Where central banks are concerned, it’s not conspiracy theory so much as the term “off-balance sheet.” There’s a reason Enron kicked off that mass-migration into the footnotes. For monetary officials, there’s the choice to be like Montagu Norman and what he thought of good practice at central banks. Silence.For years, the Chinese have tried it the other way. Big Mama [...]
Questioning the veracity of Chinese estimates (for anything) has always been something of an amateur sport. For a stat like real GDP, everyone “knows” that it is managed. In a complex world where an economic system for a billion and a half is incomprehensibly unpredictable, there’s really no other way to always hit your government’s mark (unless the Chinese are [...]
What’s going on in China? It’s a question that is on everyone’s mind. While most attention is focused on the unfolding human tragedy of the COVID-19 pandemic, the potential for it to be compounded by any economic fallout makes for even more urgency. The sad truth is that China was in rough shape heading into the coronavirus. How rough, though? [...]
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