{"id":13577,"date":"2015-10-20T06:04:58","date_gmt":"2015-10-20T11:04:58","guid":{"rendered":"http:\/\/olduvai.ca\/?p=13577"},"modified":"2015-10-20T06:04:58","modified_gmt":"2015-10-20T11:04:58","slug":"red-swan-descending","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=13577","title":{"rendered":"Red Swan Descending"},"content":{"rendered":"

Red Swan Descending<\/a><\/h3>\n

The\u00a0proverbial peddlers\u00a0of\u00a0Florida swampland can now move over.\u00a0They can\u2019t\u00a0hold a candle to the red suzerains of Beijing.<\/p>\n

The latter\u00a0had drawn a line in the sand\u00a0at 7.0% GDP growth.\u00a0Conveniently enough,\u00a0the\u00a0\u201cconsensus\u201d estimate\u00a0of so-called street economists was pegged\u00a0at 6.8%\u00a0for Q3, thereby giving\u00a0authorities\u00a0one thin\u00a0decimal point through which to\u00a0thread a\u00a0\u201cbeat\u201d at 6.9%.<\/p>\n

By golly they did it!<\/p>\n

Even then,\u00a0China\u2019s Ministry of Truth\u00a0had to fiddle down the GDP deflator to negative 0.5% (for the second time this year)\u00a0in order to hit the bulls eye. And that\u2019s exactly the point.<\/p>\n

No real world $10 trillion economy plagued with all of the turmoil evident in China\u2019s whipsawing\u00a0trade data or its volatile real estate development sector or its faltering rust belt and commodity-based industries can possibly deliver absolutely stable GDP numbers to the exact decimal point quarter after quarter.<\/p>\n

In fact, the odds that these reports represent anything other than goal-seeked propaganda are so overwhelmingly high that they perforce raise another more important question.\u00a0 Why does Wall Street and its servile financial press not issue a loud collective guffaw when they are released?<\/p>\n

But no, the Wall Street Journal took it all very seriously, noting both the \u201cbeat\u201d and China\u2019s claim that the \u201cmiss\u201d wasn\u2019t a miss at all:<\/p>\n

The better-than-expected result<\/strong><\/em>\u2014a Wall Street Journal survey of 13 economists forecast a median 6.8% gain\u2014is likely to renew debate over the accuracy of China\u2019s growth statistics\u2026\u2026.Speaking at an event to promote entrepreneurism in Beijing on Monday, Premier Li Keqiang said \u201ceven though it was 6.9%, it is still a growth rate of around 7%.\u201d<\/strong><\/em><\/p><\/blockquote>\n

Right. China\u2019s #2 communist\u00a0boss is out promoting the \u201centerprenurial spirit\u201d while emitting central planning propaganda to the decimal point.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Red Swan Descending The\u00a0proverbial peddlers\u00a0of\u00a0Florida swampland can now move over.\u00a0They can\u2019t\u00a0hold a candle to the red suzerains of Beijing. The latter\u00a0had drawn a line in the sand\u00a0at 7.0% GDP growth.\u00a0Conveniently enough,\u00a0the\u00a0\u201cconsensus\u201d estimate\u00a0of so-called street economists was pegged\u00a0at 6.8%\u00a0for Q3, thereby giving\u00a0authorities\u00a0one thin\u00a0decimal point through which to\u00a0thread a\u00a0\u201cbeat\u201d at 6.9%. By golly they did it! Even […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2045,130,3598,2120,353,9991,1655,655,9990,861],"class_list":["post-13577","post","type-post","status-publish","format-standard","hentry","category-economics","tag-beijing","tag-china","tag-contra-corner","tag-david-stockman","tag-gdp","tag-goal-seeker-data","tag-ministry-of-truth","tag-propaganda","tag-red-swan","tag-wall-street-journal"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13577"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13577\/revisions"}],"predecessor-version":[{"id":13578,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13577\/revisions\/13578"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}