{"id":5852,"date":"2015-02-20T06:21:39","date_gmt":"2015-02-20T11:21:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5852"},"modified":"2015-02-20T06:21:39","modified_gmt":"2015-02-20T11:21:39","slug":"meet-the-bureaucrat-who-had-the-courage-to-tell-the-truth-and-probably-wont-have-a-job-tomorrow","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5852","title":{"rendered":"Meet the bureaucrat who had the courage to tell the truth (and probably won\u2019t have a job tomorrow)"},"content":{"rendered":"<h3 class=\"headline\"><a href=\"http:\/\/www.sovereignman.com\/offshore-banking-2\/meet-the-bureaucrat-who-had-the-courage-to-tell-the-truth-and-probably-wont-have-a-job-tomorrow-16140\/\" target=\"_blank\">Meet the bureaucrat who had the courage to tell the truth (and probably won\u2019t have a job tomorrow)<\/a><\/h3>\n<p>It\u2019s not very often that you hear a senior government official refer to their economic situation using the word \u2018crisis\u2019.<\/p>\n<p>Yet with uncharacteristic bluntness of any government official anywhere, at least one senior Chinese government official is sounding the alarm bells.<\/p>\n<p>And he would know.<\/p>\n<p>Guan Tao oversees the foreign exchange of China\u2019s $4 trillion stockpile of reserves, so he has an incredibly unique view of capital flows and currency movements in and out of the country.<\/p>\n<p>Currency movements and capital flows are extremely interesting indicators.<\/p>\n<p>They don\u2019t necessarily tell you that there\u2019s a problem. They tell you that people have figured out there\u2019s a problem.<\/p>\n<p>Look at Greece, for example.<\/p>\n<p>The government is bankrupt, another default is looming, and the country is literally about to run out of money. It\u2019s pretty obvious that there\u2019s been a problem for a very long time.<\/p>\n<p>But the central bank data in Greece now shows that roughly 8% of all customer deposits have vanished from the Greek banking system so far this year.<\/p>\n<p>That\u2019s an astonishing figure.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meet the bureaucrat who had the courage to tell the truth (and probably won\u2019t have a job tomorrow) It\u2019s not very often that you hear a senior government official refer to their economic situation using the word \u2018crisis\u2019. Yet with uncharacteristic bluntness of any government official anywhere, at least one senior Chinese government official is [&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":[1361,2915,130,2386,195,200,1079,1721,379,1167,3656],"class_list":["post-5852","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bankruptcy","tag-capital-flow","tag-china","tag-currency-reserves","tag-debt","tag-default","tag-foreign-exchange","tag-fx-reserves","tag-government","tag-greece","tag-guan-tao"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5852","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=5852"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5852\/revisions"}],"predecessor-version":[{"id":5853,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5852\/revisions\/5853"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}