This week's revisions to first quarter GDP revealed that consumer confidence and spending are up despite real discretionary per capita incomes plunging at a 9.03% annualized rate. That is worse than the largest plunge during the 2008-2009 crisis (7.52%).
Members of the EU elite may be purposefully leveraging the crisis to push for a centralized European banking system to cement the political framework of an EU superstate.
Stockman's NYT piece offers a litany of objectively dismal facts and cogent explanations of how we got here. While most are celebrating the nominal high of U.S. stocks "Real median family income growth has dropped 8 percent, and the number of full-time middle class jobs, 6 percent. The real net worth of the 'bottom' 90 percent has dropped by one-fourth.
Despite official protestations to the contrary, this fallout will spread to a bank near you.
Bernanke has indicated that the Fed will maintain both zero percent interest rates and massive QE into the foreseeable future. We must assume that such moves will continue to create dubiously impressive trends in spending and stocks.
Many have dubbed the last decade or so to be an era of easy money. As it turns out, that characterization may have been premature. Based on the new crop of central bankers who are primed to take control of the world's financial system, the age of truly easy money may be just getting started.
Growing rumors last month of a potential "tightening" of monetary policy - seemingly confirmed by the Fed minutes released on Feb. 20th - have spooked the precious metals markets, leading to a 5.8% correction in gold and 10.2% in silver. However, these fears are preposterous on two counts.