According to Gary Schilling the U.S economy has sputtered along and is now pretty much stalling. The housing market is going now where as well as the job market. People with no jobs means more people are cutting back their spending, hence when all this comes to roost the recession is here.
So far, the data presented to you by Wall Street and the U.S Government statistics are backward looking and to some extent cooked to make the economy look better than it actually is.
All U.S stock market indexes took roughly a 3.5% haircut today. Question is this, “Is it down from here?” and “Is there going to be a santa claus rally this year?”
The answer to both of these question is who knows, anybody’s guess. The stock market now a days have pretty much been manipulated by the U.S Government and Federal Exchange who pump borrowed /printed money into the markets to inflate them.
Regardless of whether there is another Greek “saveâ€, preventing the actual default that still seems inevitable, the fact remains that adding debt to try and solve a debt crisis is a stupid approach when your interest costs already exceed your tax revenues (as is currently the case in Greece).
And it doesn’t stop there. There was roughly $4.5 trillion in new debt issued in 2010, three times the normal rate for mature economies.
According to U.S government jobs reports and cooked statistics, the economy is getting better, however if you asked the people on the street , they might say differently. Now as we draw closer to December and January which is when most layoffs happen, companies are starting to let go workers again.
Whirlpool announce to cut 5000 jobs, mainly in U.S and Europe and Advance Micro Devices (AMD) to cut 1400 jobs as well.
Thousands of Bangladeshis packed trains and ferries as they tried to get home in time for the holy day of Eid al Adha. Wow, the top of trains are covered, amazing migration of people.
Copy and paste web link into your browser: http://news.sky.com/home/video/world-news/video/16104509
America’s righteous and holier-than-thou attitude is comical at best. The U.S Federal Reserve, through two rounds of quantitative easing and now Operation Twist, has flooded the world with U.S dollar lower and push its value down significantly.
Now, if the above tactics is not currency manipulation, then I don’t know what is. I think the U.S government should take a hard look in the mirror before pointing fingers at other countries.
http://money.cnn.com/2011/10/06/news/economy/thebuzz/index.htm?source=yahoo_hosted
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