• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Chinese Think Tank Implies America May Be Falsifying Its Accounting, Says US On Way To Default

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Sun, 08/21/2011 - 21:38 | 1584655 Gibu The Great
Gibu The Great's picture

Funny when the folks that strictly adhere to Chinese Regulatory Accounting Principles (CRAP) accuse us of the same.  Not saying they are wrong, but c'mon man!  Oh, totally bullish.  

Sun, 08/21/2011 - 21:41 | 1584666 wang (not verified)
wang's picture

re post from Bloomberg news

 

Wall Street Aristocracy Got $1.2T in Secret Loans Q

http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2...

Sun, 08/21/2011 - 22:43 | 1584833 The Shootist
The Shootist's picture

That's a ridiculous sum, and to think those banks would have failed without it. Disgusting. They should have.

Sun, 08/21/2011 - 22:01 | 1584724 uranian
uranian's picture

the very notion that "mark to make believe" is a reasonable way to account for anything, rather than the actual market price (if there's any bid at all), indicates how entirely irrelevant any of these stats are anyway. rickards has a good interview at goldmoney's site; one of his observations was that if all the financial institutions of the world made a reasonable accounting of their combined books, the world would be insolvent, so all of these shell games are really moot anyway. it's just a matter of when everyone else notices that, too.

Mon, 08/22/2011 - 13:53 | 1586715 Koffieshop
Koffieshop's picture

So instead of the natural gradual decay, this will go down like Enron.
Fast, spectacular and with many casualties.

Mon, 08/22/2011 - 06:48 | 1585277 anyways
anyways's picture

+1

The only good news in this mess is, the Chinese get back what they deserve: Nothing, but worthless paper. LOL

 

Mon, 08/22/2011 - 07:17 | 1585308 Sofa King
Sofa King's picture

Excuse me Mr. Kettle but it's Mr. Pot on the phone...he's just calling to remind you that you're Black.

Mon, 08/22/2011 - 10:36 | 1585794 tamboo
tamboo's picture

hey zh how bout some bigger or clickable avatars since y'all are upgrading things?

i cant even read gibu's and you definitely need too see my golden ass in all its glorious detail.

Sun, 08/21/2011 - 21:38 | 1584656 Captain Benny
Captain Benny's picture

When I read the news that Biden went to China to "reassure" them that the US was not going to leave China high and dry, my eyes rolled.  Who in their right mind would send such a serious fuck up like Biden to China?  Even Timmah knows how to create a more truthfull sounding lie than Biden!

Is Obama the guy that sent Biden?  Probably.  Just shows how out of touch Obama is with where the nation is.  Wow.

Sun, 08/21/2011 - 22:30 | 1584798 DeadFred
DeadFred's picture

You guys are still believing Obama is trying to improve America. What will it take to finally see him for what he is?

Sun, 08/21/2011 - 23:12 | 1584897 Thomas
Thomas's picture

Indeed.

Sun, 08/21/2011 - 23:58 | 1584990 IBelieveInMagic
IBelieveInMagic's picture

Unfortunately Obama misplaced his magic wand.

Mon, 08/22/2011 - 07:51 | 1585353 Birddog
Birddog's picture

Obama can only "fundamentally change" America after the current system is overwhelmed

Mon, 08/22/2011 - 09:08 | 1585542 fiftybagger
fiftybagger's picture

10 The thief cometh not, but for to steal, and to kill, and to destroy:

John 10
King James Version

Mon, 08/22/2011 - 10:31 | 1585817 tamboo
tamboo's picture

Joe Biden: "I am a Zionist" | Wake Up From Your Slumber

 

savethemales.ca - Obama's Jewish "Irish" Grandfather

 

when's the last time the self chosen didn't defraud everything in sight?

Mon, 08/22/2011 - 00:11 | 1585010 DaBernank
DaBernank's picture

Confucius say, "Bank that loan one thousand dollar make problem for man, bank that loan one billion dollar make problem for bank."

