In Anticipation Of Our Own "Department Of Truth" ...

Tyler Durden's picture

All those who believe (erroneously) that the Department of Truth is just a euphemism, guess again. Below we share some of the recent highlights that the Chinese central propaganda bureau is attempting to keep secret from the public. One can only weep at the "efficiency" of our own propaganda masters. Luckily, they are quickly learning from the best.

From China Digital Times

The following examples of censorship instructions,
issued to the media and/or Internet companies by various central (and
sometimes local) government authorities, have been leaked and
distributed online. Chinese journalists and bloggers often refer to
those instructions as “Directives from the .”
CDT has collected the selections we translate here from a variety of
sources and has checked them against official Chinese media reports to
confirm their implementation.

State Council Information Office: In China 94% Are Unhappy; Top-Heavy Concentration of Wealth

March 7, 2011

From the State Council Information Office: All websites are requested
to immediately remove the story “In China 94% Are Unhappy; Top-Heavy
Concentration of Wealth” and related information.  Forums, blogs,
micro-blogs, and other interactive spaces are not to discuss the matter.

Central Propaganda Bureau: High-speed Rail Cases

March 4, 2011

From the Central Propaganda Bureau: All media must carefully report on any cases related to high-speed rail.

Central Propaganda Bureau: Self-immolation in Beijing

March 4, 2011

From the Central Propaganda Bureau: All media are not to report on the self-immolation in Beijing of a man from Qinhuangdao.

Central Propaganda Bureau: Liu Zhijun’s Mistresses

March 4, 2011

From the Central Propaganda Bureau: All media are not to report or hype the news that Liu Zhijun had 18 mistresses.

Central Propaganda Bureau: Liu Xiang’s Lack of Preparation

March 4, 2011

From the Central Propaganda Bureau: All media are not to hype
People’s Congress and People’s Political Consultative Congress
representative Liu Xiang’s lack of preparation.

Central Propaganda Bureau: The People’s Security is Afraid of the People

March 4, 2011

From the Central Propaganda Bureau: All media are not to report on
excessive use of public security in Beijing during the meetings of the
National People’s Congress and the Chinese People’s Political
Consultative Congress.  Do not hype the story “The People’s Security is
Afraid of the People.”

Central Propaganda Bureau: Corruption of Party Committee Secretary in Wushe County, Henan

March 4, 2011

From the Central Propaganda Bureau: All media are not to report on
the corruption case of the Party Committee Secretary in Wushe County,
Henan.

Central Propaganda Bureau: Salary Increases for the PLA

March 3, 2011

From the Central Propaganda Bureau: All media are not to hype the salary increase given to the People’s Liberation Army.

Central Propaganda Bureau: Jasmine

March 2, 2011

From the Central Propaganda Bureau: Media are not to report on any information related to “Chinese Jasmine.”

h/t SpaldingSmailes

 

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Sweet Chicken's picture

The first rule of Fight Club is......

Eally Ucked's picture

SpaldingSmailes

I think his duties expand by day now. Hope he goes up the pay scale by day too! 

Spalding_Smailes's picture

Naw, nothing extra needed .... I love Zero Hedge and ALL the posters even the ones I battle with ....

I also wanted to help Tyler with the T-Shirts.... My cost would be $4.50 each with small logo on front with another one color logo on the back. I put 30% on top of that, Tyler throws on 50% .... Your talking $12 or $13 max. He would be moving a ton more shirts at that price and getting some great advertising !!!

 

What ever colors you want logo's or shirts ....

Eally Ucked's picture

I love your entrepreneurial skills, and this is probably nice bonus. But still your main income coming from Cass, isn't it? Any way I appreciate your good job! And skills.

Eally Ucked's picture

Sunstein, you bad boy! Some kind of memory fade? He may get pissed off with you (don't remember the name), he needs some appreciation from you!

Spalding_Smailes's picture

Lol'

 

No ...., I'm just some punk that reads too much. The last president I voted for was Ross Perot. He was blowtorched. 

