Art Cashin, of UBS, interview.

On Chinese growth and the massive fraud driving the economy:

China is very perplexing because it's not just your debate about what do we know about the Chinese banking numbers. What do we know about the Chinese numbers as a whole? There is a great deal of cynicism about how valid some of these numbers are. The feeling is in the regional districts, they don't want to look bad in front of the powers that be. So if they're supposed to come in with certain numbers, those numbers come in. This has the potential to be Enron-esque on a national level. Is it so? I hope not. But I will tell you there are enough people around looking and saying this number doesn't actually add up with that. I mean, Japan is no slouch. But they're not showing exporting at anywhere near the level that China's showing. So there's an inconsistency in the region as to what's going on.

ZeroHedge.com article