Who do they think they are fooling? Is the market really that insane that it will get more confidence from a number that makes absolutely no sense? BDI is a great way to gauge china. Shipping rates have dropped nearly 60% over the time that china reports 10.3% growth. There IS a reason for that...its called "no exports". There is also a reason that the shipbreaker business is swamped - companies are dismantling ships they don't need...and most of the rest of them are sitting idle waiting for the off chance that somebody wants a delivery from China for something that is not an imaginary town funded with not imaginary credit in an imaginary economy. Now I know what Timmy Geithner and Bernake think they can accomplish at these G20 conspiriatory meetings.
Can someone please explain to me how a country with billions of people can grow at 10% in the middle of a depression? Even US banks with free money and congress in their pockets can't do it - but a country with billions of people and crashed export demand can actually come up with a growth number most companies in the world would be happy to have right now.
More lies = more lies and less confidence...any way you try to look at it I can not come up with one good way to spin this...I am sure that JPM will have a way and probably made a lot of money on that imaginary 10.3% growth china had on its imaginary balance sheet. More fundamentals we can rely on - amazing!
