By John Galt
July 17, 2011
It’s almost as if Steve Liesman was reading the report himself in your living room on Bubblevision Channel 1. However this is not about the financial propaganda the U.S. media portrays using selective data presentation to spin it so Der Buglehead looks good, this is about the ChiComs learning how the game is played. As markets open around the world tonight there is a little tidbit of information that was presented with two wildly different twists of the same data. FYI, “FDI” = Foreign Direct Investment, just to keep the terminology clear.
I think that the majority of my readers and listeners have pretty much figured out that version number one was the Communist Chinese headline and story because, well, they are Communists and have been presenting and hammering propaganda out for a century now. The fist story is from Xinhua, the official news agency of China and tightly controlled by loyal Communist Party members. It is a news source where only the ignorant believe everything published much like the old days of Pravda and Radio Moscow during the Cold War era. The second story is from the South China Morning Post (Subscription required to read article) and presents a more British traditional analysis as that style of journalism was carried over from the Mother country when the United Kingdom acquired Hong Kong as a colony many years ago.
The first couple of sentences in each story telegraphs the techniques of propaganda versus traditional reporting and outlines what the Communists have learned from their U.S. counterparts to insure the leadership is always looked at in a positive light
From the Xinhua story:
BEIJING, July 15 (Xinhua) — China’s foreign direct investment (FDI) rose by 18.4 percent year-on-year to 60.89 billion U.S. dollars in the first half of this year, Yao Jian, spokesman for the Ministry of Commerce (MOC) said on Friday.
In June alone, China’s FDI rose 2.83 percent from one year earlier to 12.86 billion U.S. dollars, Yao said at a regular press conference.
And from the South China Morning Post version:
Jul 16, 2011
Economic storm clouds gathering in the United States and Europe are taking their toll on foreign investment in China and Chinese export volumes. More slowing is forecast.
The Ministry of Commerce announced yesterday that inbound investment grew a meagre 2.83 per cent year on year to US$12.86 billion last month, compared with 13.4 per cent growth in May and 15.2 per cent in April. In the first half of the year, investment increased 18.4 per cent to US$60.89 billion.
Ministry spokesman Yao Jian attributed the slowdown to an increasingly complicated economic environment both overseas and domestically. Investments from the European Union to China dropped 62 per cent last year.
Fascinating how the same data, the same story, provides differing perspectives, isn’t it? The most amazing part is the stark indications one can conclude from the SCMP version which reflects a dire outlook due to the deteriorating economic situation in Europe and the United States.
Remember this as the data and stories are presented by the American media who has no desire to make our imperious leader look poor and issue business and economic stories designed to encourage the sheeple to be fleeced by the financial elites just one more time before the party ends.