resize=128%2C80&amp;ssl=1 128w\" sizes=\"auto, (max-width: 723px) 100vw, 723px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Daniel Lacalle, PhD, economist and fund manager, writes at CD Media&nbsp;<a href=\"https:\/\/creativedestructionmedia.com\/news\/markets\/2021\/09\/29\/evergrande-isnt-chinas-lehman-moment-it-could-be-worse-than-that\/\"><strong>Evergrande Isn\u2019t China\u2019s \u201cLehman Moment.\u201d It Could Be Worse Than That<\/strong><\/a>. Excerpts in italics with my bolds and added images.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The bankruptcy of the Chinese real estate company Evergrande is much more than a \u201cChinese Lehman.\u201d\u00a0<strong>Lehman Brothers was much more diversified than Evergrande and better capitalized.<\/strong>\u00a0In fact, the<strong>\u00a0total assets of Evergrande<\/strong>\u00a0that are on the brink of\u00a0<strong>bankruptcy outnumber the entire subprime bubble of the United States<\/strong>.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"723\" height=\"407\" src=\"https:\/\/www.youtube.com\/embed\/21NZrBgCiH8?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The problem with Evergrande is that it is&nbsp;<strong>not an anecdote, but a symptom of a model based on leveraged growth and seeking to inflate GDP at any cost<\/strong>&nbsp;with ghost cities, unused infrastructure, and wild construction. The indebtedness chain model of Evergrande is not uncommon in China.&nbsp;<strong>Many Chinese companies follow the \u201crunning to stand still\u201d strategy<\/strong>&nbsp;of piling on ever-increasing debt to compensate for poor cash flow generation and weak margins. Many&nbsp;<strong>promoters get into massive debt<\/strong>&nbsp;to build a promotion that either is not sold or is left with many unsold units,&nbsp;<strong>then efinance that debt by adding more credit<\/strong>&nbsp;for new projects using unsaleable or already leveraged assets as collateral.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The&nbsp;<strong>total liabilities of Evergrande account for more than double its official debt figure<\/strong>&nbsp;(more than 2 trillion yuan). Evergrande\u2019s financial hole is&nbsp;<strong>equivalent to almost a third of Russia\u2019s GDP<\/strong>. Its annual revenues do not reach $70 billion, and it is more than&nbsp;<strong>debatable whether those revenues are real<\/strong>, since a relevant part comes from payment commitments whose&nbsp;<strong>collection is doubtful.<\/strong>&nbsp;Even if they were real, these revenues are not enough to address the&nbsp;<strong>bond maturities,<\/strong>&nbsp;which exceed<strong>&nbsp;$250 billion in the short term.<\/strong><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Evergrande is much more dangerous than it seems.<\/strong><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>All the \u201cKeynesian\u201d solutions<\/strong>&nbsp;that you are hearing these days have&nbsp;<strong>already been implemented.<\/strong>&nbsp;Massive liquidity injections, low interest rates, full implicit and explicit support from the Chinese government \u2026 Let\u2019s not forget that<strong>&nbsp;Evergrande was the largest issuer of commercial paper in China,<\/strong>&nbsp;$32 billion issued in 2020, a 390 percent increase from 2015, according to Reuters.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Evergrande represents less than 4 percent of the overall Chinese market but its model has been used by many Chinese promoters.<\/strong>&nbsp;The ten biggest real estate developers account for 34 percent of the market and aggressive leverage practices are widespread.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>The real estate sector is huge in China.<\/strong>&nbsp;Its direct and indirect weight, according to JP Morgan, is&nbsp;<strong>25 percent of GDP,<\/strong>&nbsp;more than<strong>&nbsp;double the size of the real estate bubble in Japan or Spain.<\/strong>&nbsp;The sector has been growing with an indebted model at 15 percent per year in the last three years. The&nbsp;<strong>Chinese government<\/strong>&nbsp;has introduced regulations to reduce the excess, but because it&nbsp;<strong>benefits from the increase in GDP and job creation<\/strong>, it has maintained a complacent position regarding the corporate debt model.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Chinese real estate companies<\/strong>, according to JP Morgan, have<strong>&nbsp;\u201creduced\u201d their indebtedness to 92 percent of total assets from a monster 140 percent in 2018<\/strong>, with a profit margin of 9\u201313 percent. But those figures still show a larger and more concerning problem than what headlines imply. Most Chinese real estate developers have total liabilities of 50 percent to total assets, according to JP Morgan.&nbsp;&nbsp;<strong>The problem is that the value of those assets and the capacity to sell them is more than questionable.<\/strong><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>The implications of an Evergrande collapse are far greater than what investment banks tell us.<\/strong><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>The first risk is a domino effect in a very aggressively indebted sector.<\/strong>&nbsp;There is&nbsp;<strong>also<\/strong>&nbsp;a significant impact on all those&nbsp;<strong>banks exposed to China and emerging markets<\/strong>, where China has financed ruinous projects in recent years. And there is<strong>&nbsp;also impact on global growth and countries that export to China<\/strong>, because the slowdown was already more than evident. Additionally, we cannot ignore the impact on the&nbsp;<strong>solvency of the financial system despite billions of dollars injected by the People\u2019s Bank of China.