The Great Depression Online

Great Depression Online Archive Issue:

The American Public Knows Better

Great Depression Online
Long Beach, CA
May 06, 2008

Inside This Issue You Will Discover…

*** Economists Are Idiots
*** The American Public Knows Better
*** An Idiot Being An Idiot
*** And More

Economists Are Idiots

Plain and simple.  Economists are idiots. 

How’s that for insight?

We know you may not find this new knowledge to be too impressive…but we feel it’s worth what you paid for it.

We’ve known economists are frauds for some time.  And quacks too.  We consider them an equal mix of chiropractors and tarot card readers.  One part huckster and one part believer.  We reckon these character traits fit Alan Greenspan unequivocally.  And his recent book tour was the ultimate confirmation. 

From our casual observations, Greenspan looked like he was hocking vegetable juicers or miracle shoe polish at the Los Angeles County Fair.  Instead he was defending his housing bubble legacy like Johnnie Cochran defending O.J. Simpson’s innocents…the entire world knows he’s guilty, except for the bamboozled jury in Cochran’s case, and except for House Speaker Nancy Pelosi in Greenspan’s case.

But even with these important insights, we’ve still considered economists to be intelligent.  However, that has changed.  We now know economists are idiots.

~~~~~~How To Trade Currencies~~~~~~

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We came to this glorious conclusion while following the recession question.  You know the one.  Are we in a recession, yet?

An economist trained at Princeton would tell you that a recession is a decline in a country's GDP for two or more successive quarters of a year.  They would also tell you that it’s impossible to know if you’re in a recession until after the fact, because you need the data to confirm it.

Therein lies the idiocy.  Because while the economists are busy crunching the numbers and getting into the trivial minutiae, everyone else already knows that, yes…we are in a recession.

The American Public Knows Better

The American public seems to have a good handle on this sort of thing…

“Some economists say the United States is not in a recession, but don't tell that to the majority of American consumers,” reports David Goldman for

“A national CNN/Opinion Research Corp. poll released this week found that the recent economic downturn has taken its toll.”

“Americans are driving less and even cutting back on necessities such as food and medicine. The financial strains have led a vast majority of people to believe that the U.S. economy has entered a recession.

“Americans think the economy is now in a recession and the number who feel that way continues to grow.

“Of the more than 1,000 adult Americans conducted March 14-16 , 74% said they believe the nation is now in a recession. That figure rose from 66% in February and 61% in January.”

The story also served up these startling facts, as of March 2008…

-- Foreclosures: up 71% (Fed. 2007 – Feb 2008)

-- Job losses: 85,000.  Net job losses (2008)

-- Stock markets: down 11.1%.  S&P 500 (2008)

-- GDP: 0.6%.  4th-quarter growth (2007)

-- Inflation: 4.3%.  Rise in prices (Jan. 2007 – Jan. 2008)

-- Oil prices: 70.8%.  Rise in crude prices (2007)

So while the economists are tweaking the numbers – bending and fudging them to massage out a 0.6% GDP….  Those on the street, humping and grubbing to grind out an extra buck, know that their labor’s at a diminishing return…

“Most Americans think times are tough because they are feeling the pinch from rising prices.”

“The survey showed that 65% said they are ‘very concerned’ about inflation, and 26% said they are ‘somewhat concerned.”’

“Unemployment concerns also loom large, with 59% saying they are ‘very concerned’ and 27% saying they are ‘somewhat concerned’ about job losses.”

An Idiot Being An Idiot

Some time, over the next several weeks, you’ll likely hear an economist on the evening news blathering about how “technically” we are not in a recession.

But you know better.  For you’re out in the real economy, dueling the double edged sword of inflating consumer prices and deflating asset prices.  And you’ll know that what you’re watching on the news is just some huckster believer being an economist.

Or, to be more precise, what you’ll be witnessing is an idiot being an idiot.


M.N. Gordon
Great Depression Online

P.S.  Are you a bit hesitant about trading currencies?  If so, we don’t blame you – we are too.  But with the dollars fall from grace it’s becoming critical that you learn this valuable skill to protect your wealth and profit.  Luckily, our friends at Elliot Wave International have put together Tips From A Pro: How To Trade Forex With Elliot Wave.  Access this free 20-minute video with tips on how to trade currencies using Elliott Wave analysis here: How To Trade Currencies.


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