Fabricating data in China, it turns out, is not only a favorite government pastime. Publicly traded, if state-owned, phone giant Unicom Group fabricated financials relating to 1.8 billion yuan ($261 billion) in revenue over a five-year period from 2012 to 2016 – or as the company admitted, it engaged in an “unprecedented degree of falsified revenue.” This is China we are talking about, where the definition of “unprecedented” is very different from the US.
Lest there be any confusion, Bloomberg further elucidated that Unicom “engaged in organized, cross-departmental faking of financial figures” – according to an internal document leaked to Bloomberg. The disclosure is just another reminder of just how endemic fraud is at both government agencies and various enterprises in China. Recall that back in January, People’s Daily confirmed what everyone had known: the government was officially making up numbers in the rust-belt province of Liaoning, and fabricated fiscal numbers after the local economy was crippled by the commodity crunch.
Continue reading Chinese Phone Giant Admits to “Unprecedented Degree” of Falsified Revenue, Points to US Corporate “non-GAAP EPS” Revenue Falsification/”Adjustments” Across the Board
Fake News is now being used as a scape-goat, an excuse, reason to be unreasonable. Goldman Sacks is calling the “great stock rotation” fake news for not matching their “designer” financial narratives. (lol… As if the US BOND BUBBLE that the FEDERAL RESERVE BLEW UP under EXTREME FINANCIAL EMERGENCY ACTIONS for over 8 YEARS in a row called Quantitative Easing (QE) [which is in reality creating hundreds of trillion of dollars in 1s and 0s digital debt and giving it for free to the member banks] and NEAR ZERO INTEREST RATES (that should have been negative; even though negative interest rates are insanity pills) wasn’t a bubble.
Furthermore, the reason why these EXTREME FINANCIAL EMERGENCY ACTIONS were important was because the DEBT AS MONEY system almost self-terminated in the 2007-2008 “financial crisis.” These EXTREME FINANCIAL EMERGENCY ACTIONS basically are still in effect today…. as the crisis is NOT over. Now Goldman Sacks is using FAKE NEWS to craft the financial narrative and denigrate any narrative that they cannot 1) control 2) earn mad profits upon 3) regardless of accuracy (as their designer “financial” script/High Frequency Trading manipulation [by Goldman Sacks] is not the end all/be all of markets)
Fake News is anything that is “published” that does not match the narrative trying to be spun. Corporations have been buying “new-like placements” in the guise of news for decades but FAKE NEWS is far more political and/or life important/critical. See the following:
Continue reading Fake News: The New Scapegoat –Finally, Real Definitions