[Transfer] Lang the future and t monster headphone

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Dual economy in China has brought to China's economic development section of a flute economy, even if the U.S. subprime mortgage crisis is not the Chinese economy is still declining, according to the crisis or, according to the property market down, pay attention to the subprime crisis is not about we do not have anti- to live, and you see the stock market bubble last year has sounded a warning to you, may you ask me, Professor Lang, dual economy are able to understand, understand? You start talking about our stock market reaction with the property market fundamentals are right, I will take the stock market, for example, Why do you ask it, blame himself, blame him for not listening to my speech, do not study, if 2006 were made to listen to , the 2008 can also be heard, and now too late, speaking in front of it with my dual economy phenomenon, answer our questions of the host, why would you ask it?

06 jumped started in Shang Fulin said do not share reform, his nonsense, he could not understand it, which I have little sympathy for him, and nothing can not understand it, still do so many things, and now I will not be angry, but also angry and said, I do not care, I do not have a solution.

2005 years, I warned through the media when we do not implement the share reform, Shang Fulin, it is wrong. You also know that Professor Lang speech is very specific,[link widoczny dla zalogowanych], I used to talk about the case is successful, what is failure, then I would not say this, that scholars do not have confidence, then I am confident, I say wrong will be wrong, I said the share reform is wrong, and one hundred percent wrong, he did not know how to answer, the point of no return, and what answer I gave him an answer I have to say no turning back removed, he did not listen me. He said, that might suspect that, whoops, since the failure of the share reform, said Professor Lang, why in 2006 it began the national rally, how do I go wrong? When did I wrong? 06 I tell you the only reason shares rose dual economy has begun to take effect, a large number of manufacturing large amount of capital into the stock market with the property market.

then, the phenomenon of stock price rose to 30 May 2007 thousands of stock index fell 3 points this time you should listen to my speech, you believe that others say 80,[link widoczny dla zalogowanych],001,000 point, which What you buy when the stock ah? Bought a second-line blue chips is not it? So from the end of May to November from 3 thousand to 6 thousand points you buy second-line blue-chip investors do not make money, why not make money? Because it was pulling large cap stock index are, what we call the phenomenon of 2:8 or 3:7 phenomenon, pulling the stock more than 20% of the index, from 3 to 6 thousand thousand points pulled point, this phenomenon and Panax twenty-eight Second or third phenomenon is what shares? Real estate, steel, cement, performance engineering, image projects, large state-owned enterprises, other financing banks have securities companies, etc., nothing wrong with it? You are not that familiar ah? This is the dual economy is not overheated sectors which it?

So, the end of last year to 11 months, the stock market has fully reflected the dual economy, Professor Long, I was hoarse at this moment to urge the Government must address this issue. Help the manufacturing sector must start, so this is the manufacturing sector Huiguangfanzhao. If the government does not attempt to save the manufacturing sector to the second year will be a substantial collapse of the manufacturing sector.

proved what I said is right, in this moment I wrote eight of China's economic crisis in the article. If you do not come to this point in time when listening to my speech, November is also the right to hearing, nor to hear, November I was in Beijing to speak, the media are not interested in my speech, reported that they prefer a some scholars said that eight thousand points to 10,000 points, I was in Beijing to speak, I will be down the stock price, because the dual economy. Do you want to November to 6 thousand points of stock index to 20%, 30% of the sector driven, how fast you can think of gains, such gains have to call back soon, so the dual economy overheated sectors must be in the callback and the cold I had control of private industry in accordance with the data is the rapid flute section, and there is rapid collapse. Dual economy overheated sectors must be in the callback, stock has been dropping, you do not doubt, I have not talked about the subprime mortgage crisis, subprime mortgage crisis has not come, I just talk about the domestic situation, but to tell you, now all the world's traumatic financial crisis has no impact to you, you will have to this point, you think about what hope is there behind all this is our own bred out of the economy, and international independent.

Why am I in May, I warned the country very seriously and investors, do not have illusions of the Olympic market, not the Olympic Games in China market, but also in the program, when this program is widely spread, Many people can see, I speak specifically to what extent, I appeal to the national investors, the share price will fall before the Olympic Games there is no market, why? Because full flute section dual economy, the collapse of the results will make the stock plunged, as the United States in 1929 as well, so stock prices fell sharply today, the practical significance of the manufacturing sector continued to show the future flute section. I was in Guangzhou in March this year, photo news conference, I urge the Government to rescue the market I want to tell you that we are all nonsense experts say, many scholars say that government should not rescue the market, so market diversification, these are nonsense. Socialism did not experience the blood of capitalism, they are the most market-oriented point, the U.S. government do, the U.S. government does not understand the market? They are really capitalist countries, is the real market-oriented country, please look at the U.S. government doing? U.S. government bailout, us? Market, let the market to solve it, nonsense. These scholars, I did not think about them. They do not want to die. You say as a scholar, even if you do not do research to understand the words you speak nonsense, it should be half and half wrong, you guessed, lost about copper method, as we always say the wrong scholars that is more difficult. (Applause.)

like I always say yes, very easy to make mistakes every time more difficult. Why rescue? U.S.'re stupid? Do not understand the market it? Why the U.S. bailout talent, why start to save the market in March, I told you do not understand the market and scholars, then today is my first time on this occasion to speak about this topic, I think all of you here are entrepreneurs important. Because today China has entered an unprecedented era of the business chain, what is called the business chain? In other words 10 years ago in the past 5 years we have accumulated from agricultural society to an industrial and commercial chain of society.

