MCViewPoint

Opinion from a Libertarian ViewPoint

Posts Tagged ‘Strong Economy’

Schiff: GDP Spin Is Orwellian Doublespeak

Posted by M. C. on May 4, 2022

Nothing to do with upcoming elections

Tyler Durden's Photo

BY TYLER DURDEN

Via SchiffGold.com,

https://www.zerohedge.com/economics/schiff-gdp-spin-orwellian-doublespeak

Despite all the talk about a “strong economy,” nobody was expecting a blistering hot GDP for the first quarter. The consensus was for around a 1% gain. As it turned out, it was even worse than expected. GDP shrank in Q1, contracting by 1.4%.

Despite the awful number, the mainstream spun it as a positive. Peter Schiff called it an outrageous positive spin on negative GDP and a great example of Orwellian doublespeak.

New York Times headline proclaimed, “GDP Report Shows US Economy Shrank, Masking a Broader Recovery

Basically, the NYT and others in the mainstream media are claiming the economy is really strong. You just can’t see that strength because it’s hidden behind this weak economy. Peter wondered out loud what in the hell they are talking about.

The first point to consider is that of negative GDP in one quarter means we’re halfway to a recession. A recession is defined as two consecutive quarters of contracting GDP.

Jerome Powell and the other central bankers at the Federal Reserve have hung their hats on the fact that the US has a super-strong economy. They claim the economy is strong enough to handle rate hikes and quantitative tightening without spinning into a deep recession. Peter asks the operative question.

If the economy is so strong, why is it contracting? How is a -1.4% GDP a strong economy?”

See the rest here

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To Save Lives, We Need More Conflicts. And a Strong Economy Needs More Failure. | The Daily Bell

Posted by M. C. on December 14, 2018

Better to make them isolated events affecting only small nations or city-states, than to bring down a quarter of the global economy.

https://www.thedailybell.com/all-articles/news-analysis/to-save-lives-we-need-more-conflicts-and-a-strong-economy-needs-more-failure/

By Joe Jarvis

How could more conflicts be a good thing?

Well, imagine 50 wars among city-states that each kill 30,000. That is a staggering 1.5 million deaths.

Or one war among nation-states, say World War II, which killed an estimated 60 million people.

Call me crazy, but I’ll take more conflicts if it means fewer deaths overall.

And according to Nassim Nicholas Taleb in his book Antifragile, smaller governments resembling city-states produce overall more peaceful results for society. Even when there are more conflicts, they claim fewer total lives than years of buildup to explosive large wars.

Or consider that the Soviet Union post-World War II was relatively peaceful towards other nation-states… while Stalin murdered millions and millions of Soviet citizens.

“Stalin could not have existed in a municipality.”

Small is beautiful in so many other ways. Take for now that the small–in the aggregate that is, a collection of small units–is more antifragile than the large.

This means that the overall group is more likely to survive if it is made up of smaller units. And the units which survive will be better for withstanding the tests. Read the rest of this entry »

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