From MSNBC:
All governments lie about their finances. At worst, as in Greece and the United States, the lies are bold and transparent. Everybody knows the emperor has no clothes, but no one want to say so. At best, as in Canada and China, the lies are more subtle – more like a magician’s misdirection than a viking raider’s ax. Look at these great numbers, the lie goes, but don’t look at those up my sleeve.
There’s a good argument to be made that if you look at all the numbers, instead of just the ones the budget magicians want you to see, China is indeed broke…
… China has a history of taking debt off its books and burying it, which should prompt us to poke and prod its numbers.
A must-read article. Poke and prod China’s numbers here.
Barnaby Is Right 
Comments