Eally Ucked's picture

New job then? Disappointed with the past, boy?

Spalding_Smailes's picture

Nope. I hate the liberals and the unions. I only look forward now.

But I have learned through reading about 75-100 financial books from John Kenneth Galbraith, Confessions of an Economic Hit Man, Macro textbooks, Friedman ect... the Fed is in total control. 

Eally Ucked's picture

I like it boy, you are educated and thinking, just continue on the right path and maybe you will, at some point, get to some more relevant works. Just don't trust that the FED is control. They lost control.

Last advice don't read so much bullshit, ok!  

Spalding_Smailes's picture

Not bullshit. We are all living it in our lives. 

You should toss your t.v. in the trash like I did 11 years ago. Your brain is warped because of this.

I think your the boy / girlie. This is a financial site, what is your take on debt • treasuries in regards too the money supply • velocity • inflation. 

Thoughts ?

 

Pin fucking drop, another mindless troll sucking at the nipple of said t.v. .....

Eally Ucked's picture

I'm old boy who went thru situationlike that once. Don't tell me that bullshist about money velocity and stuff.

My take on debt - we are fucked in N.America (Canada is the same), you can not service it from taxing hairdressers, nailpolishers, restaurants and strip bars.

My take on tresuries - funny game which will end shortly, FED showing too much to the world, so it will be finished and then the printing will go on unconstrained.

Money supply - we delivered enough toilette paper for the next century, probably until now everybody was afraid to to say anything and they accepted waste as payment.

Inflation will be rampant, just wait when those Chinese stop delivering product for our Scotties, Arabs will need some money to calm their population, Indians won't deliver your jokeys for 1$ a pair, then me and you will push our cars with our asses naked.

Is that ok with you? Oh, you still will have few bucks in your pocket!

Spalding_Smailes's picture

What the fuck is that mish mash of third grade economic comprehension. I can't even forget enough to answer that.

Start with the basics. McConnell Brue • Microeconomics, I have the fourteenth edition so you should be able to find a copy, then study dollar denominated debt. That will put all your worries to rest. The world can't exit Ben's debt. Search dollar denominated debt, debt obligations on a global scale, new debt always needed so the nations, host banks and businesses can service said debt. Notice the swap lines with the EU. Ben is the only one with the keys to the printing press. Game over. And the balance sheet ? Open ended no bottom and no audit by Europe, China or anyone else. A bottomless pit with new debt being issued on a global scale everyday. Thus new debt will be needed in the future ( dollars ) so they can all service the obligations. 2,10, 20 years out ....

••••••••••••••••••

BusinessWeek - Piotr Skolimowski - Feb 28, 2011

The extra yield they demanded to own Poland's 10-year debt over their ... Poland is preparing to offerdollar-denominated bonds in the first half of this ...

CanadianSecuritiesLaw.com (press release) - 4 days ago

Investors' appetite for Canadian-dollar denominated high yield debt is strong and growing, as evidenced not only by the foregoing statistics but by the ...

Wall Street Journal - Katy Burne - Feb 23, 2011

... debt sale Wednesday for Caterpillar Financial Services, marking its inaugural sole lead mandate on a US dollar-denominated high-grade debt offering. ...

Telegraph.co.uk - Harry Wilson - Feb 22, 2011

Russian Railways sold its first dollar-denominated bond last year, raising $1.5bn (£924m), as well as borrowing a further Rb30bn in the domestic rouble bond ...

Wall Street Journal - Natasha Brereton - P.R. Venkat - Feb 10, 2011

Finance Minister Martowardojo indicated earlier this week the planned US dollar-denominated bond issue could be smaller than its previous offerings. ...

(Mar 1, 2011 )South Africa will sell 30-year bonds in dollars, the longest-dated debt it has offered on international markets, a person familiar with the offering said.

