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Friday, July 31, 2009


galbraith on china

now this is provocative -- via zero hedge.

University of Texas professor James Galbraith discusses one aspect of China's "booming" economy, specifically the question of China's Trade Surplus, which as he notes has been drastically inflated since 2002 due to Chinese companies over-reporting profits on exports in order to disguise various investments by foreigners into China, so as to beat capital control restrictions.

Galbraith argues the "fake profits" are so large that China may have actually ran a trade deficit in some years, and these figures casts serious doubt on the reported P&L of Chinese companies.

one can only hope for the brad setser response.

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Gaius, TPC here from The Pragmatic Capitalist. I sent you an email using the yahoo address you left on my site, but I am not certain if its correct. If you could shoot me an email I'd appreciate it. - I have a quick question for you.

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