As you know some HO enamored twits have ridiculed me for debating Harvey Oberfeld, even though Harvey Oberfeld didn`t debate, he sat there blathering about car crashes and mythical job losses, he also mused about glorious pots of gold being delivered to Canada from other countries, and all we have to do is run pipelines and ship oil to our saviour China..
No, I didn`t attend the university of Calgary or even the university of Chicago, I attended the school of hard knocks where facts and truth tell the story, not myth, not hype, not conjecture, facts..
Chinese Tigers playing with Canadian Sheep, the real natural gas story..
China`s ghost cities....Christy Clark falls into Asian Stupor
Silence of the Lambs.
What will it take for our politicians to take their faces out of those corporate asses, what will it take for them to face reality..
Why is a regular non-assuming persons like Rafe Mair and Grant G(And of course all the Straight Good contributers) have more common sense than all of them trained economists combined...
We warned 7 years ago what was going to happen to BC Hydro, BC Ferries, BC`s forestry industry, and now look at us, the politicians wave their hands and blame ghosts, our mainstream media refuse to look backwards for the cause, that and fear of drowning in their own willful blind incompetence..
The Vancouver sun ran 2 separate stories tonight about the need for massive amounts of new electricity, all this power for mines, mines and more mines, and for LNG refrigeration plants, all this power needed to supply industrial mining and LNG operations, to satisfy Asia....Yet China has the world`s largest natural gas reserves in the world.
Well it ain`t going to happen, there`s a glut of oil, in the last several years 6 trillion barrels have been identified, natural gas is everywhere including in China where the largest reserves in the world are, there is so much natural gas countries have run out of storage capacity..
Yet Petroleum pushers and listless politicos think Asia we pay us 5 times the present going rate..
CALGARY - Natural gas storage facilities across North America have reached record high inventories, leading some to turn away customers and raising the threat of a late summer price collapse.
Gas remaining in storage after an unusually warm winter will probably swell during the second quarter, topping up facilities months ahead of schedule and further pressuring the market, say industry observers.
With demand expected to remain low, producers will see higher fees on pipelines to park the surplus volumes and could be forced to shut in production at the wellhead, said Martin King, an analyst with FirstEnergy Capital Corp.
Clown politicians in Canada and BC think we will reap endless rewards supplying China when the bulk of China`s workers make 1/20 the median Canadian salary..
Time to pop this imaginary balloon, the Chinese prosperity bubble has already burst, the secret of their downturn can`t be hidden any longer, 75 million empty apartments in China, the genie is out of the bottle....
China won`t save us, time for Canada and British Columbia to "Keep it real" and face reality, endless growth is over. we need another plan, a plan that involves strengthening our domestic markets.
Corporations are desperate to tie the hands of countries before the truth is realized, here it is....
The painful truth..
Is China Faking Data to Hide True Scale of Slowdown?
By: Keith Bradsher
HONG KONG - As the Chinese economy continues to sputter, prominent corporate executives in China and Western economists say there is evidence that local and provincial officials are falsifying economic statistics to disguise the true depth of the troubles.
Record-setting mountains of excess coal have accumulated at the country’s biggest storage areas because power plants are burning less coal in the face of tumbling electricity demand. But local and provincial government officials have forced plant managers not to report to Beijing the full extent of the slowdown, power sector executives said.
Electricity production and consumption have been considered a telltale sign of a wide variety of economic activity. They are widely viewed by foreign investors and even some Chinese officials as the gold standard for measuring what is really happening in the country’s economy, because the gathering and reporting of data in China is not considered as reliable as it is in many countries.
Indeed, officials in some cities and provinces are also overstating economic output, corporate revenue, corporate profits and tax receipts, the corporate executives and economists said. The officials do so by urging businesses to keep separate sets of books, showing improving business results and tax payments that do not exist.
The executives and economists roughly estimated that the effect of the inaccurate statistics was to falsely inflate a variety of economic indicators by 1 or 2 percentage points. That may be enough to make very bad economic news look merely bad. The executives and economists requested anonymity for fear of jeopardizing their relationship with the Chinese authorities, on whom they depend for data and business deals.
The National Bureau of Statistics, the government agency in Beijing that compiles most of the country’s economic statistics, denied that economic data had been overstated. “This is not rooted in evidence,” an agency spokeswoman said.
Some still express confidence in the official statistics. Mark Mobius, the executive chairman of Templeton Emerging Markets Group, cited the reported electricity figures when he expressed skepticism that the Chinese economy had real difficulties. “I don’t think the economic activity is that bad — just look at the electricity production,” he said.
But an economist with ties to the agency said that officials had begun making inquiries after detecting signs that electricity numbers may have been overstated.
