Two Weeks To Flatten The GDP

What is it with these pundits and government spokespeople?

Two years ago, they were wildly exaggerating virus threats, canceling and censoring people who pointed out contrary evidence.

It was all about scaring people into compliance with a far-flung epidemiological experiment.

Now the tendency has swung the other way. No matter how bad the economic news is, the tendency is to downplay it, promise a turnaround soon, and otherwise claim that anyone who is worried is just being paranoid. We need only point to the claims from last fall that the inflation is merely “transitional.” Sure enough, it is easily the number one issue.

Last week it was the same. The GDP numbers reported a first-quarter shrinkage of 1.4% annualized and what do they tell us? This is just noise, not a signal. That was the main message from all media outlets.

It’s only a flesh wound, one might say. The economy will soon bounce back. Just give it time! Sure, but how much time? How deep can the recession/depression get? No one knows for sure. We know by now that the experts are happy to lie about their intuitions, if only to keep the public calm. 

Truth is that based on the existing data, we are very deep into the formation of the real thing: an inflationary recession. It’s also called stagflation. Yes, that very thing that decades ago economists said would be impossible. It happened anyway in the 1970s. And it’s happening now. The only question that remains is just how bad this can get before it gets better. – READ MORE