How did Moggio Get it So Wrong?
Posted: Tue May 07, 2013 8:36 pm
Six months ago, Moggio told us that the economy was going to collapse in 5 months and we needed to "buy gold."
Six months later, the economy has not collapsed, gold is down 15% and the DOW is up 12%. That means someone who sold gold and bought the DOW composite has 32% more money than someone who followed Moggio's advice.
Moggio told us that the economy was going to collapse because of "Obama's socialist BS." It was going to happen within 5 months. Here's his signature from Dec 11, 2012, 5 months ago.
How did he get it so wrong? Simple answer. He listened to Ron Paul.
The fact is that was no massive govt boost to the economy in 2012.
The Federal Reserve purchased a mere 4 billion in securities in 2012.
The federal govt cut spending.
State and local govt cut spending.
Govt employment fell by 64,000 in 2012.
The "socialist BS" fueling a "fake recovery" turned out to be nothing but BS, a figment of Ron Paul's racist mind.
1) MONETARY POLICY
Fed Assets 1/04/12:2,900,769,000,000
Fed Assets 12/26/12:2,904,992,000,000
Credit Easing Policy Tools
http://www.clevelandfed.org/research/da ... /index.cfm
2) FISCAL POLICY
FY 2011: 3,599,285,000,000
FY 2012: 3,538,446,000,000
(if you factor in Moggio's absurd claim that inflation is under reported by the govt and the cuts are even more substantial after adjusting for inflation).
Final Monthly Treasury Statement of Receipts and Outlays of the United States Government. For Fiscal Year 2012
http://fms.treas.gov/mts/mts0912.pdf
Cuts in govt spending slowed growth. There was no fiscal stimulus in 2012.
Table 1.1.2. Contributions to Percent Change in Real Gross Domestic Product
http://www.bea.gov/iTable/print.cfm?fid ... C472718486
3)GOVT HIRING
Six months later, the economy has not collapsed, gold is down 15% and the DOW is up 12%. That means someone who sold gold and bought the DOW composite has 32% more money than someone who followed Moggio's advice.
Moggio told us that the economy was going to collapse because of "Obama's socialist BS." It was going to happen within 5 months. Here's his signature from Dec 11, 2012, 5 months ago.
How did he get it so wrong? Simple answer. He listened to Ron Paul.
The fact is that was no massive govt boost to the economy in 2012.
The Federal Reserve purchased a mere 4 billion in securities in 2012.
The federal govt cut spending.
State and local govt cut spending.
Govt employment fell by 64,000 in 2012.
The "socialist BS" fueling a "fake recovery" turned out to be nothing but BS, a figment of Ron Paul's racist mind.
1) MONETARY POLICY
Fed Assets 1/04/12:2,900,769,000,000
Fed Assets 12/26/12:2,904,992,000,000
Credit Easing Policy Tools
http://www.clevelandfed.org/research/da ... /index.cfm
2) FISCAL POLICY
FY 2011: 3,599,285,000,000
FY 2012: 3,538,446,000,000
(if you factor in Moggio's absurd claim that inflation is under reported by the govt and the cuts are even more substantial after adjusting for inflation).
Final Monthly Treasury Statement of Receipts and Outlays of the United States Government. For Fiscal Year 2012
http://fms.treas.gov/mts/mts0912.pdf
Cuts in govt spending slowed growth. There was no fiscal stimulus in 2012.
Table 1.1.2. Contributions to Percent Change in Real Gross Domestic Product
http://www.bea.gov/iTable/print.cfm?fid ... C472718486
3)GOVT HIRING