Tue Mar 8, 2011 9:01pm EST (Reuters) - The Philippines is talking with banks on additional foreign debt issues this year, including a dollar-denominated bond sale, to complete its 2011 financing programme, a senior official said on Wednesday.

08 Mar, 2011 15:04:22 Sri Lanka sells US$192mn in floating rate bonds

Mar 08, 2011 (LBO) - Sri Lanka has sold 192 million US dollars in three and four year dollar denominated bonds mainly targeting local investors, rolling over existing maturing debt issued at much higher rates.

Got BooksBoy    ???????????
EscapeKey's picture

*GROAN* More of that web of debt bullshit theory. The reserve currency is NOT set in stone, and is subject to change. The Pound Sterling didn't remain the global reserve currency, the role of the US Dollar as invoicing currency is sliding, and as is its global share of the debt market:

In value terms, the share of the US dollar in total foreign-currency debt securities declined from more than 50% at the beginning of the 1990s to 43% in 2007.

http://www.ecb.int/pub/pdf/scpwps/ecbwp947.pdf

 

Spalding_Smailes's picture

 

Oil, Commodities only traded in US Dollars .....

The U.S., however, has been the beneficiary of two unusual factors. First, the Social Security Trust Fund took in more revenue through payroll taxes leveraged on Baby Boomers than it needed. Ideally, this money should have been invested to be available when the Boomers retire. In reality, the Fund was "loaned" to the government to finance increased deficit spending. This interest-free loan helped keep Treasury Bond interest rates low, allowing more debt financing. However, it's not really a loan, since it can only be repaid by increased taxes when the Boomers do retire.

Second, foreign countries increased their holdings of Treasury Bonds as a safe haven, also keeping interest rates low. These holdings went from 13% in 1988 to 28% in 2009. (Source: U.S. Treasury report ”Petrodollars and Global Imbalances”, February 2006)


Even during the recession, countries like China and Japan increased their holdings of Treasuries to keep their currencies low relative to the dollar. For more, see How China Affects the U.S. Economy.

Of the total foreign holdings ($4.3 trillion), China owns $907 billion and Japan owns $877 billion. The U.K. owns $477 billion, while Brazil, the oil exporting countries, Hong Kong, Russia and Canada own between $100-$280 billion each. The Bureau of International Settlements suspects that much of the holdings by Belgium, Caribbean Banking Centers and Luxembourg are fronts for more oil-exporting countries, or hedge funds, that do not wish to be identified. (Source:Foreign Holding of U.S. Treasury Securities)

The following is a list of the Foreign Holders of Long-Term U.S. Treasury Securities as listed by the U.S. Treasury (revised by June 2010 survey completed February 28, 2011

China 26%

Japan 19%

UK 5%

Oil Exporters $4.5%

Caribbean 4%

Russia 4%

Swiss 2.5%

Total 77%

 

reserve currency, or anchor currency, is a currency that is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. It also tends to be the international pricing currency for products traded on a global market, and commodities such as oilgold, etc.

This permits the issuing country to purchase the commodities at a marginally lower rate than other nations, which must exchange their currencies with each purchase and pay a transaction cost. For major currencies, this transaction cost is negligible with respect to the price of the commodity. It also permits the government issuing the currency to borrow money at a better rate, as there will always be a larger market for that currency than others.

 

 

In economics and business, a network effect (also called network externality or demand-side economies of scale) is the effect that one user of a good or service has on the value of that product to other people. When network effect is present, the value of a product or service increases as more people use it.

The classic example is the telephone. The more people own telephones, the more valuable the telephone is to each owner. This creates a positive externality because a user may purchase their phone without intending to create value for other users, but does so in any case. Online social networks work in the same way, with sites like Twitter and Facebook being more useful the more users join.

The expression "network effect" is applied most commonly to positive network externalities as in the case of the telephone. Negative network externalities can also occur, where more users make a product less valuable, but are more commonly referred to as "congestion" (as in traffic congestion or network congestion).

Over time, positive network effects can create a bandwagon effect as the network becomes more valuable and more people join, in a positive feedback loop.

