The Phaserl


The Recovery’s New Clothes

by Michael Pento, Silver Phoenix 500:

I sometimes feel that the economy is living out the Hans Christian Andersen’s fable called “The Emperor’s New Clothes”. He wrote the story back in 1837 about a vain emperor who hired a couple of charlatans that promise to make him the finest robes out of invisible thread. They convinced the Emperor that anyone not appreciating the sartorial splendor of the two swindlers should be deemed hopelessly stupid and unfit for their positions.

The current economic “recovery” and stock market rally have many similarities to Mr. Anderson’s work. The underlying fundamentals behind the S&P 500’s 180% advance since March of 2009 should be blatantly recognized as phony, even to a child. Yet traders and economists appear to willingly overlook the nakedness of it all.

There has been a subpar increase in personal income, employment, corporate revenue and GDP since the supposed end of the Great Recession back in the summer of 2009.

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