Monday, Dec 1, 2008
A new report by the National Bureau of Economic Research has concluded that the US economy slipped into recession in December 2007, a full year ago.
The NBER’s business cycle dating committee, considered the arbiter of US recessions, said its members met by conference call on Friday and concluded that the 73-month economic expansion had ended, CNBC reports.
December 2007 saw a sharp increase in unemployment. In the following months payrolls and consumer spending have continued to fall, followed by a contraction in gross domestic product in the third quarter.
While some investors and financial institutions recognised the slip into recession, the White House, and by proxy the corporate media, continuously refused to acknowledge the reality of the situation.
Back in February, Infowars reported that former chief economist of the World Bank, Joseph Stiglitz, declared the US economy already in recession.
The Nobel-prize winning economist also cited the $3 trillion cost of the Iraq war as a key factor in the economic downturn, saying it had increased the budget deficit and consumed resources that would otherwise promote growth.
In contrast, the president had stated one week before that the war in Iraq had no bearing on the economy and that the fundamentals were sound.
In March Infowars reported that more leading economists, including America’s most famous investor, businessman and philanthropist Warren Buffett, had conceded that the US economy was in recession after fresh figures revealed a second successive monthly fall in employment.
Meanwhile, The White House continued its policy of "if we don’t say so, it’s not reality" by continuing to insist the economy was not in recession.
The corporate lapdog media naturally followed suit with headlines such as Economists Disagree on Whether the Country Actually Is in a Recession and intimating that the unprecedented plunge of the dollar was "not necessarily a bad thing for the U.S. economy."
- A d v e r t i s e m e n t
Back in August 2007 this website carried analysis from economic expert Jerome Corsi, who warned that the US was very close to, indeed probably already in a recession.
The global economic crisis and the centralization of power that would be implemented under the pretext of fixing it were predicted by Infowars and Prisonplanet as well as regular guests who appeared on The Alex Jones Show for the past three years-plus.
This compilation is not an attempt to blow our own trumpet and say "we told you so," we were merely warning about the obvious consequences of what was unfolding as well as shining a light on what the elite were saying behind closed doors.
It is offered, however, as a reminder of the fact that while the mainstream corporate media and the Bush Administration were lying to the American people in continually claiming "the economy was strong," we were pointing out that the foundation of the financial system was crumbling to the ground, leading to the chaos that we see ensuing today.