Back when Confucius said that, a billion dollars was a lot of gold-backed currency. ;-)

Mon, 08/22/2011 - 00:11 | 1585013 Rick64
Rick64's picture

I doubt Biden went over there to reassure, but rather tell them hey this is the game and we own it. We have told you over and over to float your currency and if you don't there is a matter of possible default or we could continue to print money and cause inflation while devaluing your currency.

Mon, 08/22/2011 - 01:54 | 1585099 InvalidID
InvalidID's picture

 

 I think this about sums up the situation nicely. China isn't mad that we're inflating our debt, they're mad that we're devaluing the Yuan. LOL

Mon, 08/22/2011 - 04:03 | 1585179 Seer
Seer's picture

I don't think that anyone is going to be conned anymore.

Maybe Obama sent Biden in order to make him look bad, to make sure Biden wasn't strategizing to have Obama off'd? (meaning, if Biden did end up sitting on the thrown NO one would really recognize him as legit [not like it was hard to do from the start, but this pretty much seals it]).

But this is all meaningless and we know it.  It's always Kabuki theatre when things are irrevocably collapsing.

Mon, 08/22/2011 - 06:52 | 1585279 onthesquare
onthesquare's picture

An old Chinese proverb

"A lie told 10,000 times becomes the truth"

 

Sun, 08/21/2011 - 21:39 | 1584658 Grill Boss
Grill Boss's picture

Wang Long Dink Tank

 

Sun, 08/21/2011 - 22:45 | 1584840 Dumb Honkie
Dumb Honkie's picture

HONKIE TALK by a dumb HONKIE with a 2 inch dick.

Sun, 08/21/2011 - 21:39 | 1584659 Bobbyrib
Bobbyrib's picture

I'm so glad we handed China our economic prosperity on a silver platter. They are great "allies."/sarcasm.

Mon, 08/22/2011 - 04:08 | 1585186 Seer
Seer's picture

Economic prosperity is transitory, it's not a thing (not a permanent state).  All empires rise and fall,probing into why is usually meaningless (as EVERYONE refuses to note that it's growth that predestines it).

Mon, 08/22/2011 - 07:08 | 1585299 Bobbyrib
Bobbyrib's picture

Empires usually voluntarily hand over whole industries along with the technology to reproduce the same goods that they contracted other countries' companies to produce just to receive it cheaper? Good to know. 

Sun, 08/21/2011 - 21:43 | 1584673 molecool
molecool's picture

Fuck the Chinese - they knew what they were getting into - all part of their '50 year plan'. If it now backfires I am not going to shed any crocodile tears.

Sun, 08/21/2011 - 22:47 | 1584843 Dumb Honkie
Dumb Honkie's picture

Let's fuck you first, asshole.

Sun, 08/21/2011 - 23:14 | 1584903 treemagnet
treemagnet's picture

"Paddle faster.....I hear a banjo..."

Mon, 08/22/2011 - 00:12 | 1585015 Rick64
Rick64's picture

Lol

Mon, 08/22/2011 - 00:04 | 1584997 DaBernank
DaBernank's picture

Here's how: mint a 1ozt. silver coin with "1 Trillion United States Dollars" on it and let Joe Biden show it to them. See! Your money is safe, we made a very special coin just for you!

Mon, 08/22/2011 - 00:18 | 1585019 Rick64
Rick64's picture

We have every intention of reimbursing you.

 

http://www.youtube.com/watch?v=7GSXbgfKFWg&feature=related

Sun, 08/21/2011 - 21:46 | 1584683 Lazlo Toth
Lazlo Toth's picture

USA.... Fabricate??

Falsify numbers??

I am shocked....

China really should apologize for this...

Sun, 08/21/2011 - 22:29 | 1584794 MsCreant
MsCreant's picture

China, America, it's not "American Idol Housewife of New Jersey." No, bigger, better, Simon would be proud.

Surreality TV:

It's Kabuki theater.

Sun, 08/21/2011 - 23:39 | 1584956 carbonmutant
carbonmutant's picture

Megashark vs. Crocosaurus...lol

Sun, 08/21/2011 - 21:55 | 1584711 treemagnet
treemagnet's picture

Its just not true....Ben and Turbo took Act. I & II, they know how to use T-accounts, they both answered the gold standard "assets = equity plus liabilties" maxim correctly.....these are just lies, damn lies I tell you! 

