Forecasts for Growth Drop, Some Sharply
A drumbeat of disappointing data about consumer behavior, factory sales and weak hiring in recent weeks has prompted economists to ratchet down their 2011 economic forecasts to as little as half what they expected at the beginning of the year.
Two months ago, Goldman Sachs projected that the economy would grow at a 4 percent annual rate in the quarter ending in June. The company now expects the government to report no more than 2 percent growth when data for the second quarter is released in a few weeks. Goldman Sachs is the criminal bankster operation that has been most responsible for the current destruction of our economy, in cooperation and collusion with the Federal Reserve
Macroeconomic Advisers, a research firm, projected 3.5 percent growth back in April and is now down to just 2.1 percent for this quarter. Nonsensical and overly optimistic projections based on cooked figures from the government
Both these firms, well respected in their analysis, have cut their forecasts for the second half of the year as well. Then this week, the Federal Reserve downgraded its projections for the full year, to under 3 percent growth. It started the year with guidance as high as 3.9 percent. The major buyers of our debt (T-Bills) that have funded the debt-based bubbles that are our sick economy, China, Japan, have begun a systematic reduction of short term purchases, and elimination (dumping) of long term holdings. Our paper is well on its way to junk bond status, a death knell to the jobless recovery fantasies that are being floated.
Two years into the official recovery, the economy is still behaving like a plane taxiing indefinitely on the runway. Few economists are predicting an out-and-out return to recession, but the risk has increased, with the health of the American economy depending in part on what is really “transitory.” WHAT OFFICIAL RECOVERY? Across the board there are zero indicators of any recovery. The only minor and short-lived upwards movements have been the result of the Fed and the government spewing trillions in “quantitave easing” scams, and consumer incentives like mortgage and new car cash giveaways. Remember, every dollar handed out to stimulate some numbers will have to be paid back, with interest, by you and I.
Stay tuned for; a major multi-faceted false flag attack, bringing massive unrest of “Mad Max” proportions, where the sheep will beg for and receive a declaration of martial law, and the next phase of globalization of our once sovereign nation.
Read complete article from NY Times: http://www.cnbc.com/id/43534613