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21 Ventôse, An 214
On how the government fudges the numbers--and has been doing so for years--see Kate Welling's interview with the economist John Williams at welling@weeden (link). Samples:
"Real unemployment right now--figured the way that the average person thinks of unemployment, meaning figured the way it was estimated back during the Great Depression--is running about 12%. Real CPI right now is running at about 8%. And the real GDP probably is in contraction."
" . . . we are talking about a global crisis of unprecedented proportions, probably one that would lead to the collapse of the current currency system. . . . So the cures will have to be remarkable. They will have to convince people that things have changed. As crazy as it sounds, I think the only thing they will be able to do is to go back on some kind of gold standard."
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