{"id":2178,"date":"2014-11-28T16:29:56","date_gmt":"2014-11-28T21:29:56","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2178"},"modified":"2014-11-28T16:29:56","modified_gmt":"2014-11-28T21:29:56","slug":"how-bloombergs-algo-writers-serve-the-cult-of-keynesian-central-banking-david-stockmans-contra-corner","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2178","title":{"rendered":"How Bloomberg\u2019s Algo-Writers Serve The Cult Of Keynesian Central Banking | David Stockman&#8217;s Contra Corner"},"content":{"rendered":"<p><a href=\"http:\/\/davidstockmanscontracorner.com\/how-bloombergs-algo-writers-serve-the-cult-of-keynesian-central-banking\/\">How Bloomberg\u2019s Algo-Writers Serve The Cult Of Keynesian Central Banking | David Stockman&#8217;s Contra Corner<\/a>.<\/p>\n<p style=\"box-sizing: border-box; word-wrap: break-word;\">If you ever needed proof that the financial press has been\u00a0completely indoctrinated in the cult of Keynesian\u00a0central banking consider the attached Bloomberg note on the recent\u00a0tiny decline in Chinese industrial company profits. Without breaking for\u00a0anything more than a\u00a0comma, its hapless Hong Kong stringer, one Malcolm Scott, conjoined the fact of less profits with the imperative for moar\u2026\u2026money.<\/p>\n<blockquote style=\"box-sizing: border-box; word-wrap: break-word; font-size: 0.9em; color: #666666; border-left-width: 10px; border-left-style: solid; border-left-color: #aaaaaa; padding-left: 12px; margin: 5px 0px 1em 0px;\">\n<p style=\"box-sizing: border-box; word-wrap: break-word;\">Industrial profits in\u00a0<a style=\"box-sizing: border-box; word-wrap: break-word; color: #0089c4;\" href=\"http:\/\/topics.bloomberg.com\/china\/\" target=\"_blank\"><span style=\"box-sizing: border-box; word-wrap: break-word; text-decoration: underline;\"><span style=\"box-sizing: border-box; word-wrap: break-word; color: #0066cc;\">China<\/span><\/span><\/a>\u00a0fell the most in two years, underscoring the need for looser monetary conditions as the world\u2019s second-largest economy slows.<\/p>\n<\/blockquote>\n<p style=\"box-sizing: border-box; word-wrap: break-word;\">Perhaps Bloomberg is no longer using carbon units to post its news stories and has gone straight to algo-writers designed to directly\u00a0feed algo-readers without the bother or cost of human intercession. But regardless of whether \u201cMalcolm Scott\u201d is carbon or silicon based, the attached is clearly presented as a news story and the above excerpt as a declarative sentence. Accordingly, by the lights of Bloomberg and the rest of the mainstream\u00a0financial press which it\u00a0echoes, it is now\u00a0the job of central banks to print money to ensure that at no point in time do profits\u2014-and therefore their stock\u00a0market capitalizations\u2014-fall by even so much as 2.1% over prior year.<\/p>\n<p style=\"box-sizing: border-box; word-wrap: break-word;\">That\u2019s right. In\u00a0the land of red capitalism, where corporate\u00a0accounting and reporting are so advanced that profit results are published on a monthly basis, the\u00a0doctored number for all of\u00a0China\u2019s\u00a0industrial companies in October came in\u00a0at 2.1 percent less than last year\u2019s fictional number.<\/p>\n<p style=\"box-sizing: border-box; word-wrap: break-word;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How Bloomberg\u2019s Algo-Writers Serve The Cult Of Keynesian Central Banking | David Stockman&#8217;s Contra Corner. If you ever needed proof that the financial press has been\u00a0completely indoctrinated in the cult of Keynesian\u00a0central banking consider the attached Bloomberg note on the recent\u00a0tiny decline in Chinese industrial company profits. Without breaking for\u00a0anything more than a\u00a0comma, its hapless [&hellip;]<\/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":[83,467,534,661,1234],"class_list":["post-2178","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bloomberg","tag-keynesian-economics","tag-monetary-policy","tag-qe","tag-stimulus"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2178","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=2178"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2178\/revisions"}],"predecessor-version":[{"id":2179,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2178\/revisions\/2179"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}