Former Australian Ambassador to China and current board member of Australian miner Fortescue Metals Geoff Raby had a different take.
….While he clearly felt the recent sell-off of stocks on fears that China’s economy was slowing was hugely overblown, he had more time for concerns about Chinese corporate disclosures. He said he didn’t think corporate transparency was any worse now than before, but “I don’t know why people believed [the numbers] so much in the past.”
That the Shanghai Stock Exchange’s benchmark index is trading at a fraction its 2007 peak is a sign that “people are finally starting to work it out.”
via Of Blind Men and Elephants – Grasping China’s Economy – China Real Time Report – WSJ.
Having control of statisticians and the media- ie internet censorship, etc, rounding up dissidents, etc – sure beats the slow economic slog that individuals and countries must normally go through to gain wealth. Could someone please explain that to Bernanke and the US which is only holding the country up by some idiotic financial manipulation of leading indicators, Remove those related to the FED and the economy is getting worse by the month. And the so called economic gurus and cheer-leaders are either incompetent or liars.