Buried in a MeFi thread was a link to Peter Schiff‘s latest essay on the US economy. If what he writes is true, then we are quite possibly way more fscked than previously believed.
Yes, Mr. Schiff is notorious for his bearish views on the US economy. However, he lays out how the government is fudging GDP in order to amplify any positive trends coming out of 3Q data. Basically, they’re acting as if there is no inflation (where commodity prices would strongly indicate the opposite). For 2Q they used an annualized inflation rate of 3.6% which is pretty league average while they used 0.8% for 3Q. This despite the fed cranking out dollars as fast as they can print them, the problems with credit, and the tanking dollar relative to other currencies.
I think this is another data point in the call for a new Constitutional Convention and revamping of the US government. You should note, Mr. / Mrs. Government Agent, that I did not call for an armed insurrection. Merely for a peaceful rethinking of our system of government. IOW, please do not lock me up for thinking critically.
