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Even Goldman Says China Is Cooking The Books

Tyler Durden's picture


That China openly manipulates its economic data, especially around key political phase shifts, such as one communist regime taking over for another, is no secret. That China is also the marginal economic power (creating trillions in new loans and deposits each year) in a stagflating world, and as such must be represented by the media as growing at key inflection points (such as Q4 when Europe officially entered a double dip recession, and the US will report its first sub 1% GDP in years) as mysteriously reporting growth even without open monetary stimulus (something we have said the PBOC will not engage in due to fears of importing US, European and now Japanese inflation) is critical for preserving hope and faith in the future of the stock market, is also very well known. Which is why recent market optimism driven by "hope" from Alcoa that China is recovering and will avoid yet another hard landing, and Chinese reports of a surge in Exports last week, are very much suspect. But no longer is it just the blogosphere that is openly taking Chinese data to task - as Bloomberg reports, even the major banks: Goldman, UBS and ANZ - are now openly questioning the validity and credibility of the goalseek function resulting from C:\China\central_planning\economic_model.xls.

From Bloomberg:

China’s unexpected surge in exports last month renewed concern from analysts at Goldman Sachs Group Inc., UBS AG and Australia & New Zealand Banking Group Ltd. (ANZ) that statistics from the nation can be unreliable.


The 14.1 percent jump from a year earlier was the biggest positive surprise since March 2011, according to data compiled by Bloomberg. The increase didn’t match goods movements through ports and imports by trading partners according to UBS, while Goldman Sachs and Mizuho Securities Asia Ltd. cited a divergence from overseas orders in a manufacturing index.


Smaller trade gains could signal a less robust recovery from a seven-quarter slowdown just as Australian Treasurer Wayne Swan says the economic rebound is a sign of improving global demand. Accurate statistics from the world’s second-biggest economy are increasingly important for domestic and foreign investors and for China’s government, ANZ’s Liu Li-Gang says.

Too good to be true:

ANZ’s Liu and colleague Louis Lam published research last week that underscored doubts about the quality of China’s economic data. They found that quarterly GDP, industrial production, fixed-asset investment and inflation data published in percentage terms failed to conform to “Benford’s Law,” which holds that in any series of numbers certain patterns will be found only if the statistics are naturally generated.

As we have previously observed, even China has previously mocked its own data "fudgability":

Li Keqiang, who may succeed Wen Jiabao as premier in March, was quoted in 2007 as saying he watched figures on power, rail cargo and loans because gross domestic product numbers were “man-made.” Li’s remarks were in a U.S. diplomatic cable published by WikiLeaks in late 2010.

One reason for the "surge" in recent data may be the demand of the new Politburo to telegraph that all is well following the latest Congress which took place in November, and that the economy is once again picking up, even if in reality it isn't:

After China’s statistics bureau reported third-quarter GDP in October, Standard Chartered Plc analysts said the 7.4 percent increase was “too good to be true” when compared with the slowdown in electricity production and the readings of a manufacturing index, while London-based Capital Economics Ltd. said its own analysis indicated expansion of about 6.5 percent.


The median forecast for December exports in a Bloomberg survey of 40 economists was for a 5 percent gain, with the highest estimate at 9.2 percent, after November’s 2.9 percent growth. Goldman Sachs, ranked by Bloomberg as the most accurate forecaster for the indicator, projected a 7 percent rise.


The increase, which was the biggest since May, could indicate exporters’ rush to finish year-end orders and government pressure to report exports before the end of the year to reach the government’s 2012 target of 10 percent growth, Shen Jianguang, Mizuho’s Hong Kong-based chief Asia economist, said in a Jan. 10 note.

A possible explanation for how Chinese companies are cooking their export books comes from none other than Goldman:

“It is possible that local governments may have tried to boost exports data by either making round trips in special trade zones” or by exporting “earlier than otherwise in an attempt to improve the annual exports data,” Goldman Sachs’ Beijing- based economists Yu Song and Yin Zhang wrote the same day.


Rushed shipments and even faked exports to secure tax refunds may have contributed to the stronger growth data, according to Alistair Thornton and Ren Xianfang, Beijing-based analysts at IHS Inc.


Some trading companies are turning to transportation providers like Shenzhen Global Express Logistics Ltd. for help in shipping goods through so-called bonded zones to claim export tax rebates or charge higher import prices for goods without them physically leaving the country. Shenzhen Global offers customs clearing and other freight services including a “one-day tour,” Lin Yongtai, a manager with the company in the city bordering Hong Kong, said in a telephone interview.


For a fee of 1,000 yuan ($161) per vehicle per day, the company will drive trucks into warehouses in bonded zones, where cargo must clear customs, so that businesses can obtain a refund of value-added tax on the “export” of their products or boost sale prices for goods that carry the cachet of being imported.


