Economics 101: The emperor has no clothes

posted by
February 1, 2012
by Paul Craig Roberts  
Posted in Commentary

"Last Friday (January 27) the US Bureau of Economic Analysis announced its advance estimate that in the last quarter of 2011 the economy grew at an annual rate of 2.8% in real inflation-adjusted terms, an increase from the annual rate of growth in the third quarter.Good news, right? ... What the presstitute media did not tell us is that almost the entire gain In GDP growth was due to 'involuntary inventory build-up,' that is, more goods were produced than were sold." (02/01/12)  

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