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Why the Government Says The Great Recession Ended When it Never Did … and Why the Press Doesn’t Get it
In the statement below, CNBC (Reuters actually) tells us in one breath that we’re worse off than we’ve been in 28 years, but in the next breath, they tell us the recession ended two years ago. How does it not occur to them to ask, “If the Great Recession ended two years ago, why are […]
Real U.S inflation is much higher than reported because the government has changed its calculus. Real U.S. inflation in the Great Recession would match the days of the Carter Administration at about 11% if inflation were calculated the way it was back then. The change in U.S. government’s calculus means the Fed’s quantitative easing could […]
The pile-up of debt we have created by pushing the economic crisis further down the road is far worse than “kicking the can down the road.” It is more like pushing a snow straight down the road, instead off to the side, so that it becomes a mountain (of debt in this case) that you […]
On January 30th, Germany’s news publication Spiegel reported, “The bailout packages aimed at shoring up financial markets in Europe are getting increasingly expensive. A creeping depreciation of currency is inevitable and state bankruptcies can no longer be ruled out.” Chancellor Angela Merkel stated, “There is a rumor going around that nations cannot go bankrupt. This […]