Drowning in depression

The economy still stinks

by Mark Luedtke

The economy is supposedly fantastic. Just read a government propaganda organ like the Dayton Daily News to find out all about it. President Obama is an economic wizard. He failed to stop the rising of the oceans, but he turned the economy around with the help of local crony socialist projects. Life is great. The economy is great.

If you believe that, I have some land in Florida to sell you.

The sad truth is tens of millions of Americans, made invisible by rulers, are suffering in an economic depression.

It’s easy to deny the economy is in a depression because we all know what the Great Depression looked like. “It’s the black and white photographs of disheartened men and hungry children from the 1930s that define the Great Depression for present day generations,” radio host Jim Quinn explains.

People hurting today don’t stand in line. There are no pictures of government’s victims, so propagandists ignore them. “The soup lines are electronic,” Quinn continues, “as the government downloads the ‘soup’ onto EBT cards so JP Morgan can reap billions in fees to run the SNAP program. Just because there are no pictures of starving downtrodden Americans in shabby clothes waiting in soup lines, doesn’t mean the majority of Americans aren’t experiencing a depression.”

Electronic cards are a boon for rulers. Instead of suffering people standing in lines for soup or food stamps where they could be seen, EBT cards keep them invisible. It’s not possible for the economy to be good while 43 million Americans are dependent on food stamps. The two are inconsistent.

Federal, state, and local government spend over $1 trillion annually on welfare programs. That’s inconsistent with a good economy, too.

The economy is officially growing, but barely. It’s stagnant compared to official inflation. Compared to real inflation, it’s shrinking and has been for years.

By writing more positive stories than negative stories about the economy, the media makes it seem like the economy is better than it really is. You have to look for negative information. The labor participation rate is lower than it has been for decades. Nearly all the net jobs that have been created since Obama took office have gone to immigrants. Teens, blacks, and women have suffered the most with Obamacare, famously allowing young adults to stay on their parents’ health care plans until they’re 27.

And this is during the boom. Imagine the wreckage when the bust hits.

It’s coming. The economic news keeps getting worse. Every time Federal Reserve (Fed) officials warn they plan to raise interest rates, the stock market tanks. Like a helium balloon escaping a child’s hand, the stock market has no connection to the real economy any more. It’s buoyed by the Fed’s funny-money. Oil prices fell because of lack of demand. The high dollar art market just went bust. Consumer debt is on pace to top a record $1 trillion this year. Fannie Mae and Freddie Mac lowered lending standards.

You have to search for stories like these because the Press doesn’t want you to know about them.

But the worst news is in the financial markets. “China has failed to curb excesses in its credit system and faces mounting risks of a full-blown banking crisis, according to early warning indicators released by the world’s top financial watchdog,” The Telegraph reports. “A key gauge of credit vulnerability is now three times over the danger threshold and has continued to deteriorate, despite pledges by Chinese premier Li Keqiang to wean the economy off debt-driven growth before it is too late.”

Closer to home, one of the biggest banks in Europe, Deutsche Bank, is refusing to hand over cash, blaming an IT outage. Economist Gary North predicts, “I think there will be a government bailout of Deutsche Bank this year. Commerzbank may be in equally bad shape. Its shares are sliding.”

It’s deja vu all over again, but this time, the debt, fueled by unprecedented printing of funny-money by central banks all around the world, is greater, so the crash will be worse. Because the world’s giant banks are interconnected, it’s hard to imagine any escaping. It’s like AIG’s counterparty risk in 2008, but worse.

If you think civil unrest was bad in 2008 or is bad now, imagine how bad it will be when welfare checks stop coming. Don’t be surprised if the coming bust forces governments to cut spending including welfare and those invisible victims of government hit the streets with a vengeance.

The views and opinions expressed in Conspiracy Theorist are the views and/or opinions of the author and do not reflect the views and/or opinions of the Dayton City Paper or Dayton City Media and are published strictly for entertainment purposes.

Reach DCP freelance writer Mark Luedtke at MarkLuedtke@DaytonCityPaper.com.

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Reach DCP freelance writer Mark Luedtke at MarkLuedtke@DaytonCityPaper.com.

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