We are living in the midst of the greatest full-court press of lies and propaganda in human history. Reality has been turned on its head. Black is white. Left is right. Up is down. The so-called “news” media is engaged in pushing false narratives, blatant lies and deliberate misinformation. Nowhere is this more evident than in the financial media.
Case in point: this piece of laughable fiction posted on the Yahoo Finance website:
Presidential candidates like Donald Trump and Bernie Sanders say the economy is trouble. But the data confirms otherwise.
“There are some green shoots appearing this spring in the economic data which makes us more confident that 2016 is going to be a good year,” said Chris Rupkey of Bank of Tokyo-Mitsubishi.
Rupkey circulated that message in an email after Tuesday’s US economic data releases, which included a surprisingly strong ISM services report.
The ISM services index climbed to 54.5 in March from 53.4 in February. This was stronger than economists’ forecast for 54.2. Any reading above 50 signals growth in the US services sector, which includes finance, food services, retail, and entertainment.
Measures for new orders and new export orders showed improvement. The employment index, which had been signalling [sic] contraction, climbed to 50.3 signalling [sic] expansion.
“Overall, we take a positive signal from this morning’s March report and expect that the US service sector will prove durable to continued headwinds from abroad,” Barclays’ Jesse Hurwitz said.
It’s all coming together
Tuesday’s ISM services report complements Friday’s ISM manufacturing report, which reflected growth for the first time since August.
“On the whole, the impressive rebound in the ISM service sector report rounds out the equally buoyant performance in the manufacturing sector counterpart last week, and collectively they point to a robust rebound in growth momentum in March,” TD Millan Mulraine said.
“If the strong rebound in the March ISMs is corroborated in the activity data it could be an indication that the weakening in economic growth momentum may be reversing course.”
There are political implications
All of this flies in the face of US presidential candidates like Donald Trump and Bernie Sanders, whose platorms [sic] are based on how bad things are in the economy. Trump has explicitly argued that the US economy is doomed for a “very massive recession.”
“Politicians and market experts keep saying the economy is trouble, but the data keep telling us that is just not the case,” Joel Naroff of Naroff Economic Advisors said.
“Those who downplay the economy’s strength should really just quit the exaggeration, trying to scare the already angry electorate into putting themselves into office,” Rupkey said. “Just quit it.”
“The economy is stronger than you think.”
This article was written by someone named Sam Ro who calls himself a “managing editor” at Yahoo Finance, despite the three spelling mistakes in his article. Obviously, this is an amateurish attempt to smear Trump and Sanders, thinly veiled as economic news. I could take apart each of his assertions, line by line, providing links to data that shows exactly the opposite of what his article claims. After all, is growth in service sector jobs really good news? All this means is that more people are working as bartenders, waiters and other temporary, part-time, minimum wage, no benefit positions. These are jobs that will be replaced by automation and touch panel screens in the next five years, they are not lifetime careers. This is why California has finally instituted a $15 per hour minimum wage—because it doesn’t matter anymore. These jobs are going away forever, making this an empty gesture designed to placate the disgruntled and give hope where none exists.
I don’t have to waste my time pointing out the lies in this article, because one need only read the comments on it to learn the truth that only Sam Ro and the financial “experts” quoted in his article seem to be ignorant of. Here is a random sampling:
RAINBOW AND UNICORNS!… “It’s all coming together..” writes the author…Atlanta Fed just revised the GDP for 2016 downward AGAIN. December 2.6%, yesterday 0.4%, that’s ZERO POINT FOUR PERCENT in case you can’t read REALITY. Orders for manufactured goods down for the 16th straight month, that’s SIXTEEN STRAIGHT MONTHS in case you can’t read REALITY. Layoffs announced almost weekly. CAT, Boeing, United Steel, IBM, Kohl’s, Wal-Mart, Mens Warehouse, on and on and too many to list. Notice how nobody writes about that? Smoke and mirrors! February jobs report: 80% were PART TIME JOBS…did Obama tell us that when he says people like me are PEDDLING FICTION? Who’s peddling fiction? March jobs report: LOST 29,000 good FULL TIME manufacturing jobs… GAINED 25,000 waitress and bartending PART TIME JOBS. Way to go OBAMA! Corporate profits estimate for Q1: down -8.5% from last year! D O W N for the last FOUR QUARTERS…in case the propagandist writers can’t read reality. Keep feeding us the BS. We all know what’s coming. —Jon B
“’There are some green shoots appearing this spring in the economic data which makes us more confident that 2016 is going to be a good year,’ said Chris Rupkey of Bank of Tokyo-Mitsubishi.” Unless I’m missing something here, the Bank of Tokyo-Mitsubishi is in Japan. And they are telling us the U S economy looks good. That’s rich. —Paul
The media pumping up the idea that the $19 trillion debt is of no concern. That’s farthest from the truth. Actual unemployment is better than 15% not the 5% the government claims it to be. Let’s look at the debt. When the interest rates return to a normal level the annual interest on the debt will be in excess of $5 hundred billion which will come right off the top in the annual budget. The government’s printing of money has caused inflation beyond belief and the repubs and democrats continue to add trillions on to that debt. —rick
Why does the economy have to be stronger than you think?
Why can’t the economy just show its strength? —Fish head
The true data shows we are in a depression. Deeply negative real GDP growth for each of the past 8 years upon GAAP. Our government doesn’t include deficit spending used to prop up this house of cards. It also does not use the actual inflation rate. —proposedsolutionsblogspot
Anyone bother to check out the authority behind this article? It is the Institute for Supply Management which is a private business that serve supply management professionals. Their reports do indicate that things are increasing according to orders and such, however, some references mention that while businesses are increasing output, there is not growth of new businesses being created. The numbers indicate that things have quit falling and started climbing, but don’t get all excited. It is like falling in a 20 foot well. After you hit bottom, you begin climbing and after a while, you make it up 5 feet from the bottom. This is good, but you are still very much in the hole and you still risk falling back down. —Room
As of this writing, there are more than 250 comments on this propaganda piece, and none of them is buying Ro’s statements. In fact, you will get a better idea of financial reality in the US from reading the comments on “news” articles rather than the articles themselves. I challenge you to find a single comment that agrees with anything asserted in this article.
More than ever, we must question every piece of information offered up by the corporate media and government, particularly as the former has become a parroting mouthpiece of the latter. It is imperative that we approach all claims with a healthy dose of skepticism, utilize our critical thinking skills and always fact check to confirm what we are being told is true. Ignorance and apathy are criminal behaviors that make us no better than those who are trying to deceive us. Our freedom and very existence itself hang in the balance. Do your own research and think for yourself.