I am coming around to the opinion that the same kind of fluff, hype, and outright lies surrounding bubblemania is going on with government and FED statistics and accounting practices.
As a matter of fact, it's probably senior govt. that invigorated the private sector to emulate them. Doublespeak, ignoring pertinent information, suppression of info, shifting of blame etc. are commonplace. How can you have debt without deficit? How can you have an actual loss but report a profit? Why are unfunded liabilities.....liabilities......not included in financial statements? Both government and business?
The whole financial world cheers and hopes for a US miracle to save the system. That's why markets can go up in the face of deteriorating fundamentals, in the face of bad daily economic numbers. A faith that somehow "they" control and will fix things. The market has always returned at least 10% returns, and gold is useless!! A no brainer....just invest....anywhere, and follow your leader's advice and borrow, borrow and borrow some more, and Oh, of course.....spend, spend, spend.
But slowly, the shear size of ever growing evidence is slowly beginning to weigh for those who care to see. There aren't any miracles, and the Piper will be paid.
Phil |
