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Ed Driscoll

Or, possibly, China’s economy is about to really go into overdrive, since it’s Paul Krugman who is predicting their economic apocalypse:

All economic data are best viewed as a peculiarly boring genre of science fiction, but Chinese data are even more fictional than most. Add a secretive government, a controlled press, and the sheer size of the country, and it’s harder to figure out what’s really happening in China than it is in any other major economy.

Yet the signs are now unmistakable: China is in big trouble. We’re not talking about some minor setback along the way, but something more fundamental. The country’s whole way of doing business, the economic system that has driven three decades of incredible growth, has reached its limits. You could say that the Chinese model is about to hit its Great Wall, and the only question now is just how bad the crash will be.

Well, that’ll put a damper on China’s plan to relocate its peasants into all those giant ghost cities Beijing has built.

A few questions: Didn’t Ambrose Evans-Pritchard already write this column for the London Telegraph back in May? Beyond that, what does Thomas Friedman think about Krugman working his side of the street at the Times? Why isn’t Friedman himself warning us, since last time I checked, he thought China’s fascist regime was pretty frickin’ awesome.

And finally: so centrally planned command and control totalitarian economies risk eventual doomsday? Who knew?

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I have a friend who owns a shipping company. They usually transport mineral ore from various places and they do business with China. Everything they bring in is reported 20-50% more by the Chinese and the company is paid according to those inflated numbers.

Why? Because they have to make the numbers appear bigger than they really are. China is printing more monies than the US and sometimes I feel like living in a house of cards ready to collapse, the only thing that looks real are my wife and kids; if not for them I would lead a pure hedonistic f-all life.
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