What characteristics of the chain business? That is a department after a problem, it will certainly have a domino effect of the chain reactions generated. So I just told my story to give an explanation to understand that you do, why we consume so much, only 30%, why? We lack the social security system in China, including health, education, housing problems have not been completely resolved, the social security system is inadequate. So the lack of social security system, to less than less than you think, ah, ah of coverage is less than you think, if only of coverage is like, it is not business chain. Calculations of coverage of coverage on the agrarian age, the era when the chain is now business results of coverage, will not produce farming era domino effect.

chain in the business you want to time, after you of coverage, how would you do? What next? You can not consume, you have to save money, and if your parents have the disease how to do? How do you kids go abroad? How do you house? With these questions make you reluctant to spend. Next domino it? Reluctant to spend our country's consumption is very low, accounting for GDP35%, the next domino necessarily overproduction, and then the next domino necessarily export, the next one is the accumulation of a large number of U.S. currency, the yuan again next exchange rate appreciation,[link widoczny dla zalogowanych], the next one against the export manufacturing, export manufacturing and then the next collapse, the next one is more reluctant to spend, and then walk around, this is worse endless loop, this is the era of industrial and commercial chain characteristics.

I urge the Government should do? Housing bubble should be when the stock market bubble, the largest relief efforts in manufacturing what purpose? Cut the business chain, which means the funds into the stock and property markets in the quarter from the manufacturing recession, the government should do is I set up a firewall in the manufacturing sector, cut the business chain, direct aid manufacturing, as long as the manufacturing sector taken out on the marketing environment, then return back to the natural resources, once the results would not have cut off the stock market bubble, there will be no housing bubble, there would be all the problems out. You understand? The Government should do is for the government to cut the chains and the establishment of industrial and commercial firewall, this is what I started two years ago has called on the government to do, do not understand. Until things collapse, have said only that Professor Lang.

doing ladies and gentlemen, the U.S. Government think? United States, is one of the most capitalist country, right? Is the most emphasized market-oriented countries right it? And Republicans also emphasized that 7 billion dollars the U.S. government bailout plan is to cut the business nature of the purpose of the chain, that is, when the financial sector problems, immediately set up a firewall to cut the business chain, from 7 billion in direct aid the government wage those affected financial institutions, you only have them restored to life, the whole society be stable, otherwise, this according to our Chinese experts and scholars of the level, then do not interfere in the market, do not interfere with the results, once the collapse of financial institutions have massive unemployment, loss of confidence in making the American people, do not consume the next step, here is what? Manufacturing a crisis, then the next domino to reduce productivity, and then the next domino unemployment, then a domino reluctant to spend. Well, to start a vicious circle, so that the financial crisis because the U.S. government does not act, the crisis will produce the real economy, you understand? So what the U.S. government than any government should first cut the business chain. Is the fear of the financial crisis spread to the real sector, and our source of China's crisis is not a financial crisis, a crisis but from the manufacturing sector, we do not cut off the result of industrial and commercial chain, is to make the manufacturing sector crisis spread to the stock and property markets, resulting in Last year's stock and property bubble to you all stuck with. The host asked the right, I see your face, I knew almost all caught up, and why, is because our government does not cut the business chain. Why not cut it? Misled by experts, why do they mislead, they do not know, agrarian times, no way out students who are wrong.

I believe I communicate with you after this, we immediately understand this is one thing, the original U.S. government is cut off business chain. I recently I saw the development of the situation the United States, I will tell you that I mentioned earlier talk with you now, do not you noticed, I have repeatedly told you,[link widoczny dla zalogowanych], the U.S. subprime mortgage crisis has not affected to China. Even if the United States has never seen the words of the subprime crisis is that China's stock markets fall, China's real estate is way down, because the results of China's manufacturing sector continued to decline, must pull down the stock and property market. The deterioration of the situation day by day, not worse year by year, nor is the deterioration of the monthly daily deterioration, worsening every day.

