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Posts Tagged ‘Financial Crisis’

Financial CrisisTrump touts ‘strongest economy in the world’ after disappointing jobs report,” ran a recent headline that managed to capture both the official line of the Trump administration and the contrasting reality portrayed by many recent underlying economic data points.

The February 2019 jobs report, released in early March, was expected to show a gain of 190,000 jobs, but instead reflected a gain of only 20,000. That’s a big miss in anybody’s book.

Now one could argue that President Trump’s statement is not negated by the disappointing jobs report. The US could indeed have the strongest economy in the world – depending on how one defines “strong” – and still do a face plant when it comes to the production of new jobs. All that is required for these two ideas to be true at the same time is for the rest of the world to be in a bigger mess than the US.

It is the contention, however, of this author that, in spite of all the talk of a booming economy coming from the Administration and from various sources on Wall Street and in the media, the US economy is not doing well and, in fact, is very liked headed into recession. It may actually be in recession as of this writing. Below are thirteen reasons why this author thinks so.

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2019 year in review

Better late than never, or so goes the old saying. I’d hoped to get this 2018 wrap up posted last week but, as usual, my ambition was greater than my reach. But late or not, it still seems good to me to take a little time and reflect on the year in blogging that was as well as to look ahead to 2019.

As always, I’d like to give a big thank you to my readers and commenters. It has been my prayer that you’ve found the work on this blog edifying in your Christian walk. We live in an age where it seems that almost everything is fake. But the words of Jesus Christ and the words of all Scripture are as real and true today as when they first were written down so long ago. It has been my endeavor to apply those words to the events of our own time, not only to help readers see the world through the lens of Scripture, but also to encourage.

Sometimes it can seem as if our problems are such that no one in any previous age ever saw their like. And yet as the Apostle Paul wrote, “No temptation has overtaken you except such as is common to man.” Yes, it’s true that we face a world of problems, but God has not left us in darkness without hope in the world.

If there is one idea that I hope to impart to readers of this blog, it’s this: No matter how great the struggles we face in our personal lives, no matter how great the crises we face as a nation, the Word of God makes us complete and thoroughly equipped to address them. As Gordon Clark and John Robbins rightly taught, the 66 books of the Bible have a systematic monopoly on truth. Further, it is the ignorance, perhaps even knowing rejection, of this simple idea that had led the formerly Christian West to the brink of disaster.

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FNN-Fake-News-Network-900While reflecting on the big story this past week, the name Mike Tyson came to mind. Now that’s a name you probably didn’t expect to see, but go with me on this one.

From those under the age of 40 or so, I suppose the name Mike Tyson evokes more snickers than anything else. But trust me, it wasn’t always so.

Tyson took the boxing world by storm back in 1985. Tyson didn’t just win fights, he didn’t just knock guys down. He didn’t settle for mere knockouts either. No, Tyson devastated his opponents. Quite simply, I’ve never seen anyone hit harder or attack more ferociously than Tyson in his prime.

By the age of twenty, Tyson was the heavy weight champion of the world.

So why do I bring up Iron Mike? Because this week James O’Keefe of Project Veritas delivered what amounted to a journalistic version of a Tyson uppercut to CNN.

In the segments released so far, O’Keefe’s exposé has caught a CNN producer admitting that the whole Trump-Russian collusion meme is a bunch of hooey (the producer used a different word) and that the only reason CNN spent so much time on it is that it’s good for ratings. CNN anchor Van Jones was caught on tape admitting the much the same thing, that the Russian collusion story is nonsense (he used a different word, too).

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david-stockman

David Stockman

This time last week it was 75 degrees and sunny. Today? Well, let’s just icy roads and accidents made the morning commute a little more exciting than usual. How can the weather change so much in seven days?!

 

Well at least one thing hasn’t changed over the last week, and that’s the dicey state of the nation’s economy. With the stock market hitting records level, that may seem like an odd thing to say. But the economy is not the same things as the stock market.

In fact, the past several years have seen an almost inverse relationship take hold between the performance of the Dow Jones and S&P indices and important economic indicators. In a normal, rational economy, if corporate earnings decline or unemployment spikes signaling a economic slowdown, the stock market should decline.

But in today’s Keynesian casino markets, bad economic news is good news from the markets perspective. Why is this? It all has to do with the Federal Reserve’s interest rate policy. You see, bad economic news means big money speculators believe the Fed will continue its policy of suppressing interest rates to near zero to stimulate economic growth. On the other hand, if the economy appears to be doing well, the market starts to think the Fed may hike interest rates, making stocks a less attractive opportunity. Thus the stock market goes down.

In short, it’s a stupid economy that rewards fraud and punishes success.

And after over eight years of stupidity such as near zero percent interest rates, we are now faced with simultaneous Fed created bubbles in stocks, bonds and real estate, which will all at some point burst. And that leads me into today’s story…

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