Repost from 8-6-2021
“Of course, champagne corks were flying at The New York Times and other mainstream media outlets because Q2 output has regained 2019 levels. But the recession was over in April 2020. It’s now August 2021, and they’re celebrating that we’re back to 2019 levels? That’s a pathetic rebound and really nothing to celebrate.”
USAGOLD note: The mainstream media spins the story of an economy staging a bold and robust recovery. Daily Reckoning’s James Rickards sees things much differently. Rickards, you might recall, does not buy into the runaway inflation scenario projecting instead a disinflationary outcome much like what occurred after the 2008 credit crisis. A quick study of the financial markets after that meltdown, though, tells us that gold did quite well under those disinflationary circumstances.