NEW YORK (TheStreet) -- Yet again we see
One Chinese province after another has stepped forward over the last fortnight to announce their plans, in what appears to be a propaganda effort to reassure the public that the economy is still on track.When it comes to "propaganda" to "reassure the public that the economy is on the right track," I would suggest to The Telegraph that it take off its rose-coloured glasses and have a look a little closer to home.
Demonic AusterityWe have the UK government practicing the economic sadism Europe calls "austerity," where the more the UK government cuts spending the worse its deficits get,
The Real IssueThus, when we see permanent near-zero interest rates, the message is crystal clear: we are looking at a dying economy. But don't take my word for this. Simply look at the only nation in history to leave its interest rate at zero for decades, Japan. We've all seen the results achieved by that policy: a permanent zombie-economy, led by zombie-banks hiding vast amounts of bad debt who can only escape their own oblivion by keeping interest rates at near-zero.
China's export sector is suffering from anaemic demand from Europe and the United States. In the first seven months, exports rose 7.8pc, while imports rose 6.4pc, leaving China in danger of missing its 10pc target for trade growth this year...While The Telegraph's Chicken Little vainly struggles to incite hysteria over China's economy, the facts leak out. China's only "economic problem" is weakness in the West. Now the propaganda is fully on display. We're supposed to be "worried" because China's strong, healthy, growing economy may miss its growth targets due to the economic weakness in the West -- and most notably the U.S.