“Must – conjure – animal – spirits. Must – conjure – animal – spirits.”
This is the mantra in Beijing. Fake data? Yeah we got that. See, everything is fine. Just keep buying. Please, please, please, keep buying. So what if stock valuations are off the charts? Ya just gotta BELIEVE!
“The chances that that data is real is very low,” said Alicia Garcia Herrero, Natixis’s chief economist for the Asia-Pacific region. “Would you publish GDP data that looks south at this point in time? I don’t think so.”
Such brutal honesty, even if in paraphrase. And yet, did someone make an error allowing this much truthiness to sneak through strict editorial efforts? We ask because when we look at the final draft of the WSJ report now titled “China Stocks Tumble as Investors Doubt Beijing’s Help“, and updated at 5:14am, we find….