<\/strong><\/em><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"595\" height=\"450\" data-attachment-id=\"165600\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=165600\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0cb092121dAPR20210921014739.jpg?fit=595%2C450&amp;ssl=1\" data-orig-size=\"595,450\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"0cb092121dAPR20210921014739\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0cb092121dAPR20210921014739.jpg?fit=595%2C450&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0cb092121dAPR20210921014739.jpg?resize=595%2C450&#038;ssl=1\" alt=\"\" class=\"wp-image-165600\" srcset=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0cb092121dAPR20210921014739.jpg?w=595&amp;ssl=1 595w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0cb092121dAPR20210921014739.jpg?resize=300%2C227&amp;ssl=1 300w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0cb092121dAPR20210921014739.jpg?resize=200%2C150&amp;ssl=1 200w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0cb092121dAPR20210921014739.jpg?resize=106%2C80&amp;ssl=1 106w\" sizes=\"auto, (max-width: 595px) 100vw, 595px\" \/><\/figure><\/div>\n\n\n\n<h5 class=\"wp-block-heading\"><em><strong>A Solvency Problem Cannot Be Solved with Liquidity.<\/strong><\/em><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The hope that the government will fix everything contrasts with<strong>&nbsp;the magnitude of the financial hole.<\/strong>&nbsp;Be that as it may, we cannot overlook the negative effect on those sectors highly exposed to real estate growth, infrastructure, electricity, services, and in the&nbsp;<strong>hundreds of thousands of citizens who have paid an upfront fee for flats that are not going to be built.<\/strong><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>The problem with China is that the entire economy is a huge indebted model that needs almost ten units of debt to generate one unit of GDP<\/strong>, three times more than a decade ago, and all this catastrophe was already more than evident months ago. With total debt of 300 percent debt to GDP according to the Institute of International Finance,&nbsp;<strong>China is not the strong economy swimming in with cash that it was a couple of decades ago.<\/strong><\/em><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"362\" height=\"359\" data-attachment-id=\"165599\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=165599\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-threat-mjb.png?fit=362%2C359&amp;ssl=1\" data-orig-size=\"362,359\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"0china-threat-mjb\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-threat-mjb.png?fit=362%2C359&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-threat-mjb.png?resize=362%2C359&#038;ssl=1\" alt=\"\" class=\"wp-image-165599\" srcset=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-threat-mjb.png?w=362&amp;ssl=1 362w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-threat-mjb.png?resize=300%2C298&amp;ssl=1 300w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-threat-mjb.png?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-threat-mjb.png?resize=88%2C88&amp;ssl=1 88w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0china-threat-mjb.png?resize=81%2C80&amp;ssl=1 81w\" sizes=\"auto, (max-width: 362px) 100vw, 362px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The market assumed that because it is China, the government was going to hide these risks. Even worse,<strong>&nbsp;the Evergrande collapse only shows a dangerous reality in several Chinese sectors:<\/strong>&nbsp;excessive indebtedness without real income or assets to support it.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>This episode comes&nbsp;<strong>at the worst possible time<\/strong>, after the government has launched a massive crackdown on large companies.<strong>&nbsp;International investors are already concerned about corporate governance and intervention in China and now the fears of credit contagion<\/strong>&nbsp;make the risk even worse.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Evergrande is not an anecdote, it is a symptom.<\/strong><\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"165597\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=165597\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0x-1.jpg?fit=640%2C457&amp;ssl=1\" data-orig-size=\"640,457\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"0x-1\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0x-1.jpg?fit=640%2C457&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0x-1.jpg?resize=723%2C517&#038;ssl=1\" alt=\"\" class=\"wp-image-165597\" width=\"723\" height=\"517\" srcset=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0x-1.jpg?w=640&amp;ssl=1 640w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0x-1.jpg?resize=300%2C214&amp;ssl=1 300w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/10\/0x-1.jpg?resize=112%2C80&amp;ssl=1 112w\" sizes=\"auto, (max-width: 723px) 100vw, 723px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">via <strong><em><span class=\"has-inline-color has-vivid-cyan-blue-color\">Science Matters<\/span><\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/ift.tt\/3D5xT9J\">https:\/\/ift.tt\/3D5xT9J<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">September 30, 2021<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Daniel Lacalle, PhD, economist and fund manager, writes at CD Media&nbsp;Evergrande Isn\u2019t China\u2019s \u201cLehman Moment.\u201d It Could Be Worse Than That. Excerpts in italics with my bolds and added images. The bankruptcy of the Chinese real estate company Evergrande is much more than a \u201cChinese Lehman.\u201d\u00a0Lehman Brothers was much more diversified than Evergrande and better [&hellip;]<\/p>\n","protected":false},"author":121246920,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-165594","post","type-post","status-publish","format-standard","hentry","category-uncategorized","has-post-thumbnail","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-H4S","jetpack-related-posts":[{"id":338067,"url":"https:\/\/climatescience.press\/?p=338067","url_meta":{"origin":165594,"position":0},"title":"Electric car fiasco \u201con the brink of collapse\u201d","author":"uwe.roland.gross","date":"31\/07\/2024","format":false,"excerpt":"The best news for the EV industry this month is that Ford is only losing $50,000 a car now on its electric vehicles. That\u2019s so much better than the $132,000 it was losing last quarter. But the true economic carnage is deep and widespread. The one sure bet in the\u2026","rel":"","context":"In \"China\"","block_context":{"text":"China","link":"https:\/\/climatescience.press\/?tag=china"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG-40.jpeg?