John Williams adjusting government statistics to get some real numbers. Result: 12%.real unemployment, 8% real CPI, real GDP contracting. Economic comments thrown in. A few choice quotes:if you adjust the real GDP numbers that the government releases for the myriad revisions and redefinitions [...] there's a happy overstatement of growth of about 3% on a year-over-year basis.[...] if the same CPI were used today as was used when Jimmy Carter was President, Social Security checks would be 70% higher.[...]average household income is dropping[...]In fact, the fiscal 2005 statement shows that total federal obligations at the end September were $51 trillion; over four times the level of GDP. It is unprecedented for a major country to have its actual obligations so far out of whack.[...]So there'll be an inflationary recession, which I think we're already beginning to get into, that possibly could evolve into a hyperinflationary depression, as much as I really hate to use that term.[...]So the cures will have to be remarkable. They will have to convince people that things have changed. As crazy as it sounds, I think the only thing they will be able to do is to go back on some kind of gold standard. [...]More here:http://www.weedenco.com/welling/Downloads/2006/0804welling022106.pdfSB
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