Monday, August 16, 2010

“Surprisingly” Bad Economic News


Have you noticed how often the elitist “economists” in government, academia and the media are surprised by bad economic news?
They are constantly “surprised” by high unemployment numbers. They say the low manufacturing numbers were “unexpected.” They claim they didn’t “foresee” such a great trade imbalance.
When the Fed Open Market Committee met in June it said the economic recovery was “proceeding” and was likely to advance at a moderate pace. At the time they were talking of “tightening” monetary policy to fend off inflation.
Vice President Joe Biden has said we are in the “Summer of Recovery.” President Barack Obama has been saying his policies have “pulled us back from the brink of another Great Depression.” As recently as Aug. 2, Treasury Secretary Timothy Geithner, in an op-ed piece for The New York Times, wrote an uplifting column entitled “Welcome to the Recovery.” And he wasn’t being facetious.
He wrote that exports are booming, private job growth has returned, businesses now have strong balance sheets. But then he mentions his surprise.
“The new data show that this recession was even deeper than previously estimated,” Geithner wrote.
Still, he says, all economic measures represent an encouraging turnaround. He must have forgotten to tell that to the Fed.
Because the Fed’s had an “oops” moment. It has decided inflation isn’t an immediate threat after all, and they are “loosening” monetary policy again to try and stave off deflation and a second recession. But with the interest rate at zero there is little left to do.
Fed Chairman Ben Bernanke signals he fears a double-dip recession. The Fed decides it’s going to buy back debt. Buy back debt?
Fiat currency is debt. So the Fed is buying debt with debt. It’s shuffling money piles around. It’s taking money from one pocket and putting it in another. Meanwhile, the International Monetary Fund declares the United States is essentially bankrupt, writes Laurence Kotlikoff of Bloomberg News.
More Here..

94 comments:

  1. The article states:

    "Fiat currency is debt. So the Fed is buying debt with debt."

    Hmmm... an the American people are being bad mouthed because of their DEBT. Yet the Federal Reserve debt (our income tax pays the interest on this debt) rising is okay.

    What is wrong with the picture?

    The Federal Reserve prints money out of thin air and charges the American Taxpayer INTEREST on money they printed for FREE !!!

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    1. We never emerged from the economic downturn that began in 2007. All of the financial problems can be placed on the doorstep of the federal reserve for not pulling back on excessive liquidity. Alan greenspan stated in a interview that the reason that the federal reserve took little action to prevent the explosion in housing was that it might have caused a severe recession.

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  2. I went to the original source of the article and then I read the comments. Everyone there (it must be a conservative blog) blames Obama without realizing that TARP came about under Bush and his economic team--not to mention the huge debt he racked up.

    Obama, however, has continued most of Bush's major policies. Congress continues to be corrupt corporate shills. Together they will not address the major problems we face, nor will they get rid of the Federal Reserve. So anybody who talks about a recovery is crazy, and if the economists continue to be surprised, they should all be fired.

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  3. All politicians now days are corp/banker shills. World central banks (the Int'l cartel) rule the world and the politicians do exactly as ordered by the elite. A global empire ruled by the banking system and multinational corp. is preferred because the people do not object overall. Gerald Celente is right, we will not have a recovery.

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  4. I know, it's Bush's fault. However, I might humbly remind you that the dims controlled congress for the last two years of Bush's term. Guess that doesn't count, huh?

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  5. 11:14 the elite controlled both parties at all times. These "parties" are named for the simpletons that actually believe they are different! Learn who controls the U.S, then complain.

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    11:20, right on.

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