“A poor villager can boast he has thousands of yuan of turnover every day, but people later discover he only has one bull -- he takes the bull out every morning and brings it back every evening,” Lin said. “The same applies to some parts of China’s foreign trade.

Of course, there is also the simple test of matching one country's exports to another one's imports (after all, it is a closed loop). Once more, it appears that China is literally pulling numbers out of thin air:

UBS economists led by Hong Kong-based Wang Tao pointed to a “quite obvious discrepancy” in the growth of China’s exports to Taiwan and South Korea and those economies’ reported imports from China in recent months, even as historically they have tracked each other well.

Finally, that China is openly making up numbers is no surprise: it will continue doing that until, like everywhere else, the discrepancy between perception and reality (usually manifested in the case of China by a lot of angry people breaking something or simply rioting) becomes too glaring for even the most optimistically inclined to ignore.

What is a surprise is that it is none other than the banks - the primary carriers of the status quo gene - who are implicitly pulling the rug out from beneath the economy that is supposed to once again, as in 2008 and 2009, provide the bridge from a contracting "here" to a growing "there."

The question is why?

Is this an attempt to undermine the Chinese leadership which has so far merely sought to grow the economy by fiscal stimuli, while avoiding monetary ones: i.e., finally get the PBOC involved in not only growing the money supply (if not the economy), but in joining the rest of the world's central banks in a race to debase? And if indeed this is the case, what happens when China begins growing its own local inflation in addition to importing everyone else's.

Or is it a way to force a drop in a market that hangs on to every piece of good news like a drowning meth addict clutching at the tiniest of straws, allowing the same "skepticism-inducing" banks to buy at cheaper prices?

Or, more likely, is this merely a red herring to be used as a scapegoat when the latest dead cat bounce, so optimistically telegraphed by every sell side strategist, fails to materialize once more? After all: when in doubt, blame it all on the upcoming debt ceiling fiasco, and now: made up Chinese data.

We are confident we will get the answer very soon.


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Sun, 01/13/2013 - 15:46 | 3149184 Room 101
Room 101's picture

In other news, the Ministry of Plenty is pleased to announce that the chocolate ration has been increased to 25 grams.

Sun, 01/13/2013 - 15:47 | 3149188 Publicus
Publicus's picture

China is printing money without the corresponding debt. Leading to economic recovery.

Sun, 01/13/2013 - 16:14 | 3149239 TheFourthStooge-ing
TheFourthStooge-ing's picture

No surprise here. Chinese citizenism citizens cook everything.

Best: stir fried financial statements with straw mushrooms and broccoli in spicy ginger sauce.

Next best: General Tso Cheatin'.

Sun, 01/13/2013 - 16:46 | 3149297 knukles
knukles's picture

That's the old spirit!
Accuse the Chinks of Cookin' the Books but Ignore Amurikuhs Finaglein'
Damned lyin' commie bastards.

Sun, 01/13/2013 - 17:34 | 3149359 lunaticfringe
lunaticfringe's picture

No shortage of American recipes. We are fucking professionals.

Sun, 01/13/2013 - 23:35 | 3149857 Dugald
Dugald's picture

No...Just Showing Face....easy as that!

Sun, 01/13/2013 - 17:22 | 3149347 butchee
butchee's picture

Cooking things sometimes kills the fecal coliform bacteria....other times the percentage of fecal material is mysteriously augmented.


Sun, 01/13/2013 - 16:43 | 3149293 LawsofPhysics
LawsofPhysics's picture

Ding, ding, ding!!!  We have a winner.  Every time the Fed prints, the American Taxpayer gets a bill and all the tenants of the U.S. slip further into debt slavery.  What is the interest up to now anyway?

Sun, 01/13/2013 - 18:06 | 3149402 espirit
espirit's picture

Pot calling the kettle black?

It takes a thief to catch a thief?

iCan think of others... G Sux as an authoritative source? Not!

Mon, 01/14/2013 - 12:36 | 3150802 monad
monad's picture

Its not called the syndicate anymore, honey. Its called nation building.

Sun, 01/13/2013 - 15:58 | 3149210 Uber Vandal
Uber Vandal's picture

In other news, the Ministry of Plenty is pleased to announce that the chocolate ration has been increased to 25 grams from 30 grams.

Fixed it for you.

Sun, 01/13/2013 - 18:01 | 3149395 toady
toady's picture

I fried a pound of walmart bacon this morning and noticed the slices were too thin, causing them to stick to the pan.

My curiosity was peaked, so I read the packaging. Sure enough, it was a 'new' American pound. 12 oz.

Sun, 01/13/2013 - 23:40 | 3149863 Dugald
Dugald's picture

12oz that is the funniest thing Iv'e seen to start off the NY, what's next 75cents to a dollar?

