Relevant:
- They're Lying To Us, Part 2: GDP
- Yes, We Do Have Inflation, We Do Have Inflation Today - The Wall Street Examiner
- BEA Lowers Second Quarter GDP Growth Rate to Below 1%
- Russia Imposes Inflation-Driven Price Controls: Will Use Price Caps On "Socially Important" Commodities
- Inflation Misses Fed's 2% Target ... Again (But Food Up 30% Annualized This Year)
2008-05-30 — financialsense.com
Those oblivious to gold’s warnings instead place their trust in government-supplied statistics. Based simply on flimsy CPI reports, these observers believe that inflation is nowhere in evidence, and that the flight to gold is therefore unwarranted. Yesterday’s GDP report provides the latest illustration of this dynamic. The government was able to present an annualized first quarter growth rate of .9% based on an assumed annualized rate of inflation of only 2.6%. In other words, inflation in the first quarter of 2008 was the lowest first quarter inflation in the last four years. How such a claim did not elicit howls of laughter is beyond me. The government previously reported that in the years 2007, 2006, and 2005, annualized first quarter inflation rates were 4.2%, 3.4% and 3.9% respectively. Does anyone, besides Fed governors and Wall Street economists, really believe inflation so far in 2008 is 33% below the average rate over the past three years?
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