 

The United States dollar is the most widely held reserve currency in the world today. Throughout the last decade, an average of two thirds of the total allocated foreign exchange reserves of countries have been in U.S. dollars. For this reason, the U.S. dollar is said to have "reserve-currency status," making it somewhat easier for the United States to run higher trade deficits with greatly postponed economic impact (see currency crisis). Central bank reserves held in dollar-denominated debt, however, are small compared to private holdings of such debt. In the event that non-United States holders of dollar-denominated assets decided to shift holdings to assets denominated in other currencies, there could be serious consequences for the U.S. economy. Changes of this kind are rare, and typically change takes place gradually over time; the markets involved adjust accordingly.

However the dollar remains the favorite reserve currency because it has stability along with assets such as United States Treasury security that have both scale and liquidity.

 

 

The euro is currently the second most commonly held reserve currency, comprising approximately a quarter of allocated holdings. After World War II and the rebuilding of the German economy (see the Wirtschaftswunder), the GermanDeutsche Mark gained the status of the second most important reserve currency after the US dollar. When the euro was launched on January 1, 1999, replacing the Mark, French Franc and ten other European currencies, it inherited the status of a major reserve currency from the Mark. Since then, its contribution to official reserves has risen continually as banks seek to diversify their reserves and trade in the eurozone continues to expand.[3]

Former Federal Reserve Chairman Alan Greenspan said in September 2007 that the euro could replace the U.S. dollar as the world's primary reserve currency. It is "absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency."[4] Econometric analysis by Jeffery Frankel and Menzie Chinn suggests the euro may replace the U.S. dollar as the major reserve currency by 2020 if: (1) the remaining EU members, including the UK, adopt the euro by 2020 or (2) the recent depreciation trend of the dollar persists into the future.[5][6] In recent years, the euro's increase in the share of the worldwide currency reserve basket has continued to increase - albeit at a slower rate than prior to the beginning of the worldwide credit crunch related recession and sovereign debt crisis [

 


http://en.wikipedia.org/wiki/Reserve_currency

 


Before the launch of the euro in 1999, Milton Friedman predicted that the Eurozone would not survive its first economic crisis.

He noted that in a world of floating exchange rates, if one country faces a shock, it could simply respond by letting the exchange rate change. But with the arrival of the euro, that option is no longer available.

Mr. Friedman also highlighted the case of Ireland. In 2001, he said the country should have been tightening its monetary policy but couldn’t because it was tied into the new European currency. “The European Central Bank makes monetary policy for the whole of euroland.”

In the absence of currency flexibility, analysts say competitiveness can only be regained through real economic adjustment such as labour reductions and downward wage adjustment.

 http://network.nationalpost.com/np/blogs/tradingdesk/archive/2009/03/12/was-milton-friedman-right-about-the-euro.aspx#ixzz1G71cQMgk

See the euro's issues today. They are having big problems with the haves and have-nots ...

• Video •


Clarke and Dawe - European Debt Crisis

 

EscapeKey's picture

Thanks for trying to overwhelm my argument, drown it out in noise. However, it all comes down to this;

Treasury bonds ARE debt. Foreign ownership of treasuries, therefore, are included when the global debt markets are considered, and despite treasuries increasing its overall stake of this market, the total US Dollar denominated debt as a percentage of the global foreign currency debt market is shrinking.

Spalding_Smailes's picture

How is that possible when I just showed the treasury purchases have increased over the last ten years. Your article does not break down any of the numbers ... Oil must be purchased with dollars, and commodities are traded in dollars. This is fact.

See BIS ...

http://www.bis.org/publ/qtrpdf/r_qa1012.pdf

 

Also, the interbank lending between the eurozone countries in bonds is the only thing that comes close to dollar denominated debt. This is what's pushing down the numbers in your report. This is shown in all the graphs in the link I provide BIS Quarterly Review, December 2010 .

