bfl
WABC’s John Bachelor had a fascinating guest on last evening, a Chinese economist living in Australia. He claimed that the Chinese economy is starting to tank for reasons similar to why Obama is tanking ours over here (the diversion of resources to non-productive state enterprises for political reasons).
Centrally planned economies are mismanaged. It has always happened, and it always will.
Additionally, the Chinese government is getting resistance from the old-line commie workers. There are worker groups in China who do not like and rebel against private managers. They want a return to the “good old days” of full government control of factories where they did not have to produce but got paid the same as everyone else — kind of like the UAW with pensions and insurance.
It is not wise to believe any numbers coming out of China. Shoot, it isn’t wise to believe any numbers coming out of the U.S. government. Obama appears to be pulling the stats out of his BL-@ss. :)