Oh come on media!
Seriously we're all going to pretend that China once again hitting all of their targets dead center for another quarter (and claiming 6.7% growth) isn't complete and utter BS? First of all, 6.7% is A LOT. If your kid was 50 inches and grew 6.7% they'd be 53.5 inches – that's not the kind of thing you don't notice, right? Well, real economies don't grow on paper, they grow on the streets and by the sea and in the air – a country the size of China ($11Tn GDP – also BS) growing at 6.7% ($737Bn) is adding more than Saudi Arabia ($637Bn) or Turkey ($735Bn) every year. Hell Mexico is "only" $1Tn!
As noted by Delboy in our Live Member Chat Room this morning: "Within 0.1% every single figure was identical to the ones we were presented with for the last quarter. So they’re telling us that the trajectory is absolutely linear? The last time we all fell for that kind of consistency was when Bernie Madoff sent out the performance numbers on his funds. Can any economy, China’s included, really perform like that?" to which I replied:
Their GDP is a total joke. What companies in China are reflecting this growth? What's really crazy is that no one in the MSM ever takes a serious look at this stuff.
Think about what 7% growth looks like – you could see growth like that on a satellite – cities would be spreading like viruses around the country, truck, rail and shipping traffic would get bigger and bigger, ports would be bursting with cargo and people to load and offload day and night and they too would have to expand to meet demand.
Energy consumption would rise despite all attempts at conservation and an ever-rising flow of materials into their warehouses would not be enough to maintain inventories. In other words – they are obviously completely full of crap!