Sun, 01/13/2013 - 15:47 | 3149186 l1b3rty
l1b3rty's picture

No Even China? One-Child Policy China? Communist China? Goldman Sachs publishes some scandalous sh*t

Free Silver @ SLA.

Sun, 01/13/2013 - 15:47 | 3149187 Seasmoke
Seasmoke's picture

a country that copies everything, is lying ????.......

Sun, 01/13/2013 - 15:53 | 3149202 bank guy in Brussels
bank guy in Brussels's picture

A Chinese official admitted they did learn about how to do fake gov't statistics by copying the US

As Chinese movie star Jackie Chan from Hong Kong says,

The US is even more corrupt than China - In fact the US is the most corrupt country in the world

Sun, 01/13/2013 - 16:19 | 3149250 The Shootist
The Shootist's picture

China is by far the world's largest counterfeiter. Who wouldn't be proud of making fake shit in a sweatshop?

Sun, 01/13/2013 - 16:51 | 3149302 knukles
knukles's picture

fake sweatshops...

"and factory air conditioned air from our fully factory-equipped air conditioned factory"

Sun, 01/13/2013 - 16:38 | 3149280 LawsofPhysics
LawsofPhysics's picture

Riiiggghht.  We opened processing plant in China and when we went to install the processing tanks we had to pay an installation fee that was damn near 50% of the cost of the tanks.  This was nothing more than bribe money that must be paid to all those state officials who push the paperwork.

China has already nationalized everything, they are communist for christ sake.  America and China are heading to the same endpoint, this has been the plan all along.  In fact the central planners would like nothing more than a world where everyone works for chinese wages.  Sorry, I don't call that a pretty picture.

Sun, 01/13/2013 - 17:13 | 3149333 Winston Churchill
Winston Churchill's picture

Bit like an EPA enviromental impact fee in other words,or a building permit.

Monkey see,monkey do.

Sun, 01/13/2013 - 17:20 | 3149342 Winston Churchill
Winston Churchill's picture

Bit like an EPA enviromental impact fee in other words,or a building permit.

Monkey see,monkey do.

Sun, 01/13/2013 - 15:47 | 3149190 caimen garou
caimen garou's picture

thats the pot calling the kettle black!

Sun, 01/13/2013 - 17:09 | 3149329 Bam_Man
Bam_Man's picture

You mean "The wok corring the kettle brack".

Sun, 01/13/2013 - 18:29 | 3149431 TheFourthStooge-ing
TheFourthStooge-ing's picture

Ah, US citizens, who play attrition games, keep coming with the same overused trick.

What the meaning is should be meant: "sounds like wok calling the cooking marmit black".

Sun, 01/13/2013 - 18:30 | 3149439 Pareto
Pareto's picture

+ 100 for the laugh for sure.

Sun, 01/13/2013 - 15:51 | 3149195 Super Broccoli
Super Broccoli's picture

GS complains about someone cooking the books ? LOL

Sun, 01/13/2013 - 16:01 | 3149216 Albertarocks
Albertarocks's picture

I don't think it was a complaint as much as a statement of admiring approval.

Sun, 01/13/2013 - 16:17 | 3149245 Silverhog
Silverhog's picture

Wish somebody would shove a red hot pepper egg roll up Blankfein's ass.

Sun, 01/13/2013 - 16:40 | 3149282 TheFourthStooge-ing
TheFourthStooge-ing's picture

Goldman Sachs: the Gordon Ramsay of book cooking.

"What the fuck kind of cook do you think you are?! Are you having a laugh? You've got your head up your ass, don't you?

Give up you wankah! You fucking can't cook for shit!"

Sun, 01/13/2013 - 16:19 | 3149251 Deacon Frost
Deacon Frost's picture

That’s right Goldman Sachs ought to know cooking the books when they see it.

That’s the audacity of control and power.


Sun, 01/13/2013 - 15:52 | 3149200 Rustysilver
Rustysilver's picture

And in other news from GS: $hit smells.

Sun, 01/13/2013 - 16:31 | 3149271 unrulian
unrulian's picture

There's no way GS told the truth about $hit

Sun, 01/13/2013 - 15:53 | 3149201 q99x2
q99x2's picture

Hard to imagine that crooks (GS) say that China crooks are cooking the books. This has the truth value of (Crooks2-Tyler posting) = take if for what it's worth.

Sun, 01/13/2013 - 15:53 | 3149203 Snakeeyes
Snakeeyes's picture

No $hit Sherlock. We have know that forever.

And the US is cooking its books too.

Sun, 01/13/2013 - 16:06 | 3149227 FinalCollapse
FinalCollapse's picture

That's why the global economy in aggregate exports products worth hundreds of billions of dollars to Mars. Our governments started to send space missions to Mars in search of life.

