News & Analysis
The Daily Bell affords an excellent alternative perspective on some of the noise and nonsense of mainstream media. In particular, I enjoy reading Anthony Wile's 'free-market analysis' on current subjects and articles. Very insightful.
VOICE OF REASON
I have thoroughly enjoyed the analysis and interviews at The Daily Bell, which has so often been a voice of reason during these perilous times
Sit down to read from The Daily Bell and experience a jolt of intellectual energy.
A LEADING LIGHT
The future is created by the people who build it, not the people who predict it will not exist. You can meet lots of important builders by reading The Daily Bell.
The Daily Bell does a remarkable job of exposing how money power uses central banking to crush people into submission via global government with economic and political slavery being the desired end result.
MESSAGES OF TRUTH
The Daily Bell website is one of the authentic voices cutting through the clouds of vapid opinion, the morass of mediocre media and the confusion of Orwellian doublespeak. The Bell website lives up to its name, ringing unheard messages of truth in our ears.
GREAT INVESTMENT INFORMATION
I love reading The Daily Bell! Interesting investment information, a political and social viewpoint that lets me know I'm not alone in the world and "annotated" with analysis. I highly recommend it to all interested readers.
The Daily Bell is an indispensable source of news and information for those seeking to curtail the power of the welfare-warfare state.
INFORMATIVE SOURCE OF INFORMATION
The Daily Bell is an informative source of information and commentary from leading figures in the liberty movement. It's a pleasure to be interviewed alongside far more notable individuals.
THOUGHTFUL NEWS, EXCLUSIVE INTERVIEWS
I always read the Bell. The news items are thoughtfully selected, and the interviews are unavailable elsewhere.
I enjoy reading The Daily Bell because it often has refreshing and novel ways of looking at things.
SEPARATES WHEAT FROM CHAFF
The Daily Bell is a true beacon to lead in helping the reader to separate the wheat from the chaff.
GUTS, OBJECTIVITY, WISDOM
Rarely does a publication have the guts and objectivity to tell it like it is, yet the eloquence and wisdom to listen carefully to the ‘other side.’ This is The Daily Bell accomplishing its daily mission.
There is no other publication in print or on the Internet like The Daily Bell. They have the courage to report the truth and analyze current foreign policy, politics and economic events in the context of a formerly hidden history of financial elites.
CUTTING EDGE ANALYSIS
At a time when growing majorities worldwide are tuning out mainstream news, people are seeking the cutting edge, insightful and thought provoking analysis that The Daily Bell consistently provides.
PREMIER FREE-MARKET ANALYSIS
The Daily Bell rings out for liberty every day. It is the premier online source for insightful and hard-hitting free-market analysis and interpretation of economic, political and business events.
The Daily Bell has a great libertarian point of view, and excellent economic analysis. Add it to your daily reading.
A VIRTUAL WHO'S WHO
The good and the bad, the big dogs and the small, the thinkers and the doers among libertarians and on the "Right" – you can encounter them all in The Daily Bell's exclusive weekly interviews. Indispensable.
I read The Daily Bell every day and I find it very informative.
For alternative views on contemporary politics, culture and science, from a libertarian point of view, check out The Daily Bell.
AHEAD OF THE CURVE
The Daily Bell has come out of nowhere to introduce to the Internet community some of the most intriguing and proactive interviews there are out there. Let's hear it for creativity and being ahead of the curve.
Get outside the box with The Daily Bell and experience independent views.
The Daily Bell is a fantastic source of challenging thought from a wide range of freedom loving people.
SOURCES YOU CAN TRUST
The Daily Bell should be on everyone's shortlist of news sources you can trust. It's on mine, and we often refer to it in our own weekly news service at The Reality Zone.
The Daily Bell is one of the most innovative and in-depth websites on the Internet. The breadth of the content is awe inspiring and the amount of knowledge imparted is almost impossible to quantify. For me, as a liberty minded seeker of knowledge, it is a must read.
I consider The Daily Bell essential reading for anyone desirous of understanding the way the world really works.
THE DAILY BELL IS A MUST-READ
Because the world is changing so rapidly, it is difficult to keep up, which means The Daily Bell is a must read. I consider the information critically important reading.
The Daily Bell features consistently solid analysis of and thoughtful challenges to contemporary statism. I am proud to be on the team.
OUT OF THE DARK
The Daily Bell leads us out of the dark tunnel of manipulated press into the light of free press.
