Thursday, September 05, 2013

Fudged Economic Activity In China Reported As Nearly 200% Higher Than Reality

I wrote some months ago where economic data, including copper usage, (and electricity usage) out of China was literally collapsing and have written numerous times about how the country’s export numbers are artificially fudged higher and how they do it.  (essentially by falsifying corporate sales so corrupt corporations can dump worthless yuan onto China’s central banks and get dollars in return.  dollars they can smuggle out of the country or use to buy gold or whatever else allows them to get out from under the yuan.)  And that China’s PMI was essentially worthless given HSBC’s PMI was showing exactly the opposite of the happy talk about the economy officially being reported by the communists.

Now we find out now only is everything else fudged, lied about or manipulated out of the Ministry of Propaganda, but the communists are suspending China’s PMI because it is inaccurate.   Ya think?   It must be wildly inaccurate for a closed society to admit to its incompetence.  Frankly, it was likely its constant delta with privately reported data collected by people other than communist party lackeys. 

Today it is being reported that that economic activity in China may have absolutely no reflection on reality as one country in China is found to have reported economic activity nearly 200% higher than actual activity.   I seriously doubt this is a one time anomaly.  There has to be a driver for this manipulation of reality.  Maybe the communists reward their party members for economic growth?  A job for your kids at JP Morgan? 

If there is one country we know is more corrupt than the U.S., it is China.  And of course, that is why we trade with them.  So our corporate masters can run roughshod over the people of China with the force of the state at their back and, thus, mint incredible profits by looting society.

By the way, if you didn’t see it, GlaxoSmithKline, the Anglo-American drug company pimps, was recently exposed to have had an organized bribery program in China that was in the hundreds of millions of dollars.  I believe it was upwards of $400 million in bribes it paid Chinese officials, doctors, etc. (As a point of reference, this is very small pocket change for GSK.  They recently settled similar bribery charges in the U.S. with a $3 billion fine.)   Well, yesterday it was reported that GlaxoSmithKline’s organized crime syndicate was directed by  senior management as opposed to rogue salespeople as our corporate masters want us to believe.  Bribery is part of globalization.  It is fundamental to its inception.  U.S. trade officials essentially bribed corrupt politicians around the world to get this Ponzi scheme approved.

Don’t you love free market capitalism?  I know the communists do.  You know, like Hitler also did.  I mean, how else can a political party gain nearly total control if it’s not through deregulating corporations and allowing them to pay slave wages, exploit workers, dump benefits, trash the environment and dump their nonliving wage workers onto the public dole for health care, food stamps, etc.   In return they grease the palms of politicians through revolving door hiring, lobbyist favors and bribes, jobs for their kids and on and on and on.  It’s such a perfectly virtuous cycle of endless corruption and rot. 

Ron Paul calls this corporatism and not free market capitalism.  But, as I have noted on here incessantly, Ron Paul needs to take his meds.  It was Reagan and then Clinton’s deregulation of class-based private, for-profit capital aka corporate capitalism that created corporatism.  We are witnessing the outcome of free market corporate capitalism.   Giving corporations rights of personhood and giving them a deregulated environment of self-regulation leads to corporatism or a repeat of capitalist Nazi Germany or the British corporate capitalist empire, if you wish.   

posted by TimingLogic at 11:20 AM

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