from Zero Hedge
Whereas
it is relatively easy to track the progression of the “developed world”
deep into the twilight rabbit zone hole (in bizarro metaphore-land
speak) of no total debt/GDP return as defined by Reinhart and Rogoff
(where anything above 80% sovereign leverage is more or less the game over line
for one country, let along the entire Western world) courtesy of day to
day updates of total debt in the US (103% debt/GDP) and its comparably
indebted peers, when it comes to world’s growth dynamo – China – it is
next to impossible to get a sense of just how big the debt hole is for a
country whose economic data has been and continues to be one massive
goalseeked, G.I.G.O. blackbox. At least that is the case at the
sovereign level where the government can and does show whatever data
it feels like as the country is excluded from traditional counterparty
flow checks which serve as an at least modest buffer for data
fabrication for the other globalized countries engaging in international
trade. That, and the Ministry of Truth of course, which some have
likened recently to an amateur version of the US’ own BLS.
Continue Reading at ZeroHedge.com…
Whereas
it is relatively easy to track the progression of the “developed world”
deep into the twilight rabbit zone hole (in bizarro metaphore-land
speak) of no total debt/GDP return as defined by Reinhart and Rogoff
(where anything above 80% sovereign leverage is more or less the game over line
for one country, let along the entire Western world) courtesy of day to
day updates of total debt in the US (103% debt/GDP) and its comparably
indebted peers, when it comes to world’s growth dynamo – China – it is
next to impossible to get a sense of just how big the debt hole is for a
country whose economic data has been and continues to be one massive
goalseeked, G.I.G.O. blackbox. At least that is the case at the
sovereign level where the government can and does show whatever data
it feels like as the country is excluded from traditional counterparty
flow checks which serve as an at least modest buffer for data
fabrication for the other globalized countries engaging in international
trade. That, and the Ministry of Truth of course, which some have
likened recently to an amateur version of the US’ own BLS.Continue Reading at ZeroHedge.com…
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