Questions about the quality and accuracy of Chinese economic data are longstanding, but the concerns now being raised are unusual. This year is the first time since 1989 that a sharp economic slowdown has coincided with the once-a-decade changeover in the country’s top leadership.
Officials at all levels of government are under pressure to report good economic results to Beijing as they wait for promotions, demotions and transfers to cascade down from Beijing. So narrower and seemingly more obscure measures of economic activity are being falsified, according to the executives and economists.
“The government officials don’t want to see the negative,” so they tell power managers to report usage declines as zero change, said a chief executive in the power sector.
Another top corporate executive in China with access to electricity grid data from two provinces in east-central China that are centers of heavy industry, Shandong and Jiangsu, said that electricity consumption in both provinces had dropped more than 10 percent in May from a year earlier. Electricity consumption has also fallen in parts of western China. Yet, the economist with ties to the statistical agency said that cities and provinces across the country had reported flat or only slightly rising electricity consumption.
Rohan Kendall, senior analyst for Asian coal at Wood Mackenzie, the global energy consulting firm, said coal stockpiled at Qinhuangdao port reached 9.5 million tons this month, as coal arrives on trains faster than needed by power plants in southern China. That surpasses the previous record of 9.3 million tons, set in November 2008, near the bottom of the global financial downturn.
The next three largest coal storage areas in China — in Tianjin, Caofeidian and Lianyungang — are also at record levels, an executive in China said.
Many Chinese economic indicators already show a slowdown this spring, with fixed-asset investment growing at its weakest pace in May since 2001. The annual growth rate for industrial production has edged below 10 percent, while electricity generation was up only 3.2 percent in May from a year earlier and up only 1.5 percent in April.
The question is whether the actual slowdown is even worse. Skewed government data would help explain why prices for commodities like oil, coal and copper fell heavily this spring even though official Chinese statistics show a more modest deceleration in economic activity.
Manipulation of official statistics would also provide a clue why some wholesalers of consumer goods and construction materials say sales are now as dismal as in early 2009.
Keeping accurate statistics for internal use by policy makers while releasing less grim figures to the public and financial markets may also help explain why China’s central bank suddenly and unexpectedly cut interest rates earlier this month.
This story originally appeared in The New York Times
Michael Campbell, Michael Levy....Effing banks, oil whore companies, gangster banksters and corrupt bought Federal Conservatives and BC Liberals have drank the kool-aid, fine, they don`t believe me, they believe the predictors, the economists, the same cloned economists who time after time miss the mark, they believe the Fraser institute and Chambers of Commerce, well..
We`re too late to the party to cash in on natural gas to Asia, Australia, Qatar, New Zealand, Russia are all ahead of us by years, the punch bowl is empty, the appies have been eaten and chunks of puke are floating in the bowl, turn off the lights on the way out, guaranteed this proposal will end up another corporate welfare ponzi scheme loaded upon the people`s back, these proposed mines, including coal mines will be closing or more aptly not opening at all, this friends is why it is critical that we don`t let industry bugger up all our rivers with the "needed electricity con"..
We have more than enough power now, our BC Hydro heritage dams are spilling water, in other words we are sacrificing creating BC Government owned power and revenue because a corrupt Gordon Campbell/Christy Clark Harper Cabal signed multi $billion dollar, multi decade`s long contractual agreements with friends and insiders, around the world we are seeing an organized fraud, bankster gangsters and corrupt Governments are painting doom n gloom scenarios to justify harsher and harsher austerity(slashing pensions and benefits promised) measures, we`re seeing declining wages and a huge push downward in expectations, all under the guise of (increasing productivity)!
All around the world in a reverse perverse propaganda campaign confused economists and politicians cling to the belief that if people ask for less, receive less the demand for more products and consumer services will increase, revenues will grow....That theory is wrong, only with healthy middle-classes will growth continue..The time of shareholders and CEO`s calling the shots must end, politicians need to ignore the casino(The Market)..Every political decision is being made at the behest of the investor class, that house of cards has nothing left but Aces of Spades. the death card..
Look at Canada this week, allowable mortgage amortization time frames in 2 years have been reduced from 40 years, 35 years, 30 now this week to 25 year max...
Marc Carney stated on air that "Canada`s economic recovery has fizzled and the recovery we had was all fueled by debt", Government debt but even more personal debt was piled on, a false economy built on unrealistic spec, Canadians are at all-time debt levels, 152% of income...
In other words, as written here for years, the recovery was a scam, a media/industry scam, borrow cheap, lay-away, no interest, cash-back, re-finance, well folks..
The chickens have come home to roost..
Stephen Harper`s and Christy Cluck Cluck Clark`s pipe-dream has gone up in smoke.
The Straight Goods
Cheers Eyes Wide Open