Today in
LemetropoleCafe.com Bill Murphey wrote about the discrepancy between how many GATA.ORG supporters view the world versus how those on "Planet Wall Street" view things. Planet Wall Street refers to the views you receive from the main stream media which are totally wrong.
Here is Bill Murphey's summary of the incorrect views from the Main Stream Media regarding the economic stituation:
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*Deficits don’t matter that much anymore (a view held by new Fed chief Bernanke).
*The economy is vibrant.
*Our financial markets are unfettered and free … we are the shining beacon for the world in that regard.
*Who cares about M-3 anyway?
*US employment is vigorous and very healthy.
*The US consumer is stretched, but will continue to spend … supporting the economy.
*Losing our manufacturing base is not that significant because we are in the "Google" information age.
*What rigged gold market?
*Who cares about the gold market? (Most of the so-called experts in the Planet Wall Street bullion dealing world have gotten it wrong for five years. Why start getting it right now? Most are neutral to bearish at these price levels and NONE are looking for dramatically higher prices in the years to come. Most Planet Wall Street firms sneer when approached by clients about gold and silver investments.)
*The corporate profit picture is strong and firming.
*The micro picture is King when it comes to the market. The horrendous macro picture will be dealt with by somebody else.
*"Everything is fine." Why worry? Look how calm the markets are!
*The US stock market is in great shape and ready to make substantial new highs.
*The US Government is giving us an accurate picture when they report on various economic stats.
*Financial market derivatives need not be regulated and are a boon to Planet Wall Street and the US economy.
*The dollar is strong these days and deserves to be so.
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Bill Murphey writes "Many in the GATA camp see it this way:"
Quote:
*The current account deficit, trade deficit and US Government fiscal deficit are horrendous and will have a profoundly negative impact on the average person in America sometime in the future.
*The US economy is not as vibrant as it appears … propped up by massive liquidity injections by the Fed.
*The US financial markets are managed … and have become extremely so since 9/11.
*Doing away with the M-3 Fed money numbers is yet another demonstration of the Orwellians in Washington obfuscating what they are REALLY doing and the real behind the scenes story.
*The US consumer is tapped … close to the breaking point. As new funds dry up from the refinancing of mortgages, it will have a profound effect on the buying habits of the US consumer.
*The gradual loss of our manufacturing base in America is a big deal and not healthy for our country in the years ahead.
*The gold market has been rigged for a decade, distorting the true health of the American economy. As a result, Americans will be stunned by their sudden deteriorating standard of living in the years ahead. They will be clueless as to how they have been conned.
*The GATA camp has been dead-on the past five years as far as price predictions have been concerned. We said gold could fly without the dollar doing anything, contrary to almost everyone else. It has. Our camp is looking for $2,000+ gold in the years ahead as a result of the nefarious activities of The Gold Cartel.
*We could not be more enthusiastic about investing substantially in the gold and silver sector.
*Corporate profits have been aided by the Fed’s liquidity injections.
*The macro issues will bury the short-term micro pluses for the market in the months and years ahead.
*The US stock market has been putting in a massive top.
*US Government economic stats are fudged. This includes the CPI and employment stats.
*This is the calm before the storm. The markets have been calm due to PPT/Fed market interventions, trying to hold it all together. At some point in the months ahead, the US financial markets will to into convulsions to a certain degree.
*US financial markets are a disaster waiting to happen. Warren Buffet is correct. Derivatives are "weapons of financial market destruction."
*The dollar is a disaster waiting to happen.
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