Sun, 01/13/2013 - 15:55 | 3149204 buzzsaw99
buzzsaw99's picture

pot - kettle

Sun, 01/13/2013 - 16:00 | 3149209 FinalCollapse
FinalCollapse's picture

Just like we had the Canadian train filled with biofuels cross the US border over 20 times without unloading the cargo to claim the EPA credits, we may have the same ship departing Chinese port multiple times without unloading. It's a winner: owners get the Chinese subsidy multiple times, the shipping company gets paid, the managers get generous 'allowance', and Keneysians get wet dreams. Winner!


Sun, 01/13/2013 - 16:40 | 3149284 LawsofPhysics
LawsofPhysics's picture

Yes, we are at the point where the real owners have direct access to the printing presses of the world.  Scary/interesting times.  This will not end well when the supply lines break.

Sun, 01/13/2013 - 18:32 | 3149442 TheFourthStooge-ing
TheFourthStooge-ing's picture


Just like we had the Canadian train filled with biofuels cross the US border over 20 times without unloading the cargo to claim the EPA credits, we may have the same ship departing Chinese port multiple times without unloading.

Hmmmm, has Warren Buffett been investing in Chinese shipping companies.

Sun, 01/13/2013 - 16:02 | 3149218 jldpc
jldpc's picture

Move on,  move on. Nothing new here. They are just copying us. Does anyone here believe US government statistics. Does anyone believe the Barter, or Cash payment w/o taxes economy here is included? Brain fart! It is real, it is large; it is totally ignored in US government statistics. So their accuracy is off by at leat the amount of the Chinese fudge factor. Move on. Move on.

Sun, 01/13/2013 - 16:03 | 3149220 TheMayor
Sun, 01/13/2013 - 16:13 | 3149236 topshelfstuff
topshelfstuff's picture

somebody's mad

Comex Pressure Point, The Coming Isolation Of The US Dollar


A Paradigm Shift is taking place, and the ASEAN-China summit gave proof positive in a seminal event of the vast changes in progress. The United States just suffered its worst humiliation ever as a nation on the Eastern global stage. It was exceeded only by the humiliation for a US president personally. The story went uncovered by the lapdog inept US press. The late November Asian summit meeting held in Phnom Penh included 15 Asian nations, which represent half the world's population. They decided to form a Regional Comprehensive Economic Partnership that excludes the United States

Sun, 01/13/2013 - 16:29 | 3149265 LawsofPhysics
LawsofPhysics's picture

Indeed.  looking forward to recieving gold and silver in exchange for my soybeans and resource access to the land our co-op controls.

Bring it, it will be a great decade to be in agriculture.  Need to invest in more pecan trees, asians can't get enough of them, even near $100 per pound.

Sun, 01/13/2013 - 16:18 | 3149247 caShOnlY
caShOnlY's picture

 one shit flinging monkey flinging shit at another shit flinging monkey

Sun, 01/13/2013 - 16:30 | 3149268 W74
W74's picture

So you've been to Baltimore I see.

Sun, 01/13/2013 - 16:20 | 3149253 bentaxle
bentaxle's picture

.....Said the muppet f....leecer to the currency manipulator.....

Sun, 01/13/2013 - 16:31 | 3149261 LawsofPhysics
LawsofPhysics's picture

EVERYONE  on the planet is cooking their books. That is what is making this one of the most "interesting" times to be alive.

Never before in the history of the world has fraud been the status quo of the earth.

Have the bankers won?  Time will tell, but from where I sit I see a serious disruption in the supply lines if the drought conditions persist in the northern hemisphere.

Hedge accordingly.

Sun, 01/13/2013 - 16:34 | 3149276 Goatboy
Goatboy's picture

Weak are sometimes caught the rest we call successful. Few exceptions prove the rule.

Sun, 01/13/2013 - 17:13 | 3149336 caShOnlY
caShOnlY's picture

Have the bankers won?  

... not yet, your still breathing. 

Sun, 01/13/2013 - 23:40 | 3149865 thefedisscam
thefedisscam's picture

EXACTLY!! Why the heck the U.S. of A can cook their books, but not China?? Pathetic!

Mon, 01/14/2013 - 01:01 | 3149983 Cosimo de Medici
Cosimo de Medici's picture

And that magical mythical time when EVERYONE was not cooking his books was when?  Does anybody truly believe Christ had only a couple of fish and a few loaves of bread to feed that crowd?  Even that Book is cooked.

Sun, 01/13/2013 - 16:27 | 3149262 Walt D.
Walt D.'s picture

Next we will be accusing China of maniipulating interest rates and currency exchange rates. Hankey-Bernanke would never do that!

Sun, 01/13/2013 - 16:28 | 3149264 falak pema
falak pema's picture

lol, whoooooo isn't cooking their books is the question to ask! 

Stop playing on the obvious. Look for the out of the box. 

