China | Tea Bubble Bursts

I have written many times about Puerh Tea and the Maliandao Tea Market in Beijing.

Puerh Tea in the Maliandao Tea Market.

Now the Puerh Tea Business has gone the way of Wall Street. See A County in China Sees Its Fortunes in Tea Leaves Until a Bubble Bursts.

Saudi Arabia has its oil. South Africa has its diamonds. And here in China’s temperate southwest, prosperity has come from the scrubby green tea trees that blanket the mountains of fabled Menghai County. Over the past decade, as the nation went wild for the region’s brand of tea, known as Pu’er, farmers bought minivans, manufacturers became millionaires and Chinese citizens plowed their savings into black bricks of compacted Pu’er.

But that was before the collapse of the tea market turned thousands of farmers and dealers into paupers and provided the nation with a very pungent lesson about gullibility, greed and the perils of the speculative bubble. “Most of us are ruined,” said Fu Wei, 43, one of the few tea traders to survive the implosion of the Pu’er market. “A lot of people behaved like idiots.”

But hey, it sounds like a buyer’s market to me. I may have to pop down to Beijing and buy a couple of tons of Puerh.

Mongolia | Ulaan Baatar | Roerich Redux

Mosied out to the eastern suburbs of Ulaan Baatar for Another Visit to the proposed site of the Roerich-Mongolia Museum.

Building where the Roerichs stayed during their 1926–27 sojourn in Ulaan Baatar. There are plans afoot to turn the building into a museum devoted to the Roerichs.

Group of dignitaries convened to discuss the restoration project

Restoration Project Panjandrums: from left to right, Professor Ishdorj (in black coat); Ulaan Baatar-based badarchin, gazarchin, translator (The Practice of the Six Yogas of Naropa), author (Fourteen Dalai Lamas: A Sacred Legacy of Reincarnation), man-about-town, and international gadabout Glenn Mullin; Professor Bira, who studied with George Roerich in Moscow back in the 1950s; an attaché from the Canadian Embassy who was being hit up for funding; and Soyolma, who is serving as Artistic Adviser on the project.

The ever-lovely Soyolma whose works were recently featured at the Pearl Gallery. See More of Soyolma’s Works.

Soyolma listening with rapt attention as Batdorj, former Director of the Zanabazar Museum and now freelance artist-impresario, presents a proposal for a stone monument to the Roerichs.

Details of the proposed Roerich Monument, which would be placed in the courtyard of the museum.

Soyolma in front of the old Russian-style stove inside the museum building

Group entranced by Glenn Mullin and his spellbinding presentation

Canadian Embassy Attaché still spellbound

Work on restoring the outside of the building should begin in two or three weeks. The plan is to have the interiors of at least a couple of the rooms completed by this summer and open to the public. How You Can Help.