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Comment by onlyrealcuzzo | Hacker News Reader

The issues were apparent since 2000.

The vast majority of Evergrande's outstanding foreign debt is from >2012.

BlackRock, HSBC, and UBS poured in about $3B of the $25B in 2021 alone...

And, I'm sorry - if you didn't see a risk doing that in 2021 - you're gonna lose all your money sooner or later.

In BlackRock's case - it was primarily for 401k-ers for exposure to Chinese bonds. I think the US should've made it illegal - and probably will soon - to offer a product like that.

Why anyone in the US would want exposure to Chinese bonds that don't even have good yields for "diversity" is incredible. Up next - Russian and Venezuelan 100-year bonds at 0% interest!

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2012 was the year that Andrew Left publicized why he was shorting Evergrande stock, which he got banned for in 2016. I would say 2010 was when Evergrande started popping up in the news as possibly insolvent, 2000 is too early.

If only someone had warned us!

What's wrong with Russian bonds? That land is unlikely to be going away, may contain even more mineral wealth and is climate change resistant.

Aren’t bonds linked to governments, not land? Russia the country can default.

The Kremlin has been saying that if the $300 billion worth of Russian Central Bank assets that were frozen in response to the invasion of Ukraine are confiscated (e.g., to give them to Ukraine), the Kremlin is going to respond by confiscating assets in Russia held by Westerners.

Westeners who were dumb enough to move their assets into Russia in order to evade taxes. Like Depardieu, who recently got UAE citizenship.

But that's not a problem with Russia - that's the West not honoring their IOU. Also not problem for everybody else.

The West is a minority of the Earth now, including financially.

Not if climate change triggers a new ice age :)

Though I guess that bond prices would be meaningless for most at that point

What does that have to with bonds the government might refuse to pay out (or western governments might ban you from receiving payments even if they don’t)?

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