Economist Keeps Tabs On Government’s “Creative” Statistical Reports
A scary article:
http://www.weedenco.com/welling/Downloads/2006/0804welling022106.pdf
I'm terminally pissed about the insane U.S. federal debt, how it is falsely under reported by excluding borrowing from SS, but this article goes much further considering all the future liabilities which we'll never be able to pay.
And more than that the article goes into all the manipulations of "economic indicators" which make the economy, employment, inflation, all look better than they are, apparently to inspire confidence, both confidence in the government (and elected officials) and in taking on new debt and risks they might not make under a harsher analysis of the economy.
I can't guess what's real, or the future, except to say I can't imagine any result other that economic failure (or maybe the PC term is "correction"?) We're all playing with imaginary wealth, like a board game, and we keep adding more money under "Free parking", to keep the money flowing long past what should have been bankrupsy.
It would see the system would fail sooner or later even with out hitting geological limits like "Peak oil" or peak extraction of any resource.
I still don't know what might be best. The smart "investors" get out when the bull is done running, but even if we know the bubble has ended and we had some resources, what do you invest in? Besides paying down debt, I don't know.
Very scary stuff. I guess I like being scared, still hoping for wisdom from it!
http://www.weedenco.com/welling/Downloads/2006/0804welling022106.pdf
I'm terminally pissed about the insane U.S. federal debt, how it is falsely under reported by excluding borrowing from SS, but this article goes much further considering all the future liabilities which we'll never be able to pay.
And more than that the article goes into all the manipulations of "economic indicators" which make the economy, employment, inflation, all look better than they are, apparently to inspire confidence, both confidence in the government (and elected officials) and in taking on new debt and risks they might not make under a harsher analysis of the economy.
I can't guess what's real, or the future, except to say I can't imagine any result other that economic failure (or maybe the PC term is "correction"?) We're all playing with imaginary wealth, like a board game, and we keep adding more money under "Free parking", to keep the money flowing long past what should have been bankrupsy.
It would see the system would fail sooner or later even with out hitting geological limits like "Peak oil" or peak extraction of any resource.
I still don't know what might be best. The smart "investors" get out when the bull is done running, but even if we know the bubble has ended and we had some resources, what do you invest in? Besides paying down debt, I don't know.
Very scary stuff. I guess I like being scared, still hoping for wisdom from it!
posted by Ares Olympus at 3:07 PM
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