TRUTH AT WORK
There are very few publications out there that have the smarts and guts to tell the truth about the dictatorial forces at work destroying our civilization. Thankfully The Daily Bell is one of them, and it appears in the mailbox every day.
READ IT EVERY DAY
A defender of free markets, The Daily Bell takes a libertarian approach to expose and unravel global misinformation. Read The Daily Bell – every day!
GREAT JOB, DAILY BELL
I can say that, unlike the mainstream press, The Daily Bell knows the questions to ask and has the chutzpah to ask them. They realize that socialism and Keynesianism are wrecking the world and they are helping to save what is left of liberty and free markets.
INSIGHT YOU CANNOT IGNORE
The Daily Bell provides unique insights on contemporary political, economic and social problems that can be found in such a concentrated form nowhere else. Whether one agrees or disagrees with it, one cannot afford to ignore it.
A MUST-READ FOR EVERYONE
The Daily Bell is a must-read for anyone who wants to understand the effects of the state on our economic future.
I really enjoy reading The Daily Bell for the excellent research and content provided on a wide variety of issues vital to the Freedom Movement.
GREAT THINKERS YOU CAN'T GET ANYWHERE ELSE
The Daily Bell has revived that great old institution of the personal interview, extracting information from today's great thinkers you can't get anywhere else. Outstanding!
PROFOUND AND PROVOCATIVE
Every day, I rely on the Daily Bell for a different perspective you'll never find in the regular media. It's an analysis and timely insight that is profound and provocative.
PART OF MY DAILY NEWS DIET
I read it every day!
NEVER MISS AN ISSUE
I love the Daily Bell. Every issue is principled and informative.
Liberty is under assault by Big Government. The Daily Bell is an essential tool for information for those who want to fight for freedom.
Here comes Moody's with a blockbuster which may put China's "White Knight" status, at least as far as Europe is concerned, in grave danger. In a report just released, the rating agency not only warns that China's debt problem is "bigger than stated" (i.e., China is hiding a ton of ugly stuff off the books), but goes ahead to quantify it: "Of the RMB 10.7 trillion (about $1.6 trillion) of local government debt examined by the Chinese audit agency, RMB 8.5 trillion ($1.3 trillion) was funded by banks. However, Moody's has identified another potential RMB 3.5 trillion ($540 billion) of such loans that the Chinese auditors did not discuss in their report....we find that the Chinese audit agency could be understating banks' exposures to local governments by as much as RMB 3.5 trillion." – ZeroHedge
Dominant Social Theme: China has done a splendid job of turning a communist system into a free-market one. Its prosperity is a result. Just look at the numbers.
Free-Market Analysis: Tyler Durden at the ZeroHedge website just came out with an article regarding the untrustworthiness of China's financial numbers (see excerpt above). It's taken from a Moody's release that has found nearly US$2 trillion of Chinese loans may be under water. This corresponds to what we've been reporting (with increasing urgency) over the past two years. You can see our most recent article here, The Coming Chinese Depression. Below is an excerpt from what we wrote:
Of course, the success in our view has been initiated by printing fiat dollars – money from nothing. It is the same "success" that the Western central banks had prior to 2008 and look at how that ended. One cannot grow an economy year after year at nine percent per quarter and expect anything at the end of it but an inflationary depression. Chinese economic statistics are a case of "garbage in and garbage out." And Western power elites must be quite aware of what is going to happen in China eventually. In our view it is a kind journalistic criminality that the mainstream media does not do more to alert the West about what is in store. When the Chinese economy crashes, the rest of the world will not be immune.
How did we know Chinese numbers were junk even before the latest startling revelations? Because China is currently the world's biggest "planned" economy and government numbers ALWAYS lie. China's Western public perception is built on the lie that its communist masters have suddenly become capitalist converts. They have not.
The Chinese economy at its lower levels is one of competitive vibrancy but at the top of the system, power and control is concentrated as always in the hands of only a few. This is analogous to systems in South America (and increasingly in the West, unfortunately), where the masses are free to sell cell phones to each other for vanishing margins all day long. But the larger entities of control, the banks, power stations and big box merchandising outlets are in the hands of a few powerful families, many of them with connections to Anglosphere elites.
It is in fact a kind of dominant social theme – that capitalism has won the day in China and its billions are converts to free-market thinking. They are not. The purpose of proposing this meme in our view is to reinforce the kind of structure that the ChiComs have developed.
If China is seen as a "capitalist" success, then its system is worth emulating. And it is a most authoritarian system. It is one in which a handful of basically unelected, powerful men are gathered together under a stated (incomprehensible) ideology to use the levers of government power to enrich themselves and others around them.
