RANTINGANDY – C’mon guys (US Government), I really wanted to take a day off from writing. But you’re making it too easy for me, displaying levels of ineptitude that I rarely come across. Even my wife is saying “this country is getting so embarrassing, I’d be afraid to leave it and get laughed at by the rest of the world”. Fortunately, in our trip to the UK next week for GATA Gold Rush, we will find equally high levels of ineptitude, as the bankers and politicians in London certainly are giving those from New York and Washington a run for their money.
Today’s GDP report was probably the biggest miss versus “consensus” I have ever seen, following in the heels of a slew of worst-ever misses versus “consensus” across the board, from housing to construction activity to employment (remember the June employment report, 18,000 jobs versus the “consensus” 170,000?). Those creating the consensus are among the dumbest “economists” and “market strategists” in human history (a truly lofty title, by the way), and frankly I’ve always sensed these numbers were created with the help of the government, in order to assist in its propaganda strategy of MOPE, as Jim Sinclair calls it, or Management of Perspective Economics. In other words, to keep people thinking things are “improving”, ESPECIALLY if the numbers can BEAT CONSENSUS and thus suggest an upward accelerating trend (which of course the puppet media will report).