Sun, 01/13/2013 - 16:29 | 3149267 W74
W74's picture


Sun, 01/13/2013 - 16:31 | 3149269 cherry picker
cherry picker's picture

What is that old adage, "You can't bullshit a bullshitter."

I suppose con artist Goldman sees another con artist and cries foul.

Is there any integrity left on this planet?  Can we believe any of this?

Sun, 01/13/2013 - 16:32 | 3149270 Sudden Debt
Sudden Debt's picture

And yet THEY build a futuristic new country with futuristic cities while are drowning in debt and our cities are in decay.

Sun, 01/13/2013 - 16:33 | 3149272 Joebloinvestor
Joebloinvestor's picture

Isn't this what the Russians did to show central planning works?

Sun, 01/13/2013 - 16:45 | 3149291 jonjon831983
jonjon831983's picture



Rushed shipments and even faked exports to secure tax refunds may have contributed to the stronger growth data, according to Alistair Thornton and Ren Xianfang, Beijing-based analysts at IHS Inc."


Hmm... like that US/Canada Biofuel round tripping?

"Biofuel credits behind mystery cross-border train shipments"




Sun, 01/13/2013 - 16:54 | 3149305 Oldwood
Oldwood's picture

Are we saying that things aren't bullish? I though everything was fixed now with Obama fully in charge!

Sun, 01/13/2013 - 17:04 | 3149307 Atomizer
Atomizer's picture

Barclays "Big" with Anthony Hopkins adversement spells Big derivative failures. Insert your favorite discount window participant.


Sun, 01/13/2013 - 17:16 | 3149339 Tom Green Swedish
Tom Green Swedish's picture

I would actually believe Goldman on this.  They own SSA Marine which has ports in all the top places in the Americas besides New York ironically.  Unless this surge was from Asia or Europe they're probably right.

Sun, 01/13/2013 - 17:36 | 3149363 forrestdweller
forrestdweller's picture

they are all cooking the books.

Sun, 01/13/2013 - 17:40 | 3149365 ziggy59
ziggy59's picture

Too many cooks spoil the....

Sun, 01/13/2013 - 17:43 | 3149371 bugs_
bugs_'s picture

does goldman get to see the secret books?

does goldman KEEP the secret books?  rofl

Sun, 01/13/2013 - 17:47 | 3149375 razorthin
razorthin's picture

And we are wacky conspiracy theorists because we don't believe any public numbers these official assholes post.  US included.

Sun, 01/13/2013 - 17:52 | 3149384 Whiner
Whiner's picture

China peeps née their own "Shadow Statistics". Wha....oh... They wouldn't read'en either. USA GDp: fudged, Inflation Rate, Fudged. Social Security Trust Fund, not secured, don't trust it. Obamacare will save money. Not! Everything Ameirikahn is a lie. We like it! Pass the wings!

Sun, 01/13/2013 - 18:00 | 3149391 MFLTucson
MFLTucson's picture

Ahahahahahahahaa! You must be fucking joking? We have the most ridiculous BLS numbers every month, our entire economy is held up by match sticks and we are worried about a country with 3.2 Trillion ins Foreign Currency reserves? This is nuts!  Ever hear the saying that those who live in glass houses shouldn’t throw stones??  Well, couldn’t be more appropriate!

Sun, 01/13/2013 - 18:02 | 3149396 enoch_root
enoch_root's picture

Well when it comes to book-cooking Goldman would surely know ... recall Greek govt. forward statements and etc too numerous to mention from the squid.

btw, GOLDAMN BONUSES exceed all other years

goldamn bonuses

Sun, 01/13/2013 - 18:24 | 3149422 ltsgt1
ltsgt1's picture

It's so pot calling kettle black. Every developed country and TBTF banks are cooking the books.

Sun, 01/13/2013 - 18:05 | 3149401 Herdee
Herdee's picture

I've always suspected this due to the complete lack of financial disclosure concerning their government lending into the shadow banking system.The G20 has turned a blind eye to this as well.Especially Socialist France.I remember the French running to the dirty commis asking for bail out money for Europe.They'd even suck a corrupt commi - economic tit.No morals in the French Government whatsoever.It's run like quite a scam actually where small business people and ordinary working Chinese investors openly borrow money at really high interest rates.You can bet that it's a big pyramid kick-back scheme.Police,Regulators and Government officials turn a blind eye to it.It's linked to corruption in the Communist Chinese Party and it runs deep right through their whole society.At all levels of the Party the smartest crooks in the Party are actively buying up a lot of California real estate.(they're not that dumb).You can bet that all the brightest commi gangsters have tax haven bank accounts like rich Greeks and former middleeast rulers. Just lately they've made some token remarks about how they'll clamp down on corruption but every hard working class person in China knows how the whole dirty scum - sucking - commi - government -  pigs really operate.

Sun, 01/13/2013 - 18:10 | 3149408 Atomizer
Atomizer's picture

What you overlooked in Tyler's illustration.



