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Never claimed I would prove it, Simp. Holy shit Punk, you agree with me the numbers will be bad, and yet you still want to be a ginormous asswipe about it.And again, you made the claim last quarter's GDP was negative and I challenged you to prove it. Only a link to the BEA can prove that here. You utterly failed to prove what you claimed. And I've gotten to watch you chase your own tail ever since.
Oh, so it's a quarter and a half, not two quarters.LOL
You're insane, Dumbfuck. The NBER has maintained the same definition of a recession for at least a quarter of a century now. Again, from 1997...
The National Bureau of Economic Research (NBER) does not define a recession in terms of two consecutive quarters of decline in real GNP. Rather, a recession is a recurring period of decline in total output, income, employment, and trade, usually lasting from six months to a year, and marked by widespread contractions in many sectors of the economy.
... but g'head, tell the forum again how Biden and his handlers are trying to redefine a 25 year old definition.
Very, well said, IMO.I don't think we disagree all that much. I have to analyze and act on this shit for a living, so I'll try to keep this brief and hopefully with some sense to it.
I've been calling the post-Meltdown economy "Capitalism 2.0", because the Federal Reserve is now essentially every bit as important to the economy as the consumer. The Fed's balance sheet is now at about $9 trillion, with another $2 trillion poured in by the NY Fed in 2019 to unfreeze credit markets.
So this fucking FLOOD of stimulative dollars has been growing and pretty much EVERYONE has been wondering why we haven't had massive inflation yet. EVERYONE. We've been wondering since 2009. My theory is that there was a great deal of slack in the system, where lower and middle earners still didn't have enough cash to push inflation. But holy shit, we have been fucking AWASH in cash, but we've still been able to avoid inflation (while the rich got mega-rich in the process). The money went to the top. Again.
So, with this historic level of stimulative cash stuffing our system, along comes COVID and the shutdowns. Not only did a ton of consumer dollars build up during that time, but global supply chains were busy decaying and were ready to collapse. So after we opened back up post-Covid, BOOM, demand fucking exploded and global supply chains fell to pieces. Basic economics: Higher demand, lower supply, inflation. Duh.
So yeah, you're right, those who could make changes in the system are incentivized not to. Why in the world SHOULD they? Our political system is set up such that big money equals massive power and influence. And are we going to learn? Doubtful.
Great point. Hell, Europe saw BELOW ZERO interest rates for a while there. I'd very much like to see the Fed be able to get us up to 3.5%, if not a bit higher, incrementally.Very, well said, IMO.
Though I actually do think I know why inflation has not risen before now...relativity.
Since every, single medium/major economy on the globe (to my knowledge) is 'printing' SHIT loads of money? And has been since roughly the same time (2007 or so - Japan long before that)?
Prices are staying constant.
If only one person (say, the Weimar Republic or Venezuela-more recently) prints the excrement out of their money?
It will lose value to other countries money.
But if EVERYONE is going nuts?
Everyone's currencies (and relative values) will look stable.
The main reason Japan got away with it before was the carry trade artificially propped up their currency value.
I am convinced that all of the 'Fed Heads' of the world got together in 2007? And said - 'it's our time. Let's go nuts. But we HAVE to stay together on this to keep inflation down'.
Though, I could be giving them more credit then they deserve (wouldn't be the first time) and they just acted at the same time in the same ways.
Whatever the reason, that is why inflation has not begun until Covid?
Everyone 'devalued' their currencies at the same rates.
Thus, they all kept their relative value.
The inflation IS there.
Has been - probably - since the early/mid-2000's.
It just will not show up until this debt circus ends.
Or a few players jump off the train, heading for the cliff.
That is what I think anyway.
Never claimed I would prove it, Simp. Holy shit Punk, you agree with me the numbers will be bad, and yet you still want to be a ginormous asswipe about it.
Seriously, STFU.
Oh, so it's a quarter and a half, not two quarters.
Got it.
State my lie, Simp.LOLOL
Of course you never claimed you could prove you weren't lying. That's why I challenged you to prove you weren't lying.
And you couldn't do that.
From your post, Simp:LOL
Oh? You got what?
State my lie, Simp.
You mean where I said we are in the 2nd quarter of negative GDP? Prove that is a lie.
GO!
So they have nothing proving we aren't in the second qtr of negative GDP growth to prove I lied.Sure....
U.S. Bureau of Economic Analysis (BEA)
www.bea.gov
^^^ no mention on their site that Q2 was negative.
6 months = qtr and a half.LOL
Yeah, so?
So they have nothing proving we aren't in the second qtr of negative GDP growth to prove I lied.
Come on Punk, you claimed I lied. Prove we aren't in the second qtr of negative GDP growth.
Put up or STFU, Punk.
6 months = qtr and a half.
You still suck at math, Simp.
They have posted nothing showing I lied either, Simp.LOL
No, Dumbfuck, the BEA, the official source for GDP data, has not said Q2 was negative. YOU said that. Since they haven't, that means you made that up.
WTF? You really do suck at math, Simp.6 months equals 4½ months in your backwards world??
They have posted nothing showing I lied either, Simp.
Come on Punk, prove I lied.
I accept your admission you can't prove I lied.They haven't announced Q2 yet, Dumbfuck. That means any figure you make up until they do is a lie.
That's why you couldn't prove your claim that Q2 is negative.
