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After visiting friends, each time, are amazing, ladies can not help to say, if this life would live in this castle, really die rest in peace out. I always jokingly said: “Are you sure? Such a luxury, is given to you, you can not afford ah!” This is Sir Henry himself never thought of. Because from the First World War, the City of Toronto to Rome, Casa increased property tax, from 600 Canadian dollars a year, increased to 1,000 Canadian dollars per month (which is a huge sum of money at the time), and Sir Henry had to auction art furniture to pay taxes. Finally, because the Canadian dollar can not afford the 27,303 property tax, he and his wife had been forced to leave Casa Rome.

Poor Henry can only be moved into a small apartment, open the windows to see is Casa solemn towers of Rome, the only valuable thing around is a big diamond ring on his finger. Sir Henry could not pay taxes “abandon the city,” away, the castle was eventually resumed by the City of Toronto is now open as a museum.

Such stories abound in the United States, such as railroad magnate Vanderbilt’s “Kikunami Villa” (Breakers), in the solid granite wall, a total of 70 houses, as his successor could not pay property tax to only “promotions” to the U.S. government. So the lesson found everywhere, some rich people will do in his lifetime for the funeral plans.

We are the bottom-up reform of the early, first of all farmers in Xiaogang Village in Anhui launched agrarian reform, rural reform is not a government plan, but in civil spontaneous. Party Central Committee headed by Deng Xiaoping saw a breakthrough on the old system of civil and timely recognition of the creation of civil society, policy and law in the form of spread across the country. This is Deng Xiaoping’s greatness, not by itself wise leadership, planning this, guidance that, but I believe the people, trust the market, to sum up and promote the creation of civil society.

Now 30 years of reform and not the same, by private launch opportunity to achieve a breakthrough less localized, the reform of the holistic, systematic increase, but more and more involved in economic reform and political system, the power of the on not enough, civil could not move, rely on the government to promote. However, any system change will hit the government’s vested interests, the Government has deeply involved in the economic, involved in the market. Reform requires the government from the economy, how the interest that it do? Stuck on the card here, the interests of the relevant government make life difficult.

“South Wind”: History repeating. By government-led investment and export-led structural imbalance of the problems that for many years, the crisis seemed again to these questions in their minds. Such changes in the mode of economic growth where the difficulties?

Xiaonian: traditional growth model has a solid institutional foundation, the current economic and political system intact, does not become growth model, investment-led government would not become dominant. Changes in mode of development, must promote reform in economic and political system and a substantive breakthrough.

In recent years, reforms stalled, even reversed, under the banner name of reform, expansion and consolidation of the interests of government departments because of where? We are caught in the dilemma of reform – reform requires the Government to promote the reform but also touched the interests of the Government. This is the difficulty lies.

Today the West is styled, a ready-made doctor is Keynesian. Many people in Western China policy responses much appreciated, just as there see hope in the Soviet Union, like, this is not ridiculous it? How can China reform and opening up and linked with the old Soviet Union?

“South Wind”: China is using the Keynesian rescue plan, this and other free economies, compared with what the difference? What is the impact of the difference between it?

Xiaonian: to save what City ah? West, houses on fire, to burn down the building, had to rely on government fire-fighting. Our house did not catch fire, the financial system is basically sound, there is no risk of system crashes, you nervous about? You learn to Americans desperate splashing water everywhere, spreading fire extinguishing agent, do you? Our problem is the economic structural imbalances, fiscal stimulus, monetary policy can not cure the disease structure, Keynesian used in China is irrelevant, somehow.

Xiaonian: Federal Reserve monetary policy committed a serious mistake, which is recognized by everyone. Since 2001, monetary policy is too loose wide departure from the Taylor rule, long-term benchmark interest rates remain low, capital is too low to encourage borrowing, U.S. households, businesses and financial institutions over-indebtedness. Crisis, Americans have to reduce debt, this is what we talk about “deleveraging” process. In the “deleveraging” before the completion of the recovery brought the fiscal stimulus is temporary, and can not be sustained, once the Government to stop burning money, the economy has fallen.

“South Wind”: If the Keynesian solve the problem, why the moment it is still very popular then?

Xiaonian: present situation and of the last century of 20 to 30 years the “Great Depression” is very similar to the “Great Depression” of the early days, people are in panic state, the Wall Street crash, and can save the situation and are looking only the government. The days when western intellectuals with the same mentality today that the market itself as a problem and needs government intervention. Some people in despair while the Soviet Union as the hope and role models, because the Soviet economy under the planning system to avoid “Great Depression.” Some people go further, and even preached to the study of Nazi Germany, because in a totalitarian government’s strong intervention of the German economy quickly recovered. In response to this trend, Hayek wrote “The Road to Serfdom,” in which he warned the world, for the immediate emergency and give up the principle of market economy is dangerous. Germans soon learned to their actual actions of Western countries and the intelligentsia, the people discovered that Hayek was right, an unconstrained strong government meant war and slavery, but the harm is in the Keynesian contributed Government’s strong.