Obama: We need all American’s to give their fair share. If taxes don’t further increase, we’ll miss all forecasted interest payment dates.  Welcome to the real world.


Sun, 01/13/2013 - 18:22 | 3149425 Tombstone
Tombstone's picture

China steals everything else from us, why not steal our formula for Kooking the Books?  Just like in America, the Kommies will never be accused of telling the truth about anything. 

Sun, 01/13/2013 - 18:26 | 3149429 joego1
joego1's picture

Would you care for a pot sticker with your books today Yankee?

Sun, 01/13/2013 - 19:16 | 3149483 NuYawkFrankie
NuYawkFrankie's picture

Goldman say - China Cookin' Books

China say - Goldman Fookin' Crooks.

Sun, 01/13/2013 - 19:30 | 3149510 Ignorance is bliss
Ignorance is bliss's picture

We owe China 2.5 -3 trillion dollars. I'd say they are fucked...


Thanks for the free shit bitchez.

Sun, 01/13/2013 - 19:37 | 3149518 MFLTucson
MFLTucson's picture

Let’s face it, if the Jewish Sewer doesn’t know what it looks like to cook the books then no one does.  They are the masters of fraud and deception!

Sun, 01/13/2013 - 20:14 | 3149562 bullethead
bullethead's picture

This week we have learned that we should - a) short Euro and b) long china - only if you want to hit 95% of your trades

Sun, 01/13/2013 - 20:43 | 3149567 Downside Profiteer
Downside Profiteer's picture



Sun, 01/13/2013 - 20:23 | 3149586 Downside Profiteer
Downside Profiteer's picture

wow took GS a while. This guy was already questioning the export data on Friday:


Sun, 01/13/2013 - 20:47 | 3149638 rsnoble
rsnoble's picture

Pot calling the kettle black.  But when you're God you can do anything.

Sun, 01/13/2013 - 23:47 | 3149878 thefedisscam
thefedisscam's picture

Looking into the mirror, the U.S imperialists are the MOST HATED in the world!! you are NO god!

Sun, 01/13/2013 - 20:57 | 3149661 orangegeek
orangegeek's picture

Another day, another pile of BS flying in from somewhere.


Anyone feeling a bit indifferent these days?

Sun, 01/13/2013 - 21:00 | 3149665 Money 4 Nothing
Money 4 Nothing's picture

Pot meet kettle?

Sun, 01/13/2013 - 21:42 | 3149720 yogibear
yogibear's picture

Who cares. They have a surplus, whereas the US already claimed a deficit. Get to work Bernanke and start removing the debt so it looks like the US has a surplus.

Have Greece, Spain, Ireland, Italy and Portugal bail out the US.

A "My lies are better than your" competition.


Sun, 01/13/2013 - 22:25 | 3149769 Lost Wages
Lost Wages's picture

Anyone who questions the data will be sent to Reeducation Through Labor camp.

Sun, 01/13/2013 - 23:11 | 3149815 Nobody For President
Nobody For President's picture

Well, GS should certainly know..

Mon, 01/14/2013 - 00:56 | 3149974 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

The tentacles of squid would explain why they are openly calling China on cooking the books.

Goldman Sachs personnel in the ObamaWhite House


Lael Brainard: Brainard is the United States Under Secretary of the Treasury for International Affairs in the administration of Obama

Gregory Craig: Former White House Counsel, Recently hired by Goldman Sachs

Thomas Donilon: Deputy National Security Adviser(despite having a career that is mostly involved with domestic politics). Donilon was a lawyer at O’Melveny and Myers and made almost $4 million representing meltdown clients including Penny Pritzker (of Chicago) and Goldman.

William C. Dudley : president and chief executive officer of the Federal Reserve Bank of New York, partner and managing director at Goldman, Sachs and was the firm’s chief U.S. economist for a decade

Douglas Elmendorf: Obama Director of the Congressional Budget Office in January 2009, replaced Furman as Director of the Hamilton Project  (Note that the Hamilton Project was funded by Robert Rubin and Goldman Sachs) 

Rahm Emanuel: Obama Chief of staff, on the payroll of Goldman Sachs, receiving $3,000 per month from the firm to “introduce us to people,” in the words of one Goldman partner at the time.

Dianna Farrell: Obama Administration: Deputy Director, National Economic Council, Former Goldman Sachs Title: Financial Analyst

Stephen Friedman: Obama Administration: Chairman, President’s Foreign Intelligence Advisory Board, Former Goldman Sachs Title: Board Member (Chairman, 1990-94; Director, 2005

Michael Frohman: Robert Rubin’s Chief of Staff while Rubin served as Secretary of the Treasury and an Obama “head hunter” according to “Rubin Proteges Change Their Tune as They Join Obama’s Team” in the New York Times.

