Jubilee Prosperity

Actual energy, food and housing prices were excluded or hidden from the Consumer Price Index as too volatile. Substitutes were invented.

Leading banks and producers conspired to manipulate market prices and compensatory law suits were dismissed.

Let them eat cake!

Headlines still compare current unemployment numbers to the Carter Reagan administration intersection, rather than the Great Depression.

http://www.boston.com/business/articles/2008/11/08/unemployment_rate_in_us_surging/

While the official unemployment numbers are below 8%, Merrill Lynch North American investment strategist David Rosenberg suggested the real unemployment number is 12%.

Actually, it is higher, as we shall document. We do not agree with his recommendation of bonds, but do agree with his recommendation of gold.

http://www.cnbc.com//id/28175903

This suggests to US mind, money and markets that falling real economic prices may have further and longer to fall to actually reflect reality.

Almost a year after the fact, the USA was officially declared in recession by the private National Bureau of Economic Research, without the usual two quarters of GDP contraction.

According to them, Americans in 2008 were suddenly in recession since December 2007, with over ten million unemployed.

Almost two million more unemployed were not counted. After a year of employment, they gave up looking for work the last month.

Recent official headline accounts of recession suggest we are more than half way through. They believe it is time for markets, which anticipate productive future, to rebound. After all, they say, employment is a lagging indicator.

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This entry was posted on Monday, April 6th, 2009 at 12:28 am and is filed under Prosperity. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.