I remember a scholar said yesterday in response to the words I sing the praises of the people that you should wake up to the international financial situation is better than any one person thought to be much more difficult, but there is no impact on China, in no impact to China's property market when we had a major crisis, I just talk about the stock market, and now referred to the property market, where business failures and more rapid inflow of funds where the property market, such as Shenzhen, a large number of manufacturing funds into real estate in Shenzhen, but it is the high cut point of sale. Why? From China Taiwan, Asia Pacific and other regions of the property market history, and long-term is still bullish. Early 2006 was 10,000 yuan / square meter, to the end of the year is four yuan / sq m, large capital inflows, Scoop of the high-end real estate, real estate along with a corresponding rise near the middle and low, middle and low real estate bubble is, they correspondingly , lack of funding support, once the flute section of this year, the decline in value is the middle and low real estate, luxury real estate is still strong, it is about real estate capital chain rupture, well, about to break the result is high-end real estate anti-lived, and that is in Shenzhen The current status quo.

in Beijing and Shanghai is the same, high-end real estate prices go up after the sale along with middle and low increase. So Ye Hao Beijing, Shanghai, Ye Hao, middle and low decline in value of real estate is currently the largest high-end real estate is not. Beijing, for example, within the ring,[link widoczny dla zalogowanych], according to my data, or as early, Shunyi fall more, just like the customs in Shenzhen, Shanghai is the same, there is the no inner city. Comrade Pan Shiyi

selling well recently, and we checked his information, 51% of the funds to buy Pan Shiyi, Shanxi coal from the boss, the impact of real estate at all levels, the impact to the prices rose. I say to you, real estate, long-term from the relative shares to other Asian countries and regions, for example,[link widoczny dla zalogowanych], including Hong Kong and Taiwan, for example, it is relatively resistant to inflation.

so many people ask, you say this what I understand, the property market bubble in the stock market bubble me how to do? I should sell or how to do? You do not ask me I'm not selling real estate is not stock analysts, I'm just telling you what you see is the essential reason behind what? How do you do? To do your own judgments.

then you think again, here is the question of financial management issues, as you know I mentioned earlier the theory after all, spend a little money, how to do that? Please note that I guests, in the economic section of the pre-xiao you do not have imagination, you do not expect to make money right? This is a big change in thinking, you can be guaranteed at this moment to thank God, and it simply is not China's problem of financial management, financial management special issue of what the media simply do not read are wrong. Do you have any financial problems, deposit banks, inflation, stocks, stock prices plunged. Do you have any financial problems. Well, do not ask me, is not to buy gold, buy foreign currency, I tell you this question are wrong. You do not ask me today, Professor Lang should not be buying gold, the euro should not buy, do not ask, this is the time of economic stability in peacetime to ask, at this moment you do not ask, I suggest that, listen carefully If you want to invest in foreign currency, you have to buy you one hundred euros to buy the same dollar, to ensure it? Promise not to make money, to ensure that the results do not make money is guaranteed to get even, buy gold Ye Hao, have to buy the gold denominated currencies, the dollar, purpose is not to make money. During the two years you will be able to not loss. So starting from 2009 there will be a lot of opportunities, and opportunity is everywhere, everywhere is the opportunity.

flute, instead of the bad economy, economic flute can be countless heroes bred to, usually do not have the opportunity, who can have this period of resistance, will be able to stand, talk to you about a very interesting case, as the end of my first short speech, please think about the guests, the debt ratio of listed companies in China how much? And this debt ratio is due to our 30 years of reform and opening up the success of our entrepreneurs of our officials have never experienced the hardships of a large flute section than their liabilities under what is? They make the world too simple, and we bear the proportion of the capital of listed companies is 100% to 300%, asset-liability ratio is 50% to 70%. I ratio of assets and liabilities, which did not experience the hardships of large enterprises, their debt ratio after the listing of up to 100% to 300% of the debt ratio.

I told the guests to go with me to Hong Kong, Hong Kong is very famous four kings, Li Ka-shing, Lee Shau Kee, to handle Guo, Zheng Yi with these four individuals are engaged in real estate, called four kings. His favorite one about King, the Big Four than many of our business a hundred times larger, and Hong Kong has a relatively complete legal system, there are more sound financial system. Then, ask the guests to think about it. Here are some more than a hundred times larger than your business in a region with good credit, improve the legal system better able to borrow money from a Hong Kong, but these people are different places where? They are the people who lived through storms, at least through the four large flute section, several of these have experienced the Great Depression of the four kings who a hundred times larger than you, his perfect legal system of Hong Kong, Hong Kong and good credit could have been borrow more money than you, and you guess how much of their assets and liabilities? We are 100% to 300%, 20% of them are four kings, you might say that the money loaned, stupidly it? Li Ka-shing will take you any money? You can not borrow money is true, and I told you not four an average of 20%, which is the capital of each king is 20% debt ratio, the unthinkable results. Moreover, the Big Four, the total assets held in a situation in which the proportion of cash up to 5% to 15%, and you? Total assets ratio of cash to keep up to 5% to 15%, and you? Why? I asked one of them, they said,[link widoczny dla zalogowanych], the success of this life because conservative.
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