Economists are wrong still. So too, Obama is wrong. Yellen is wrong. Labor leaders are wrong. Bernie Sanders and Hillary Clinton are way wrong. Countless media reporters are wrong.
In 45 days from now, after Black Friday hits, all will be forced to concede that I am right. Americans are living through the Greatest Depression
Yellen, economists of all stripes, Obama and many others are wrong because they tally in current dollars, or worse, they believe in fictitious "real" dollars.
There is only one way to account for bank credit expansion under a fiduciary system of irredeemable currency such as the Federal Reserve system. That is my True Dollar™ method.
They don't understand capitalism at all. They don't know that what men do is trade property in pursuit of profits. They don't know that capital is mere property put to production and that men only put property into production when increasing returns exist. They don't know that capital is the source of wages and that more capital gives rise to higher wages.
The minions at the Census Bureau released their Advance Monthly Retail Trade Report for September 2015 the other day. Have a look at the dismal state of retail trade.
There is little reason to believe that Americans can buy much going into the Christmas shopping season. Household disposable income in True Dollars continues its plunge.
Americans have been reducing their indebtedness for awhile now.
However, relative to their incomes and wages, Americans have never been this indebted.
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