Anne Fudge: appointed Fudge to Obama budget deficit reduction committee. Fudge has been the PR craftsman for some of America’s largest corporations. She sits, according to the Washington Post, as a Trustee of the Brookings Institution within which the Hamilton Project is embedded.

Jason Furman: directed economic policy for the Obama Presidential Campaign, served as the second Director of the Hamilton Project after Peter Orszag’s departure for the Obama administration

Mark Gallogly: Sits on the Hamilton Project’s advisory council. He is also, according to Wikipedia, currently a member of Obama’s President’s Economic Recovery Advisory Board.

Timothy Geithner: Secretary of the Treasury, a former managing director of Goldman Sachs

Gary Gensler: Obama Administration: Commissioner, Commodity Futures Trading Commission, Former Goldman Sachs Title: Partner and Co-head of Finance

Michael Greenstone: the 4th Director of the Hamilton Project. Just as attorney Craig went from advising Obama to defending Goldman Sachs against the SEC complaint, Greenstone has used the revolving door to go from went an economic adviser position to Obama to one of the Goldman Sachs outlets, in this case its think tank embedded in the Brookings Institution and funded by Goldman and Robert Rubin. All 3 previous Directors of the Hamilton Project work in the Obama administration.

Robert Hormats: Obama Administration: Undersecretary for Economic, Energy and Agricultural Affairs, State DepartmentFormer Goldman Sachs Title: Vice Chairman, Goldman Sachs Group

Neel Kashkari: served under Treasury Secretary Paulson and was kept on by Obama after his inauguration for a limited period to work on TARP oversight, former Vice President of Goldman Sachs in San Francisco where he where he led Goldman’s Information Technology Security Investment Banking practice.

Karen Kornbluh: (sometimes called "Obama’s brain") Obama Ambassador to the OECD, was Deputy Chief of Staff to Mr. Goldman Sachs, Robert Rubin

Jacob (AKA "Jack") Lew: the United States Deputy Secretary of State for Management and Resources. According to Wikipedia, Lew sits on the Brookings-Rubin funded Hamilton Project Advisory Board. He also served with Robert Rubin in Bill Clinton’s cabinet as Director of OMB.

David Lipton: now at Obama’s National Economic Council and the National Security Council. Lipton -worked with Larry Summers and Timothy Geithner, on the US response to the Asian financial crisis of the 1990’s. MergeFoundations reports that Lipton worked closely with Robert Rubin:

Emil Michael: White House Fellow,  former investment banker with Goldman Sachs

Eric Mindich: Former chief strategy officer of New York- based Goldman Sachs, started Eton Park in 2004 with $3.5 billion, at the time one of the biggest hedge-fund launches ever. .....Hank Paulson Tipped Off The Goldman-Led "Plunge Protection Team" About Fannie Bankruptcy 7 Weeks In Advance (2007):  Goldman operative Eric Mindich in the hierarchy of the Asset Managers' committee of the President's Working Group on Capital Markets, better known of course as the PPT (in 2009)

Philip Murphy: Obama Administration: Ambassador to Germany, Former Goldman Sachs Title: Head of Goldman Sachs, Frankfurt

Barack Obama: Obama owes his career to Goldman Sachs which was not only his biggest financial contributor when he ran for the presidency but also his biggest contributor when he ran for the Senate

Peter Orszag, Obama Budget Director, founding director of the Hamilton Project, funded by Goldman Sachs and Robert Rubin. Wikipedia indicates that Robert Rubin, Goldman’s ex-head, was one of Orszag’s mentors.

Mark Patterson: Obama Administration: Chief of Staff to Treasury Secretary, Timothy Geitner, Former Goldman Sachs Title: Lobbyist 2005-2008; Vice President for Government Relations

Mark Peterson: Chief of staff to Timothy Geithner,    Goldman Sachs vice president and lobbyist

Steve Ratner: the shady billionaire financier who Obama appointed as his “car czar” and who resigned after it was revealed that his company, the Quadrangle Group, was apparently involved in “pay to play” for a billion dollars or so of New York State pension funds, and was under possible indictment by the New York AG and the SEC, also sits on the Advisory Council of the Goldman funded Hamilton Project

Robert Reischauer: a member of the Medicare Payment Advisory Commission from 2000-2009 and was its vice chair from 2001-2008. He too sits on the Hamilton Project’s advisory board.

Alice Rivlin: Obama named Alice Rivlin to his so called deficit reduction commission.

James Rubin: Son of Robert Rubin. Served as a headhunter for Obama per the New York Times article, "Rubin Proteges Change Their Tune as They Join Obama’s Team"

Gene Sperling: advisor to Timothy Geithner on bailouts, Sperling paid by Goldman Sachs for one year of consulting work.

