Americans: Awash In Spin By Paul Craig Roberts on October 28, 2011

Discussion in 'Politics' started by hvactec, Oct 28, 2011.

  1. hvactec
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    hvactec VIP Member

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    I have come to the conclusion that Big Brother’s subjects in George Orwell’s 1984 are better informed than Americans.

    Americans have no idea why they have been at war in the Middle East, Asia and Africa for a decade. They don’t realize that their liberties have been supplanted by a Gestapo Police State. Few understand that hard economic times are here to stay.

    On October 27, 2011, the US government announced some routine economic statistics, and the president of the European Council announced a new approach to the Greek sovereign debt crisis. The result of these funny numbers and mere words sent the Standard & Poor’s 500 Index to its largest monthly rally since 1974, erasing its 2011 yearly loss. The euro rose, putting the European currency again 40% above its initial parity with the US dollar when the euro was introduced.

    On National Public Radio a half-wit analyst declared, emphatically, that the latest US government statistics proved that the recovery was in place and that there was no danger whatsoever of a double-dip recession. And half-brain economists predicted a better tomorrow.

    Europe is happy because the European private banks, the creditors of the European governments, have agreed to eat 50% of Greece’s sovereign debt and to be recapitalized by public money handed to them by the European Financial Stability Facility rescue fund. The President of the European Council, Herman Van Rompuy, thinks that Greece’s debt is the only sovereign debt to be written down and that the debt of Italy, Spain, and Portugal will somehow be bailed out through other means, including a Chinese contribution to the EFSF rescue fund. Obviously, if all EU sovereign debt has to be cut by 50% as well, the rescue fund would not be up to the job.

    For our corrupt financial markets, any news that can be spun as good news can send stocks up. But what are the facts?

    For facts one has to turn to serious people, not to the presstitute media. Among those who give us real facts is John Williams of shadowstats.com. In his October 27 report, Williams exposes the happy second quarter 2011 economic growth figure of 2.5% as nonsense. Every other economic indicator contradicts the spin.

    For example, personal consumption is reported to have increased 1.7%, but this surge in consumption took place despite a 1.7% collapse in consumer disposable income! In other words, if there was an increase in personal consumption, it come from drawing down savings or from incurring higher consumer debt.

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  2. francoHFW
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    francoHFW Platinum Member

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    Pure Pub/Fox/Rush spin. Classic dittohead. The 2.5% quarterly rise in the economy was the best domestic economical news since the pubs paralyzed congress 2/4/2010, and the Eurodeal ditto. In conjunction with Obama FINALLY giving up on getting Pubs to cooperate, A HUGE TURNAROUND (ABC, CBS, NBC [you know, the moron dittohead "socialists"]).

    Idiot.
     
    Last edited: Oct 28, 2011

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