To claim a “recovery” based on unlimited Central State borrowing and spending and central bank manipulation of asset valuations is self-sustaining is beyond absurd.
by Charles Hugh Smith, Of Two Minds:
The mainstream media (MSM) is overflowing with stories proclaiming the global economy is on the mend: Europe’s crisis is in the rearview mirror, China’s growth has rebounded, Japan is aggressively pursuing Keynesian Nirvana and the U.S. economy is in the sweet spot between resurgent housing prices and ever-higher corporate profits.
This reality is the reason global stock markets have surged: everything’s getting better.
The goal of every Central Planning scheme on the planet is a self-sustaining recovery: that is, one that doesn’t require another couple trillion dollars, euros, yen or yuan to keep it from collapsing in a heap.
Though the conventional punditry is hesitant to declare victory, by reading between the lines we know the basic propaganda thrust: we are over the hump, the recovery (in housing, stocks, bat guano, etc.) is now self-sustaining.