| Ghost collateral...Ghost inventories.. | |
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| Tweet Topic Started: Sep 18 2012, 09:21 PM (216 Views) | |
| LTC8K6 | Sep 18 2012, 09:21 PM Post #1 |
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Assistant to The Devil Himself
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http://www.zerohedge.com/news/how-chinas-rehypothecated-ghost-steel-just-vaporized-and-what-means-world-economy
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| kbp | Sep 18 2012, 09:34 PM Post #2 |
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That's why it costs so much for an audit by CPA's; they're to verify assets and and insure their signature representing the accuracy of the accounting provided. Of course China is a little more complcated. Who does the accountant work for, who owns the insurance company, who owns the bank....? |
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| Baldo | Sep 18 2012, 10:05 PM Post #3 |
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EnRon paid a lot for their audits. Sometimes paying for audits is not what your paying for. Hinky Dinky Accounting. The promotion of false information is a serious problem facing us. We have a US Govt that hasn't passed a budget for 3 years. We have a Fed creating money out of thin air to buy Treasuries because the world does not want them. But there is no independent audit on the Fed released to the public. I expect no difference in China. We know Greece lied. The State of California lies. It goes on & on. Edited by Baldo, Sep 18 2012, 10:37 PM.
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