Tuesday, May 20, 2008

You know they're lying, I know they're lying, they know they're lying

Guy who sends me stuff sends me an interesting link on the pitfalls and snares awaiting us a few steps up the road. Been feeling a little irked about the gov’s stats on unemployment and inflation? [I see oil hit $129/bbl this morning.] Well, you’re right ... the bastards are lying to us. Paul Farrell, writing on MarketWatch about a new book by Kevin Phillips on the manipulations way up the economic food chain:
How bad is it? "The real numbers ... would be a face full of cold water," says Phillips. "Based on the criteria in place a quarter century ago, today's U.S. unemployment rate is somewhere between 9% and 12%; the inflation rate is as high as 7% or even 10%; economics growth since the recession of 2001 has been mediocre, despite the surge in wealth and incomes of the superrich, and we are falling back into recession."

Farrell concludes
Phillips warned us that "most great nations, at the peak of their economic power, become arrogant and wage great world wars at great cost, wasting vast resources, taking on huge debt, and ultimately burning themselves out." Slowly, fade to black ....

For the entire Farrell column, go here.

No comments: