“The most recent GDP release from Washington has caused many to double down on their belief that the Federal Reserve will begin tapering Quantitative Easing sometime later this year. While I believe that is a fantasy given our economy’s extreme dependence on QE, market observers should have learned long ago that the Bureau of Economic Analysis (BEA) initial GDP estimates can’t be trusted. A perusal of their subsequent GDP revisions in the last five years reveals a clear trend: They are almost twice as likely to revise initial estimates down rather than up, and the downward adjustments have been much larger on average.”
Peter Schiff: The Half Full Economy
- Post author:The Freedom Watch Staff
- Post published:August 9, 2013
- Post category:Network Archives
Tags: Bankocracy, Bullshit Artists, CLibertyC, constitutional liberty coalition, economic Trends, Economics, for life and liberty, Investment/Trends, News Commentary, Presstitutes, Resistance, sound money, statism, The Freedom Watch
The Freedom Watch Staff
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