Weekend Economists Celebrate Harry Potter's 35th Birthday July 31st, 2015

[Demeter]

33. Incongruities in the News By Paul Craig Roberts

http://www.informationclearinghouse.info/article42527.htm

PAUL CRAIG ROBERTS DISSECTS THE CURRENT OFFICIAL PROPAGANDA...HERE IS HIS ECONOMIC REPORT. GO SEE THE REST AT LINK

...We have an economic recovery, allegedly, one ongoing since June, 2009. Tell that to the millions of “discouraged workers” who have been unable to find a job, have given up looking for nonexistent jobs, and are not counted as among the unemployed as measured by the fake 5.3% rate of unemployment.

The stock market, not too far below its highs, is used as evidence of recovery. However, the stock market is supported by companies buying back their own shares and by the liquidity that the Federal Reserve has poured into the financial system. Dan Strumpet reported in the Wall Street Journal that a mere six companies account for more than all of the gain in market-capitalization in the S&P 500. How’s that? We have a recovery in which a mere six companies participate—Amazon, Google, Apple, Facebook, Gilead, and Walt Disney Company.

Sounds like a rip-roaring recovery.

In the second quarter of this year the US economy contracted by 1.4%. Second quarter durable goods orders, minus commercial aircraft orders which are placed years ahead and do not reflect the state of the present economy, are in annual decline. Second quarter new home sales fell 7.3%. And Wall Street still hypes hope and recovery...