President Barack Obama, the Democrats, and plenty of Republicans in Congress, would like it if you’d spend the next few weeks talking about the Ukraine, Syria, Iran, Fukushima or gun control. That’s because when you are talking about those issues, you’re not talking about the country’s financial situation.
Peter Schiff presents the real economic numbers that you are not being told about, like year over year GDP numbers are down from 2.8% to 1.9% how is this to be considered a real recovery? The government is claiming there is no inflation, do you see any prices rising? The rising cost of living most Americans are experiencing is inflation.
Peter begins this video by explaining the rising stock market numbers, the concerns with the new Fed chair person, Janet Yellen and her promises to follow in Ben Bernanke’s foot steps and gold up 6% so far in 2014 and the many scenarios that could drive the gold market this year.
Peter Schiff also explains the future direction of the economy as we go through 2014. Many people do not know the US Dollar just dropped to October 2014 lows, which no one is talking about. If you listen to the talking heads on MSM, your only getting half the story.
The NYT report talks about a “burst of optimism” last year being at risk. What optimism was that? The GDP growth for all of 2013 was 1.9%, which was lower than 2012′s 2.8%. The previous year had one decent quarter in Q3 of 4.1% annualized growth rate, and even that quarter only had a 2.5% annualized growth rate in real final sales of domestic product. That’s barely above projected growth levels for this year.
Consumer spending accounted for a large chunk of the revision after retail sales in November and December came in weaker than assumed.
Consumer spending was cut to a 2.6 percent rate, still the fastest pace since the first quarter of 2012. It had previously been reported to have grown at a 3.3 percent pace. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, contributed 1.73 percentage points to GDP growth, down from the previously reported 2.26 percentage points.
As a result, final domestic demand was lowered two-tenths of a percentage point to a 1.2 percent rate. The loss of momentum appears to have spilled over into in the first quarter of 2014, with an unusually cold winter weighing on retail sales, home building and sales, hiring and industrial production.
The economy grew at a slower pace in the fourth quarter of 2013 than first thought, weighed down by disappointing retail sales, inventory adjustments and a less robust trade balance.
The Commerce Department said Friday it now estimates the economy grew by 2.4 percent in October, November and December, down from an initial estimate of 3.2 percent released on Jan. 30.
Economists had been expecting the government to revise the estimated rate of growth downward to 2.5 percent.
At 2.4 percent, the revised figure represents a substantial slowing from the pace of growth in the third quarter, 4.1 percent.
Most people understand by now that the government reports released each month are jaded, the government controls the data released for their political gain.
When they want people to feel good before the holidays so the people will spend more, they release very positive economic information which they create out of thin air much like the US Dollar itself. Then once the new year starts, the government starts revising the economic numbers from the previous quarter down to where they really should have been. When the government estimates are off by almost 30%, this should be a red flag to everyone.
The economy is in a recession despite what the talking are trying to lead you to believe. 2014 should prove to be an interesting year, with all the economic number being revised downward from 2013, consumers feeling the inflation every time they buy groceries, and new wars popping up all around the world, and the beginning of a cold war with Russia over their invasion of the Ukraine. Get prepared folks, the fact is the US Dollar is at Oct lows, it could continue much lower into 2014.
Last but not least, don’t forget about how much spending Obama has done since taking office. Obama has long emphasized Bush’s role in digging the immense Debt hole. But he owns it now.” President Obama has spent more than 7 trillion dollars since Jan 2009, more than all presidents before him combined. Something that can’t go on forever, won’t. The United States can’t go on forever increasing its debt by 60% every four years. Therefore, it won’t. The only question is how things will stop — smoothly or catastrophically.