Adam Storch: Obama Managing Executive of the Security and Exchange Commission’s Division of Enforcement  Vice President in the Goldman Sachs  Business Intelligence Group

Larry Summers:  Obama chief economic adviser and head of the National Economic Counsel, Worked under Robert Rubin at Goldman Sachs

John Thain: Obama Administration: Advisor to Treasury Secretary, Timothy Geitner, Former Goldman Sachs Title: President and Chief Operating Officer (1999-2003)


Under the Bush Adminstration:

Joshua Bolten: Bush II Administration: White House Chief of Staff (2006 – 2009), Former Goldman Sachs Title: Executive Director, Legal & Government Affairs (1994-99)

William C Dudley: NY Federal Reserve: Current President/CEO, Former Goldman Sachs Title: Partner and managing director – 2007

Edward C. Forst: Bush II Administration: Advisor on setting up TARP to Treasury Secretary, Henry Paulson 2008 Former Goldman Sachs Title: Co-head of Goldman’s investment management business

Stephen Friedman: NY Federal Reserve: Former Chairman of the Board – 2009, former Goldman Sachs Title: Board Member (Chairman, 1990-94; Director, 2005-)

Gary Gensler: Bush II Administration: Undersecretary, Treasury (1999-2001) and Assistant Secretary, Treasury (1997-1999), Former Goldman Sachs Title: Partner and Co-head of Finance

Reuben Jeffery III: Bush II Administration: Undersecretary for Economic, Energy and Agricultural Affairs, State Department (2007 –2009) Former Goldman Sachs Title: Managing Partner Paris until 2002 Security Investment Banking Practice

Dan Jester: Bush II Administration: Advisor on setting up TARP to Treasury Secretary, Henry Paulson 2008, Former Goldman Sachs Title: Deputy CFO

Neel Kashkari: Bush II Administration: Assistant Secretary for Financial Stability, Treasury (2008 – 2009) Former Goldman Sachs Title: Vice President, San Francisco; led Information Technology Security Investment Banking Practice

Eric Mindich: Former chief strategy officer of New York- based Goldman Sachs, started Eton Park in 2004 with $3.5 billion

Henry Paulson: Bush II Administration: Secretary, Treasury 2006 - 2009, Former Goldman Sachs Title: Chairman and CEO (1998-2006)

Robert Rubin: Bush II Administration: Secretary, Treasury 1995-1999, Former Goldman Sachs Title: Vice Chairman (1987-90)

Robert Steel: Bush II Administration: Under Secretary for Domestic Finance, Treasury, (2006 – 2008) Former Goldman Sachs Title: Vice Chairman – 2004

Steve Shafran: Bush II Administration: Advisor on setting up TARP to Treasury Secretary, Henry Paulson 2008 Former Goldman Sachs Title: Private equity business in Asia until 2000

Kendrick R. Wilson III: Bush II Administration: Advisor on setting up TARP to Treasury Secretary, Henry Paulson 2008 Former Goldman Sachs Title: Chairman of Goldman’s financial institutions groups

Robert Zoellick: Bush II Administration: United States Trade Representative (2001-2005), Deputy Secretary of State (2005-2006), World Bank President (2007 -), Former Goldman Sachs Title: Vice Chairman, International (2006-07)


Other Noteworthy Appointees:

Mark Carney: Current Title: Governor, Bank of Canada, Former Goldman Sachs Title: Managing Director Goldman Sachs Canada until 2003

Mario Draghi: Current Title: Governor of the Bank of Italy (2006- ), Former Goldman Sachs Title: European Deputy Chairman/Partner until 2006

Edward Liddy: Current Title: AIG CEO, Former Goldman Sachs Title: Board Member (Chairman, 1990-94; Director, 2005-)

Duncan Niederauer: Current Title: Chair/CEO NYSE, Former Goldman Sachs Title: Managing Director – 2007

Romano Prodi: Current Title: Prime Minister of Italy (1996-1998 and 2006-2008) and President of the European Commission (1999-2004), Former Goldman Sachs Title: Paid adviser/consultant 1990 – 1993

Massimo Tononi: Current Title: Italian Deputy Treasury Chief (2006-2008), Former Goldman Sachs Title: Partner 2004 - 2006

Malcolm Turnbull: Current Title: Federal Leader, Liberal Party, Australia, Former Goldman Sachs Title: Partner (1998-2001)

David Watson: Current Title: Monetary Policy Committee, Bank of England, Former Goldman Sachs Title: Chief European economist

Mon, 01/14/2013 - 10:06 | 3150380 Shizzmoney
Shizzmoney's picture

What government DOESN'T cook the books?

When hyperfinflation started to happen in Argentina, they just came up with a CPI number WITHOUT the items that hyperinflation was effecting (food, health care, cars, gas) with the reasoning that it doesn't matter since the people couldn't afford these items anyways.

When in doubt, baffle with bullshit.

Do NOT follow this link or you will be banned from the site!