March 6, 2023
Billionaire investor (click here) and founder Mobius Capital Partners Mark Mobius told FOX Business he cannot take his money out of China due to the country's capital controls, cautioning investors to be "very, very careful" about investing in an economy under a tight government grip.
"I'm personally affected because I have an account with HSBC in Shanghai. I can't get my money out. The government is restricting the flow of money out of the country," Mobius told FOX Business host Maria Bartiromo. "So I would be very, very careful investing in China."
"I can't get an explanation of why they're doing this ... They're putting all kinds of barriers. They don't say: No, you can't get your money out. But they say: give us all the records from 20 years of how you made this money ... This is crazy." he added....
China doesn't want it anymore. Wall Street made lots of money while they had their investments in China, but, the party is over.
I have a hard time thinking Mark Mobius doesn't understand why he can't get his money back. This is an easy one, Mark.
China is a communist country. Everything in China and the stuff it can steal belongs to China. American investors will lose everything they left in China. No. The American government doesn't have to apologize and make Wall Street whole. That is called calculated risk and if Wall Street CHOSE to ignore the deaths in Hong Kong and the fly overs of Taiwan, then they warn't good at what they do.
Communist countries are defined by a collective interest by the government. I think Xi recently was quoted as saying the private interest in China will serve the purpose of the government. No clue. This is not an alarming reality.
The most dramatic reality of the control communists have over private citizens is Huawei chief financial officer Meng Wanzhou.
...The deal was reached as President Joe Biden and Chinese counterpart Xi Jinping (click here) have sought to tamp down signs of public tension — even as the world’s two dominant economies are at odds on issues as diverse as cybersecurity, climate change, human rights and trade and tariffs. Biden said in an address before the U.N. General Assembly earlier this week that he had no intention of starting a “new Cold War,” while Xi told world leaders that disputes among countries “need to be handled through dialogue and cooperation.”
As part of the deal, disclosed in federal court in Brooklyn, the Justice Department agreed to dismiss the fraud charges against Meng in December 2022 — exactly four years after her arrest — provided that she complies with certain conditions, including not contesting any of the government’s factual allegations. The Justice Department also agreed to drop its request that Meng be extradited to the U.S., which she had vigorously challenged, ending a process that prosecutors said could have persisted for months.
Meng’s attorneys said they fully expect the charges to be dismissed in 14 months. “We’re very pleased that in the meantime she can go home to her family,” said defense lawyer Michelle Levin....
So for Mark and people like Mark, some of us can empathize with your pain at the loss of your money, but, there is little sympathy for such decisions. Mark and his friends should channeling President Kennedy, "Ask not what your country can do for you, but, what you can do for your country."
When billionaires wake up to news of citizens standing up for their civil rights in China are murdered, their financial interests in such governmental overreach should be very telling as to where their money belongs other than China.
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