Way to go Wang fuk dong, took ya 20 years to figure out the Fed lies......any other revelations you want to shine a little luminescent disinfectant on?  Fucking retard chinese inbred asshats getting their 15, whatever.

Sun, 08/21/2011 - 21:57 | 1584712 digalert
digalert's picture

+1

.

Can we get a Jeethner/Biden China comedy tour?

Add the Bernank and we'll have a 3 Stooges lineup.

Talk about some knee slappin Chinese fun.

 

Sun, 08/21/2011 - 21:57 | 1584717 stock trout
stock trout's picture

Falsification would require a high degree of sophistication and cunning. It's more likely simple errors from not knowing basic accounting principles.

Sun, 08/21/2011 - 21:58 | 1584719 bugs_
bugs_'s picture

Stop projecting - thanks in advance

Sun, 08/21/2011 - 22:00 | 1584723 Calmyourself
Calmyourself's picture

You know what is not falsified my Chinese friends..  The numbers on the t-bills you hold.  They will be wiiped off our books soon.  Good luck with food production and the mob after that..

Sun, 08/21/2011 - 22:00 | 1584725 IMA5U
IMA5U's picture

the pot should not call the kettle black

 

china is the biggest ponzi scheme on the planet

Mon, 08/22/2011 - 04:13 | 1585190 Seer
Seer's picture

So, you're saying that they're dealing with bigger numbers than the US?

Oh, and unlike the US, China is actually manufacturing stuff (yeah, it might be junk, but at least it's REAL junk, not virtual makebelieve junk like the US produces).

P.S. Yeah, bright one, it's ALL a ponzi- perpetual growth on a finite planet- like anyone needs to know anything more than this to figure it out!

Mon, 08/22/2011 - 05:14 | 1585224 InvalidID
InvalidID's picture

 

 This is kinda why the Chinese are on the losing end of this trade. They are making real junk, and trading it for imaginary junk.

Sun, 08/21/2011 - 22:01 | 1584726 Newsboy
Newsboy's picture

I think Biden went to China to reassure China that the US was not going to undercut them with the new-new-deal to save Western banking, which is soon-to-be-announced as an emergency measure. Their cooperation is needed, and a high level visit shows appropriate respect.

Sun, 08/21/2011 - 22:02 | 1584730 dalkrin
dalkrin's picture

Sending our boy Biden to reassure the Chinese;  may as well send our boy Pee Wee Herman to the biker bar to show them we mean business.

 

http://www.youtube.com/watch?v=UVKsd8z6scw

Sun, 08/21/2011 - 22:21 | 1584786 IQ 145
IQ 145's picture

Exactly; he should have offered to play chess with them; then they really would have been impressed. the chinese have a higher normalized IQ score than white Europeans; and as for Africans; you really don't want to know. It's an example of "Reality"; as in "Reality, you couldn't handle reality".

Sun, 08/21/2011 - 23:07 | 1584891 AmCockerSpaniel
AmCockerSpaniel's picture

I don't "think" any one group has an IQ higher than the Jews. Oh; I am not jewish, just calling them as I see them.

Sun, 08/21/2011 - 23:32 | 1584939 ping
ping's picture

The Poles, bitchez. Or anyone around the Baltic. Rampant IQs.

Mon, 08/22/2011 - 00:10 | 1584994 Dumb Honkie
Dumb Honkie's picture

 Ashkenazi Jews are smart but Sephardic Jews are pretty dumb. On the whole the iq of Jews is about 100, about the same as that of white gentiles.

Mon, 08/22/2011 - 07:48 | 1585346 DaveyJones
DaveyJones's picture

Dolphins plus they use less oil

Mon, 08/22/2011 - 03:40 | 1585146 Snidley Whipsnae
Snidley Whipsnae's picture

If you have read 'The Bell Curve' and believe it, the Chinese do have a higher average IQ than the Jews... Indeed, higher than any group on the planet...

Of course, 'The Bell Curve' was/is extremely controversial... Definition: it ruffled a lot of hair in an age of political correctness.

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