WSJ updates those numbers that make your head spin:

China’s annual economic blueprint unveiled this week touted the inroads China has made in paring back production in its bloated steel industry. A closer look suggests that much of the progress was on paper. China’s overproduction of steel remains a challenge to the country’s growth model and a global source of discontent. Steel and coal capacity cuts featured in development plans set out Sunday at China’s annual National People’s Congress; officials have sought since to highlight them as among the government’s top priorities. The reductions in steel production are an attempt to upgrade an aging industry that has contributed to years of heavy smog, soaring corporate debt, and global trade spats. Hundreds of facilities have been forced to shut down. Yet some officials said many targeted plants were already idle

Okay, now our mini commentary on the current craziness. We simply don’t understand the strategy of the media-politico aggressors in this whole affair, first quoting eavesdropping, and then denying there was any eavesdropping. Sounds pretty dumb: all tactics and no strategy. Andy McCarthy has a good piece. So does Roger Simon. We can’t summon the mental energy to comment at any length on such stupidity.

Bonus: here’s fake news that at least is funny.

One Response to “Oops!”

  1. feeblemind Says:

    China’s Economy Continues to Decline

    From the article:

    “The important part of Li’s announcement is that the Chinese government is signaling that it has not halted a decline in the Chinese economy, and that more economic pain is on the way. According to the BBC, Li said the Chinese economy’s ongoing transformation is promising, but it is also painful. Put another way, there are hard times in China that likely will become worse.

    China’s deepest fear was unemployment, and the country’s interior remained impoverished. If exports plunged and unemployment rose, the Chinese would face both a social and political threat of massive inequality. It would face an army of the unemployed on the coast. This combination is precisely what gave rise to the Communist Party in the 1920s, which the party fully understands. ”


Leave a Reply