I have been meaning to post this since last week but I’ve been trying to squeeze in my holiday shopping…
Daniel Gross, in his excellent MoneyBlog observes that the Chinese economy grew 15% overnight
This is particularly disturbing since we are looking long and hard at Chinese GDP and wondering what affect the Chinese economy is going to have on mortgage rates in the US next year.
In Richard McGregor’s article China to up GDP estimate by 20% [FT]:
“The revision is set to restate the size of its economy, in effect adding on the equivalent of Turkey and gaining the rank of the world’s fourth-largest economy.”
And here’s an amazing statement:
Zhou Xiaochuan, governor of the central bank, said this week: “The figures we used in the past have all been changed.”
Can you imagine if Greenspan or Bernanke had done this? Bedlam would ensue in the financial markets.