the visible hand

it is the theory which decides what can be observed – einstein

Peter Schiff: They Have Got to be Kidding

Posted by ecoshift on November 1, 2007

If you are feeling encouraged by yesterday’s report of 3.9% GDP growth do yourself a favor. Don’t bet on it.

Click on the link below and read it all the way through. It’s short. You need to have some idea of where these numbers come from and how they are adjusted. It’s getting harder and harder to believe these numbers have any direct link to reality. This latest report needs to be adjusted for the rapidly falling integrity index.

Inflation at o.8 per cent?  These people must all have someone else to do their shopping for them…

Okay, I’m done now.

Peter Schiff: Economic Commentary
They Have Got to be Kidding
Thursday, November 1, 2007

Yesterday, as the dollar fell to new record lows and oil and gold prices surged to new highs, Wall Street remained fixated on wholly meaningless government data that managed to report the lowest inflation in the last half century. These bizarre numbers were integral in allowing the Commerce Department to report 3.9% annualized GDP growth in the third quarter, which was heralded by the bulls as evidence that a resilient U.S. economy had shrugged off the problems in the housing and mortgage markets. However, the government’s ability to make “economic growth” magically appear is based purely on statistical finesse.


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