Before It's News | Popular NEWS

Friday, August 9, 2013

Peter Schiff: The Half Full Economy

Peter Schiff * GoldSeek.com The marginal economic strength that was described in the most recent GDP release from Washington has caused many to double down on their belief that the Federal Reserve will begin tapering Quantitative Easing sometime later this year. While I believe that is a fantasy given our economy's extreme dependence on QE, market observers should have learned long ago that the Bureau of Economic Analysis (BEA) initial GDP estimates can't be trusted. A perusal of their subsequent GDP revisions in the last five years reveals a clear trend: They are almost twice as likely to revise initial estimates down rather than up, and the downward adjustments have been much larger on average. As a result of this phenomenon, an overall optimism has pervaded the economic discussion that has consistently been unfulfilled by actual performance.



via Before It's News | NEWS http://beforeitsnews.com/economy/2013/08/peter-schiff-the-half-full-economy-2544526.html http://beforeitsnews.com/home/featuredlist/featured.html

No comments:

Post a Comment