Spalding_Smailes's picture

 

The euro swap lines .... Ben never, ever has a margin call he owns the press.

 

So why did this spread to the US markets? Again from BoA:

http://s0.wp.com/wp-content/themes/pub/connections/img/blockquote.gif); background-repeat: no-repeat; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: initial; font-style: italic; background-position: 0% 0%;">

One might be tempted to conclude that the situation in Europe should not matter much for the US. We do not believe this is the case since the financial markets would create the “contagion”, and Libor can be the conduit.

USD Libor spiked over the past few weeks due to higher Libor submissions by non-US banks in the USD Libor setting panel. The higher USD Libor submission is ultimately a function of demand for dollars in Europe, which arises from large holdings of dollar assets by European banks.

According to the BIS, as of December 2009, European banks held $3.59 7tn of US debt (this US debt is both private and public dollar-denominated debt). Note that total dollar-denominated debt held by foreign banks is $5.393tn, implying that European banks hold two-thirds of the US debt held by banks worldwide.

This demand for USD financing overseas is also reflected in the significantly negative cross currency basis swap (see above), with the one-year EUR/USD swap at -50bp (versus -37bp at the end of March).

Further, the forward Libor-OIS have widened more than spot. We believe the market is essentially pricing in that the sovereign credit risk is not going away soon. This is also consistent with other measures such as the Libor 3s-1s basis, which also prices in continued stress.

Until there is some significant plan put in place that can be scaled up to support any country, contagion risk should put upward pressure on Libor. As Chart 10 shows, even though longer maturity Libor-FF have increased, it is still moderate compared with 2007-08. Thus, we believe there is more room to go in the Libor-FF widening.

 

The European banks as stated, hold huge amounts of Eurodollar denominated debt. As the Euro plunges, this creates a margin call, which happened in 2008 also, necessitating the Federal Reserve to institute dollar denominated Swap lines to the tune of some $580 billion.


This is based on the Eurodollar Bond, which pays interest and principal in Eurodollars, and due to lower regulatory standards, can be sold at a lower yield than US Treasuries. The TED spread then represents the market for Interest Rate Swaps. On an Interest Rate Swap contract one payment is based in the floating rate, or LIBOR, the other a fixed rate, normally the relevant US Treasury rate + spread.

What made TED’s possible was the discovery of using the Eurodollar strips to replicate a swap. Term TED’s are based on Eurodollar futures to create a synthetic Eurobond. The TED will then be the difference between the Treasury price and the price of the synthetic Eurobond.


 

http://leduc998.wordpress.com/2010/05/08/return-of-the-bond-market-vigil...

 

 

Eally Ucked's picture

Hey boy,

Don't read too much from those fabulous books and articles, they are very good for third grade thinkers and economists, the law of economics is still the same for few thousands of years and NOTHING will change them! I can float whatever I wish if there are enough idiots to believe my story, fundamental question is what is your $ based on, fate, military, your economic power or any other idea you can find in your readings.

Spalding_Smailes's picture

So you could not turn off Glee for a few hours and read, sigh ..... Stay dumb, fine.

 

The dollar is based on trust, for many reasons, why do most countries store their gold in the USA ??? Because of trust, they can't trust China, not the Eurozone. Your right the basics in economics are very simple, but you can't even talk about the velocity of money and the fact that credit does not affect this until the money is spent on something, your a clown. Maybe some day your country will have 190 military bases keeping those countries safe ...Maybe in 80-100 years.

 

Now go back to work, boy, your country needs to pay those interest payments , boy .... They trade oil and commodities in dollars, boy ..... Lol'

reader2010's picture

Their government says the plastic rice is much better and healthier than the traditional rice.

Clockwork Orange's picture

Procure several of Liu's leftover mistresses

johnQpublic's picture

wheres the list of whats not to be spoken about here in the US?

shit, wheres the list for every other country on the planet?

 

its easy enuf to pick up on the fact that it happens here...

Long-John-Silver's picture

Edit out China, replace with America.