It is a mafia-like approach to the markets. Government generally IS mafia like. It extracts protection money (taxes) to keep people safe from non-existent threats. As threats are not available, those in government usually make them up.
What is not often understood is that one's own government is culpable but so is the government on the other side. The ruling classes inevitably have more in common with each other than they do with the ruled. China's command-and-control economy is most attractive to Western elites that are continually undermining what is left of the West's free-market structure and intellectual history.
Within this context, Western elites and the mainstream media they control have every incentive to cover up the real nature of the Chinese economy for as long as they can. It is something of a propaganda effort. The idea is to instill in people around the world the idea that a command-and-control economy run by a few wise men is a viable and preferable sociopolitical circumstance.
The Moody's China release and Tyler Durden's following commentary provide us with an antidote. Durden believes the rating agencies have found "religion" after being so spectacularly wrong about the economic crisis of 2008 when almost every blue-chip banking entity foundered and fell.
"Of China's $5.8 trillion GDP," Durden writes, "(or whatever imaginary number the Polit Bureau is happy with throwing around for mass consumption), $540 billion is debt that is 'unaccounted for', most likely due to being, well, bad."
Durden also puts it in a US context. "That would be equivalent to saying that $1.4 trillion of US corporate debt is delinquent. And lest anything is lost in translation, Moody's drives the stake through the Dragon's heart: 'Since these loans to local governments are not covered by the NAO report, this means they are not considered by the audit agency as real claims on local governments.'"
And what does that mean? "This indicates that these loans are most likely poorly documented and may pose the greatest risk of delinquency. So let's get this straight: a country which has 10% of its GDP in the form of bad debt, is somehow expected to be credible enough to buy not only Greek debt, but the EURUSD each and every day? Mmmmk."
As we have pointed out many times and with increasingly elevated volume, the Chinese system at the top, where it counts, is a sham. It is a promotion that is being run for a number of reasons, and the Western elites are seemingly complicit.
China is increasingly cast as an enemy of the West, but this is a fairly ludicrous portrayal. China owns more American debt than any other country; and now it has begun propping up Europe as well. Without active Chinese involvement it is safe to say that both Europe and the US would be in considerably worse circumstances (and that's saying a lot).
China's price inflation is stubborn and terrible. Real-estate prices apparently remain basically out-of-control. Prices for basic food items have appreciated dramatically. There is considerable civil unrest now, across the entire country,. though China continually covers it up and the Western mainstream media (of course) does not cover it.
The full weight of Chinese mendacity as regards its economy came clear with its building of so many empty cities, its many empty 10-lane highways and its trans-continental high-speed rail system (now cancelled). The many empty cities are being built, from what we can tell, to "house" excess Chinese population; actually they satisfy the economic goals of local officials who dread missing the economic growth targets that the politburo has set.
On the most mundane level, we think the Chinese promotion was supposed to act like Western ones, drawing in Western cash and resources to enrich the pockets of those behind them. Perhaps the downturn, whenever it comes, is supposed to further increase the grip of the Chinese communist party.
We've often predicted that a Chinese recession/depression will have exactly the opposite effect and may put an end to the current system, though whether it will result in a more energetic free-market system is certainly an open question.
None of the Chinese growth and inflation numbers can be counted on at this point. Inherent in Chinese culture is the need to "save face" and with a boom that has been going on as long as this one, we can only imagine the amount of lies that have been told.
The other day, we pointed out that Western mainstream media is complicit in the meme of the Chinese miracle. Sad to say, the Moody's release did not receive a great deal of play outside of the alternative media. This is in line with what we expected.
At this point, the great Chinese expansion is evidently and obviously a kind of dominant social theme propounded by both Chinese and American elites. The two systems seem increasingly intertwined, with China propping up both America and the European Union.
What's going on in China doesn't seem logical, nor does the mainstream media's response, which still for the most part seems to revolve around a deafening silence. If-and-when the West is blindsided by a Chinese "hard landing," the results around the world will likely be seen as catastrophic.
The Moody's report is just one more piece of evidence that shows us just how questionable and over-optimistic the Chinese story really is. Much of what is reported about China in the West's mainstream press is a kind of fantasy based on over-stimulation of China's economy with torrents of paper money.
China – the entire continent it seems – is in the grip of a gigantic growth bubble. Tomorrow's reality may see that bubble punctured, and the Moody's report is certainly a needle. Likely, it will not be the only one.