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG-40.jpeg?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG-40.jpeg?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/07\/OIG-40.jpeg?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":373867,"url":"https:\/\/climatescience.press\/?p=373867","url_meta":{"origin":165594,"position":1},"title":"Global Bankers: The Paris Climate Accord is Dead","author":"uwe.roland.gross","date":"06\/04\/2025","format":false,"excerpt":"Apparently, it is President Trump\u2019s fault global CO2 emissions are out of control.","rel":"","context":"In \"carbon dioxide (CO\u2082)\"","block_context":{"text":"carbon dioxide (CO\u2082)","link":"https:\/\/climatescience.press\/?tag=carbon-dioxide-co%e2%82%82"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0230501162813-morgan-stanley-hq.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0230501162813-morgan-stanley-hq.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0230501162813-morgan-stanley-hq.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0230501162813-morgan-stanley-hq.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0230501162813-morgan-stanley-hq.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":164048,"url":"https:\/\/climatescience.press\/?p=164048","url_meta":{"origin":165594,"position":2},"title":"Bulk Iron Ore Prices Storm Past $100","author":"uwe.roland.gross","date":"22\/09\/2021","format":false,"excerpt":"ROCK ISLAND ARSENAL, Ill. \u2013 Foundry workers with Rock Island Arsenal \u2013 Joint Manufacturing and Technology Center conduct a foundry pour into sand molds April 16 at Rock Island Arsenal, Ill. (U.S. Army photo by Debralee Best\/RIA-JMTC) A tight supply and strong demand for steel in China have led to\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/09\/06821276-2048x1366-1-1024x683.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/09\/06821276-2048x1366-1-1024x683.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/09\/06821276-2048x1366-1-1024x683.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2021\/09\/06821276-2048x1366-1-1024x683.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":303864,"url":"https:\/\/climatescience.press\/?p=303864","url_meta":{"origin":165594,"position":3},"title":"West braces for China\u2019s electric car shock","author":"uwe.roland.gross","date":"22\/02\/2024","format":false,"excerpt":"Made by China\u2019s biggest car-maker BYD,\u00a0the shipment has the potential to turn rising international tensions into an explosive all-out trade war between Beijing and the West.","rel":"","context":"In \"bankrupt EU companies\"","block_context":{"text":"bankrupt EU companies","link":"https:\/\/climatescience.press\/?tag=bankrupt-eu-companies"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/00Screenshot-2024-02-22-175223.png?fit=1172%2C591&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/00Screenshot-2024-02-22-175223.png?fit=1172%2C591&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/00Screenshot-2024-02-22-175223.png?fit=1172%2C591&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/00Screenshot-2024-02-22-175223.png?fit=1172%2C591&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/02\/00Screenshot-2024-02-22-175223.png?fit=1172%2C591&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":206042,"url":"https:\/\/climatescience.press\/?p=206042","url_meta":{"origin":165594,"position":4},"title":"Germany Green Energy Crisis: Warning of \u201cLehman Like\u201d Contagion","author":"uwe.roland.gross","date":"27\/06\/2022","format":false,"excerpt":"Essay by Eric Worrall h\/t\u00a0JoNova; Germany\u2019s renewable policy inspired energy insecurity has reached crisis levels, with Germany\u2019s Vice Chancellor warning of \u201cLehman like\u201d economic contagion if energy prices rise any further. Germany says its energy crisis may trigger Lehman-like contagion as the country moves a step toward to natural-gas rationing\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/image-111.png?fit=940%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/image-111.png?fit=940%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/image-111.png?fit=940%2C600&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/image-111.png?fit=940%2C600&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":205899,"url":"https:\/\/climatescience.press\/?p=205899","url_meta":{"origin":165594,"position":5},"title":"Germany\u2019s Green-made Gas Crisis: warnings of rationing and Lehman Brothers-Style Financial Collapse","author":"uwe.roland.gross","date":"26\/06\/2022","format":false,"excerpt":"Wind turbines Suddenly the warning lights flashing in Germany. The message is to go easy on the gas, but ultimately even if the national storage tanks were completely full, the largest economy in the EU would only have ten weeks of gas without supplies from Russia. It\u2019s summer and they\u2019ve\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/0bnw.jpg?fit=1200%2C908&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/0bnw.jpg?fit=1200%2C908&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/0bnw.jpg?fit=1200%2C908&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/0bnw.jpg?fit=1200%2C908&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/06\/0bnw.jpg?fit=1200%2C908&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/165594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=165594"}],"version-history":[{"count":3,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/165594\/revisions"}],"predecessor-version":[{"id":165601,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/165594\/revisions\/165601"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=165594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=165594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=165594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}