https://asiatimes.com/2021/09/evergrande-debt-crisis-showing-signs-of-contagion/

On Tuesday, Moody’s downgraded the corporate family rating (CFR) of Evergrande from “Caa1” to “Ca” and the developer’s senior unsecured ratings from “Caa2” to “C.” It also downgraded the CFRs of Evergrande subsidiaries Hengda Real Estate Group, Tianji Holding Ltd, and the backed senior unsecured ratings of Scenery Journey Limited.

According to Moody’s ratings, “Ca” refers to “default imminent with little prospect for recovery” while “C” refers to “in default.”

Moody’s said Evergrande’s unrestricted cash on hand of 86.8 billion yuan (US$13.45 billion) as of the end of June in 2021 was not sufficient to cover its short-term debt and maturing long-term debt over the next 12 months. It said the company would unlikely be able to raise sufficient new funds for refinancing given its deteriorated access to onshore and offshore funding markets.

Tse kay-chung, a co-director and a property analyst at the Bocom International Securities Limited, said it remained unclear whether the central government had already intervened in Evergrande’s debt matter. Tse said if Beijing did not offer help, Evergrande’s unfinished properties would have to be abandoned, resulting in a huge negative impact on China’s property markets and banking system.

Tse said it was likely that the central government would announce a debt-restructuring plan for Evergande in the fourth quarter, either by changing the developer into a state-owned enterprise or liquidating its assets.

https://www.aljazeera.com/economy/2021/9/9/china-sells-oil-reserves-to-lower-prices-in-unprecedented-move

The Chinese stockpiling agency also said a “normalized” rotation of crude oil in the state reserves is “an important way for the reserves to play its role in balancing the market”, indicating that it may continue to release barrels. The agency said that putting national reserve crude oil on the market through open auctions “will better stabilize domestic market supply and demand”.

“On its face, it’s a pretty clear statement of an intent to use the SPR to dampen oil prices for domestic refiners,” said Bob McNally, a former senior White House policy adviser who now runs Rapidan Energy Group, a consulting firm in Washington.

The statement comes after China’s factory-gate inflation accelerated to a 13-year high, and just a month after the White House publicly asked the OPEC oil cartel to pump more crude amid rising gasoline prices in America. Together, the actions in Beijing and Washington suggest that the world’s two largest energy consumers see $70-$75 a barrel as a red line for the price of oil.

China has been selling other commodities from its strategic reserves, including copper, aluminum and grains.

I am shocked, I say. Thats fake and gay

https://www.out.com/crime/2021/9/09/butt-carving-hate-crime-victim-now-says-he-made-entire-incident

The 20-year-old man in Spain who claimed eight hooded men carved an anti-gay slur on his butt using a knife in a horrific hate crime now says the act was consensual.

According to police reports from yesterday, the unnamed man admitted to making up the story so that he wouldn’t lose his current boyfriend.

“This afternoon, and thanks to the work of the National Police, the young man who reported an attack on Sunday in the Malasaña neighborhood of Madrid has decided to rectify his initial statement and has stated that the injuries initially reported were consensual,” the Ministry of the Interior said in a statement that was released late yesterday.

https://cis.org/Law/Scoop-USCIS-Considers-Giving-Afghans-Work-Permits-First-Vetting-Later

President Biden botched the Afghanistan withdrawal, costing American service members their lives, stranding Americans and lawful permanent residents in Kabul, and recklessly allowing over 50,000 unvetted and visa-less Afghans into the United States, with more on the way. The media tells you these Afghans are “refugees” or heroic interpreters eligible for Special Immigrant Visas, but that is largely untrue. The Biden administration owned up to the deception in the fiscal year 2022 continuing resolution spending plan it quietly released on Tuesday, where it advocates for treating paroled Afghan aliens as refugees. Put simply, the Biden administration wants to treat those who aren’t refugees, as defined by our immigration laws, as “refugees”.

Why would they do this? As revealed in the continuing resolution document, the explicit reason is to make all of these visa-less Afghans immediately eligible for U.S.-taxpayer-funded welfare. As phrased by the Biden administration, “Without the anomaly, paroled individuals from Afghanistan would not be eligible for resettlement assistance, entitlement programs such as Medicaid and Supplemental Nutrition Assistance Program food assistance, and other benefits.”

my sources tell me that the agency has already discovered numerous instances of national security or Department of Defense flags on these aliens, but they too will get work permits and be released from temporary custody.

https://thefederalist.com/2021/09/09/bidens-major-covid-speech-is-supposed-to-distract-you-from-his-dismal-pandemic-performance/

The White House is billing Biden’s coming speech as an outline for his “robust plan to stop the spread of the Delta variant and boost COVID-19 vaccinations.” Biden will reportedly advocate for vaccination requirements from private businesses, announce a vaccination mandate for federal government workers, and probably say some stuff about more testing and other things that in more than a year did nothing to prevent us from experiencing yet our fourth and current surge of Wuhan virus infections.

This is what the administration always does. When there’s an undeniable mess sitting at Biden’s feet, his officials tease some “major” coming development — usually a meaningless speech or gesture, like getting Kamala Harris involved — then they sit back and watch the media do the heavy lifting of portraying it as decisive action