Lately I’ve been noticing an oddity, which may not be an actual trend. The official myth of “the economy” has been based on strictly fake and fictional “numbers” at least since Nixon. If we defined unemployment the same way we did in the 30s, the current unemployment would be the same as the 30s. We redefined it in the 70s and 80s, and now it’s whatever the party in power wants it to be. Inflation and GDP and other official stats are equally fictional and self-serving. They represent the Dow, which is LITERALLY THE MATHEMATICAL RECIPROCAL of the real economy.
The odd observation: All “independent” commenters on the economy, whether fake “socialists” or the fake “radical” bitcoin swindlers, use the official data and draw conclusions based on the official data. They ignore reality. If I want trustworthy and checkable economics commentary, I’m finding it in establishment places like Bloomberg, or the non-radical economists interviewed by Adam Taggart.
Here’s another example. Barrons magazine, the ultimate Wall Street icon, is agreeing with reality!
= = = = = START BARRONS:
Our economy is booming, but only for a few.
“Our economy is literally the envy of the world,” President Biden declared in his recent State of the Union address. There’s some truth to this exceptionalism talk. However, the U.S. economy seems to be doing better than other advanced economies thanks also to data badly distorted by U.S. economic inequality. Here, we’re also exceptional, just in the bad way of being less equal than all other advanced democracies.
… The economy seems to grow when one looks at bottom-line data because some households are able to spend on selected goods–for instance, higher-priced homes, vacations, and luxuries–and the services that have played a very significant role in powering recent GDP data. The aggregate numbers are growing even though many Americans aren’t saving, spend only for essentials, and often take out more debt to do even that.
= = = = = END BARRONS.
That’s truly radical, truly anti-establishment by any measure, and it’s in Barrons. When Barrons sounds like FDR and radicals sound like John McCain or Mitt Romney, the world is upside down.
Polistra's Mill 