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How do you assess the “economic recovery” being reported by many market analysts as well as the mainstream media?

Robert Wiedemer
July 29, 2014
Video Transcript

A lot of people talk about how we're in a recovery in the economy and to some degree we are. It's a slow growing economy maybe 2% type growth, but it is a recovery from what it was before. I'd say, "Well of course it is, of course it's recovering, what do you think happens when you print massive amounts of money and you borrow massively?"

Let me just give you one example of what I mean by this being a 100% fake recovery as I have often said. We're going to borrow, the Federal government is going to borrow about $600-$700 billion this year-- and by the way some people call that a deficit that is now under control, right? In other words, before the crises we borrowed about $160 billion, but we're going to borrow about $600-$700 billion. The economy this year is going to grow about $300-$400 billion. That's right, we're going to borrow twice as much as the entire economy is going to grow-- that's a fake recovery. The Federal government alone is going to borrow that. Now, it's faker than that, because if you took away that money, that massive stimulus of all that borrowed money, you not only would be in a deep recession, but you'd pop the bubbles. You'd pop the real estate, stock bubbles, consumer spending bubbles, you'd pop those and I haven't even talked about the incredible stimulus of massive Fed money printing-- but that gives you an idea of why I say this is a 100% fake recovery.

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