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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Jim Willie CB who wrote (664)9/10/2003 12:03:29 PM
From: Silver Super Bull  Read Replies (1) of 110194
 
Today's Daily Reckoning comes out swinging. An excerpt:

"If the economy really were expanding the way we are told -
at better than 3% GDP growth per year - it should be
creating 200,000 to 300,000 new jobs per month, points out
John Crudele in the NY Post. Instead, for 7 months in a
row, jobs have been cut... with 93,000 hacked off in August.

What kind of a recovery is this?

It is a fraud... the latest in a whole chain of fraud that
stretches back to the Nixon administration... and even
before.

GDP growth is calculated by taking nominal growth figures
and subtracting inflation. If the economy were flat, for
example, and inflation were running at 3% per year, the
government would tell us that GDP was shrinking at 3% per
year. The secret of the latest 'growth' figures lies in the
inflation rate, which the government calculates at 0.8% in
the last quarter, rather than the 2.4% figure in used in
the first quarter. Result: GDP growth came in above 3%
rather than the 1.5% it would have otherwise reported.

Of course, were military spending increases and phony
'hedonic' enhancements removed, the GDP growth figure would
probably be negative."

dailyreckoning.com
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