Thursday, May 7, 2015
ELECTRICITY AND GASOLINE PRODUCTION ARE WAY DOWN. BUT BEA AGENTS CLAIM THE ECONOMY IS GROWING.
On Wednesday, April 29, 2015, workers at the Bureau of Economic Analysis of the Department of Commerce told the world that after adjusted for price changes, real gross domestic product increased at an annual rate of 0.2% in Q1 of 2015.
All of the world's most popular financial bloggers as well as popular Ph.D. academicians working in the field of economics parroted that silliness, which makes me wonder why anyone reads and believes anything they publish.
Of course, the BEA report is little more than a work of foolery. True GDP — GDP after removing the effects of monetary accretion — shows the U.S. economy continues to shrink during Americans' Greatest Depression.
From Q4 2014 to Q1 2015, True GDP shrank -2.1%. Year-over-year, True GDP has shrunk -3%. And since peak True GDP driven up the by the Alan Greenspan-Ben Bernanke Inflation Bubble, the biggest credit bubble in the history of mankind, True GDP has shrunk -44.9%, shockingly so.
How could anyone believe the economy is growing when energy usage by each American has fallen as much as it has?
The recent gasoline numbers prove interesting. With a substantial drop in prices, Americans bought more gasoline over the last two years. However, that trend has stopped over the last six months. Americans bought less gasoline last month than the average over the last six months.
Everyone should listen to me because ...