Government spending induces counterfeit “expansion”

Freedom's Phoenix
by Bill Bonner

03/03/10

There’s good news and bad news … and a lot of news in between. Consumers spent a little more than was expected of them. And manufacturing did a little better than expected too. On the other hand, the federal government’s tax receipts plunged in the month of February … and bank lending is still contracting. Last week it shrank $33 billion — the 7th week in a row it has contracted. How does an economy expand when the banks are lending less money? Beats us. We believe the ‘expansion’ reported in the GDP figures is mostly counterfeit. It’s government spending and hot money filtering into the economy. Still, it’s amazing that the GDP figures are positive...

//tinyurl.com/yjpkbop



A downward cycle

Adam Smith Institute
by Dr. Eamonn Butler

03/03/10

There’s a tide in the affairs of men, which, taken at the ebb, can land you on the rocks in short order. I am beginning to wonder whether America, Britain and other leading economies are indeed launching themselves onto the rocks. Anyone who has read their Hayek knows how it works...

//www.adamsmith.org/blog/tax-and-economy/a-downward-cycle/


Informant: Thomas L. Knapp



//freepage.twoday.net/search?q=spending
//freepage.twoday.net/search?q=GDP
//freepage.twoday.net/search?q=Bill+Bonner
//freepage.twoday.net/search?q=Eamonn+Butler

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