CNN, as a government propaganda network, says the economy is on the rebound, so Americans should go out and spend.
According to a corporate poll, “52 percent of Americans said things are going well, while 48 percent said things are going badly — but it’s the most positive appraisal of the state of the nation that the poll has found since January of 2007.”
The buoyant poll reflects government propaganda. “The economy has improved significantly. There’s no doubt about it,” Obama said on November 9. “We had a jobs report for October that showed that once again over 200,000 jobs created. We’ve now created more than 10 million. The unemployment rate’s come down faster than we could have anticipated.”
The government, of course, leans heavily on its official U3 statistics and ignores the so-called U6, a calculation including not only people out of work and looking for full-time employment, but also adds “marginally attached workers and those working part-time for economic reasons.” When the U6 is factored in, the picture is not as rosy as Obama and the government would have you believe.
Government also bases its staged ebullience on the stock market which is, as Wim Grommen characterized it, a “beautiful tree in the desert.”
The brief period of supposed stability lauded by the government is primarily smoke and mirrors. “Unfortunately, this brief period of stability that we have been enjoying is just an illusion,” writes Michael Snyder. “The fundamental problems that caused the financial crisis of 2008 have not been fixed. In fact, most of our long-term economic problems have gotten even worse.”
The optimism expressed in the CNN poll is not shared by the task managers of the financial elite, for instance UK boss David Cameron who said that “red warning lights are flashing on the dashboard of the global economy” in the same way as they did when the subprime financial bubble crash bowed the globalist economy six years ago.
Neil Howe, writing for Forbes, notes a genuine recovery keeps “getting deferred like an ever-fading mirage” and deflation, rising prices, low interest rates, weak investment, slow productivity growth, and chronic labor force detachment are slowly but surely taking down the economy.
Economists warn the fragile “recovery,” which is little more than creative accounting by the government and its legion of bean counters, will soon be sideswiped by a worldwide recession that will produce a contraction in the U.S. by the end of next year at the latest.
“We are not moving out of the woods, but may be on our way back in,” writes Louis-Philippe Rochon, citing the Jerome Levy Forecasting Center, an influential business consultancy group. “Everywhere we look, we have a serious potential for crisis.”
Jerome Levy predicted the 2007 blowout, so his prediction carries significant weight.
For a couple years now economists and even king pins at the non-Federal Reserve have said we’re headed into the Greatest Depression, an economic catastrophe worse than the Great Depression of the 1930s (it took a world war and millions killed to get us out of that one). The list includes former Fed bosses Ben Bernanke, Alan Greenspan, and Paul Volcker and no shortage of economists present and past from the likes the Bank of England, Goldman Sachs, and Morgan Stanley.
CNN’s smoke and mirrors poll appears appropriately on Black Friday. It is in part an effort to get wary consumers off the couch and into the stores.
Obama’s predecessor did his part to stall the economic crash of 2007, which failed.
George Bush said “we must also work together to achieve important goals for the American people here at home. This work begins with keeping our economy growing… And I encourage you all to go shopping more.”