China revises up 2008 economic growth

Previously we have commented that when all it takes for a country to "hit" its GDP target, is to adjust said definition by adding the benefit of estimated ancillary items as prostitution and drugs, GDP loses all relevancy and meaning in its transformation to an arbitrary, goalseeked policy measurement and validation tool straight out of China's Department of Truth. After all how else would the Spanish political kleptocracy boast the "favorable" impact of its disastrous policies if it wasn't for a slew of recent definitional revisions.

Treasuries fell, pushing 10-year note yields to the highest level in almost two years, after a stronger-than-forecast employment report stoked bets the Federal Reserve will begin to reduce the size of its asset purchases.

Cries for more stimulus ring loudly in China because Chinese industrial output slowed to 6.9%. That is a number that any country in the world would be more than pleased with, but China's target is 7.5%. Why 7.5%? In fact, why should there be any targets at all? The economy is not a car that can be steered by bureaucrats to perfection. Nonetheless, Calls Grow for More Stimulus, as China August Factory Growth Slows to Near Six-Year Low.

Over at the Washington Center for Equitable Growth: I Am Sorry. What Was Tim Geithner Looking at in January 2008?: Saturday Focus: February 22, 2014: "Steven Perlberg:

News that the UK did manage to eke out a little growth will give George Osborne some respite in the build up to his Budget following last week’s decision by Moody’s credit rating agency to strip the country of its prized AAA status. In its second estimate of GDP for the final three months of last year, the Office for National Statistics revealed that it had revised its growth calculations for earlier in 2012.