Still Pointing To The IMF’s Opinion Now, Wayne?

24 Jul

Remember when Treasurer Swan repeatedly pointed to cherry-picked comments by the IMF, as though they should somehow be construed as proof of Labor’s economic management throught the GFC?

In light of his government’s/the Treasury’s “truly extraordinary” assumptions underlying the “stratospheric” growth forecasts in the May budget, any bets that Wayne won’t be pointing out what the IMF is saying now, about China’s darkening economic prospects?

From Dow Jones Newswires via the Australian (emphasis added):

China’s manufacturing sector shrinks, HSBC’s preliminary PMI survey signals

HSBC’S preliminary survey of China’s factories indicated manufacturing activity in the world’s second-biggest economy in July declined from last month, the first such contraction in a year.

The survey comes at a time when various economic indicators in China are pointing in different directions, leaving market participants unsure if they should be more concerned about slowing growth or high inflation.

The International Monetary Fund released its annual review of China today, warning that inflation, real-estate bubbles and weak monetary controls pose “significant risks to financial and macroeconomic stability” in the world’s second-biggest economy.

“Significant risks” to the financial and economic stability of the nation whose massive, regional “shadow-banking” credit-fuelled “stimulus” in the GFC was almost solely responsible for our not following after the USA, UK, and Europe.

I think that I can safely guarantee that you won’t be hearing Wayne trumpet that comment from the IMF.

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3 Responses to “Still Pointing To The IMF’s Opinion Now, Wayne?”

  1. Matt Sexton July 24, 2011 at 11:06 am #

    Exactly right. In reality the Treasury under Swan has become as credible as the Climate Institute with it’s predictive analysis pointing to the best possible economic case, a thought process which is perilous at best.

  2. JMD July 24, 2011 at 2:39 pm #

    Some figures readers might find interesting given the economy is strong, everything is great line that is being fed to the masses.

    Car Rego up 14% in 4 years. CTP up 20.8% in 5 years. Comprehensive car insurance up 30% in just one year! And as of next year my health insurance up 44.3% in 7 years.

    Talk about destruction of capital, rising $ prices do not indicate a strong economy rather a fall in the value of the $, bad for holders $, which is everybody.

  3. JMD July 24, 2011 at 2:45 pm #

    holders of $

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