Judge Judy Scheinlok's picture

Agreed. You will hear what the owners of the media outlets drill into your feeble minds and allow you to hear.

Who owns the US media? What group of co-conspirators?

EvlTheCat's picture

After reading a multitude of your useless posts, it amazes even me, that there may actually be someone out there who loves an arrogant person such as yourself.  I think the only feeble mind posting here on ZH is yours.  If all great women had to be measured by your standard of comments [if you are even a women] the sex would be shamed back to the stone age.  Lucky enough, men like myself, have much better examples of what great women are.

israhole's picture

Well, at the top of the list on forbidden topics we have anything critical of abusive Israel.  Just look at how the Israel-firsters attacked that sweet old woman, Helen Thomas.

TeamAmerica's picture

What about all the outrage over Israel using white phosphorus shells in Gaza?  

Something tells me you are biased, but I just can't quite put my finger on it (LOL).

serotonindumptruck's picture

White phosphorous is a chemical weapon. Its use is expressly forbidden under international convention. How convenient for Israel that they are not a signatory to such agreements.

You see this?

http://www.intifada-palestine.com/2010/09/not-guilty-the-israeli-captain...

oygevalt's picture

Thank you for keeping the laughs about your reading comprehension coming.  Your own link says: "Capt R claimed that the soldiers under his command were out to get him because they are Jewish and he is Druze."  Last I checked, the Druze were not Zionist or Jewish.  Note how the Jewish Israeli soldiers - IN YOUR OWN LINKED ARTICLE - sided with the Palestinians.

Judge Judy Scheinlok's picture

And this:

http://www.ifamericansknew.org

And if you get a chance take a quick look:

"The Arab Revolutions are Heading to Palestine"
http://axisoflogic.com/artman/publish/Article_62388.shtml

Look out!

AR15AU's picture

If white phosphorus is a chemical weapon, then so is gunpowder. You fucking idiots amaze me.

oygevalt's picture

Please come up with one, single, solitary journalistic source that is verifiable.  Just one.  Verifiable.  Or shut up.  You do your credibility no favors with the crap you link to.

serotonindumptruck's picture

 

The Truth stings a bit, does it?

oygevalt's picture

Not as much as your failure to move up from kindergarten to first grade, I'm sure.  Can you provide an independently verifiable, journalistic source, and link to something other than over-the-top rants?  And can you explain why, in your quest to incite hatred against Jews, you are linking to a news story that if true EXONERATES them?  You are a joke.

serotonindumptruck's picture

 

If you're expecting a link to Haaretz or Jerusalem Post then I regret to inform you that you will be disappointed.

oygevalt's picture

No, a link to any journalist who doesn't require meds to prevent the bogeyman from showing up would do.  I would take anyone on the spectrum from Maddow to Hannity to perhaps even Jones.  Can you produce simple verification, or are you limited to linking to random blogs?  Most people would understand why that request would be made.

serotonindumptruck's picture

 

 

Okay, how about Noam Chomsky?

"Israel's use of white phosphorus against Gaza civilians is "clear and undeniable," AI reported, condemning its repeated use in densely populated civilian areas as "a war crime."

http://www.chomsky.info/articles/20090119.htm

oygevalt's picture

I personally don't care for some of what Chomsky writes, and I think we could go around forever about the substance, but yes, I will give you that he is not a moonbat blogger.  Thank you for finally linking to one who is not.  Unfortunately, the original topic wasn't even about white phosphorus, which is indeed an "agent" with horrible effects, but no chemical weapon as you posited; the original topic was about whether (Jewish) Israelis killed a schoolgirl for the hell of it.  Can you please come back with a reasonably credible source for that.particular.story?

oygevalt's picture

This link is full of random ads and a picture of what appears to be Yanni in a wig.  The content seems almost as ridiculous as Yanni's 'do.

ArgentDawn's picture

Rense the reptilian? What's next a GLP link?

 

People will believe the dumbest things...