Sunday, April 22, 2012

No Way...

The sophmoric movie "Bill and Ted' Excellent Adventure" was forgettable but for Keanu Reaves's stellar acting skills (ok, maybe not...)  In one critical scene, he utters the phrase "No Way" to describe his astonishment in meeting a time-traveling version of himself.

The ensuing hilarity continues to the suprise of no-one who has followed this blog for the last 5 years.  What is equally amazing is that the Chief Economist in question has not disappeared.  I am certain I cannot match the acting skills, but if I went back in time and met myself 5 years ago and told him (me) of the below, I am sure we both would say "NO WAY!" in a most sarcastic fashion.

A major debt crisis may be hiding behind China's speedy economic growth and could cause its economy to collapse, warns a chief economist at Shanghai Securities Co, saying the central and local governments in China have incurred enormous debts. If these hidden debts are taken into account, total debt could be 68.33% of China's gross domestic product, higher than the alarm threshold of 60% set by the international community.
A Shanghai Securities Co research report said China's cumulative internal and external national debt was 6.75 trillion yuan (US$1.07 trillion) at the end of 2010, while its hidden debts were 10.94 trillion yuan (US$1.73 trillion).
Hidden debts refers to debts for which governments assume responsibility of repayment in case of default. For instance, debts incurred by the Ministry of Railways, shortages in social insurance funds, and nonperforming assets of state-owned banks and financial institutions are typical hidden debts.

No comments: