The Economy Is Weaker Than Government Reports Show!
- The Economy Is Weaker Than Government Reports Show!
by http://truthingold.blogspot.ca/
Someone is going find out sooner or later that what they thought they were going to get, they’re not going to get – Eric Sprott in reference to the massive and accelerating deficit in U.S. Government entitlement promises.
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It’s interesting to note that the above quote from Eric Sprott can also be applied to everyone invested in the various forms of paper gold/silver and who tragically believe that the custodian of the trusts and exchanges (Comex, LBMA) actually have the gold/silver in the amounts represented by the paper securities outstanding.
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In fact, to tie that into my subject title, one could say that Americans are not getting the economy that the Government, and the Wall Street charlatans who own the Government, is representing through fraudulent, Orwellian data reporting. But let’s take a look under the hood…
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I want to start off with a study reported yesterday that showed the net worth of American households hit a 43-year low: “The median net worth of American households has dropped to a 43-year low as the lower and middle classes appear poorer and less stable than they have been since 1969” LINK You can read through the details and needless to say – so I’ll say it anyway – I’m sure that news report failed to make most mainstream media outlets.
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I’m sorry, but there’s just no way in hell that the housing market can possibly recover with that fact about household net worth being the case. I’ve been threatening a big update post on the housing market, and it will happen soon, but not only does that net worth report contradict the view popularly promoted by the mainstream that housing values are climbing again, but if the average American household net worth is declining, it would be impossible to forecast anything but a lot more downside for the housing market. More later on that topic…
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Yesterday the ISM manufacturing report was released. It came in at 49.5, well below the 51.4 reading expected and the 51.7 reading and was the lowest reading since July 2009. Note that when the index is below 50 it indicates economic contraction. The actual production aspect of that number is skewed higher by the prices subcomponent, which was 55.
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read more!
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