“South Wind”: When we are talking about the financial crisis, do you think the financial crisis does not exist in China, expansion of monetary policy when the Government introduced the time, you deny the need for stimulus, then what do you think now about whether the Chinese economy slowdown, when China suffered over the past financial crisis, the need to stimulate this discussion and the second concern? With or without the financial crisis, China’s economy had structural problems will lead to second bottom?

Xiaonian: I am not much on these hot issues of interest, such discussions are trifles. Academic debate these things, because they make a living, with the later Keynesian, economics of people considered a job, mixing bowls of rice to eat, analysis of economic situation, the government in a step by step, monetary policy, fiscal policy ah like how to operate, but these are not the Chinese economy and the world economy is the key.

The U.S. government engaged in an economic stimulus, how like now? Is the same as the second bottom. U.S. new home starts are now has a second bottom, second bottom after prices rise, unemployment is endemic. Obama to take the so-called Keynesian stimulus package, it acts like stimulants, are stronger than any drug, while patients not resolved the fundamental problems, the second bottom is inevitable. Keynesianism is the stop-gap measures, fever pour cold water, low temperature, the sauna, the body of the lesions do not ask what, as a quack.

Real estate stock short: Suning Universal

The highest market value (million): 243.65

The lowest point value (million): 127.70

ZHANG Gui-ping family shareholding ratio: 60.91%

Reduce the value of wealth (million): 70.63

Environmental and policy changes by the economic impact of real estate capital markets, significantly blocks adjustment, the company stock price fell sharply.

Lu Zhiqiang

Real estate stock short: Asia Standard Construction

The highest market value (million): 326.53

The lowest point value (million): 181.38

Lu Zhiqiang stake: 47.42%

Reduce the value of wealth (million): 68.82

Store to provoke outrage, in the first half net profit fell 33%.

Real estate stock short: Country Garden

The highest market value (million): 445.81

The lowest point value (million): 293.79

Yang Yan stake: 59.33%

Reduce the value of wealth (million): 90.19

Coaching change fell, the new president of the industry, “led the implementation of the vision of power and tricks” pessimistic Hope.

Chen Zhuolin family

Real estate stock short: Agile Property

The highest market value (million): 359.28

The lowest point value (million): 227.06

Chen Zhuolin family shareholding ratio: 62.32%

Reduce the value of wealth (million): 82.40

Results lower than market expectations, the market bubble in Hainan.

In fact, leading real estate developers fell wealth is only one aspect, some property developers because of the involvement of and investment banks on the bet, the loss is not small. In Country Garden, for example, the head of China’s richest man, who is due early developers and Merrill Lynch entered into a share swap agreement, so far caused losses to the company, in the first half of the loss of about 190 million yuan, and in accordance with the agreement, last year’s loss more.

Significant impact on property developers have high debt expansion. For example, a central corporate real estate real estate sales in 2008, the situation in poor condition, the company continues to expand by 12 new projects, added 5.94 million square meters of land reserves. This expansion of the momentum that the company’s stock soared from 28 billion yuan to 40.1 billion, an increase of more than 40%. Inventories rise, inevitably lead to increased, a case of extraordinary circumstances, capital chain rupture is very likely. Reporter observed signs of the current high debt expansion seems to repeat itself again, some medium-sized developers, but billions of cash on hand, large developers, the hands of hundreds of billion in cash only, and around to the king again reproduce, One can imagine the financial cracks.

So that buyers pleased that the recently published data are likely to ease the final months of this year, in July showed 70 large and medium cities nationwide average price rose by only about 10%. Andy Xie, the author refers to it, in December to buy. For home buyers, this is good news, however, is for the developers, may mean that winter is soon to come. Wang Shi and said, prices will drop.

In fact, developers have the memory, also filled with memories of the 2008 winter. The first half of both sales and the sales area were among the best in China Hengda Real Estate boss Xu printed on different occasions about the 2008 Hengda facing life and death, then in March, Hengda Real Estate in Hong Kong initial public offering failed, then in October, the financial tsunami climax, in order to ensure cash flow, Hengda large variety of incentives to sell real estate, and a cocktail of Hong Kong tycoon Cheng Yu-tung’s words almost getting bigger straw, Cheng Yu-tung who was half-jokingly half-seriously to please Xu leave India for their shares. Hengda Real Estate to increase their investment in time, Cheng Yu-tung, Deutsche Bank and Merrill Lynch to participate actively so that Hengda Real Estate to raise much needed funds.