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\n\t* Tomorrow is Thanksgiving Day, one day before Black Friday
\n\t* The one day of the year where Americans make their annual pilgrimmage there they stampede to the nearest mall to buy stuff they really don'[t need and can't afford
\n\t* It's almost like a black and blue weekend
\n\t* I believe that this will be a pretty weak holiday weekend; by the time we get the sales numbers next week, it's going to be pretty dismal
\n\t* The news that brought the euro down this morning was rhetoric coming from Mario Draghi , head of the ECB
\n\t* He's talking about expanding the QE program to a 2-tiered system
\n\t* Why is Draghi so determined to talk down the euro and talk up inflation?
\n\t* He is in pursuit of Keynesian economics' holy grail - inflation
\n\t* If only we can succeed in getting prices to go up faster then we would have economic growth and prosperity
\n\t* Believing that a rising cost of living is the secret sauce of economic growth
\n\t* If you search the internet, you see that no one is critical of this
\n\t* If rising prices are so important, why not just raise the VAT?
\n\t* You could obtain the exact amount of inflation desired if the real goal is to rais prices
\n\t* But that's not really the goal, because they would just raise the VAT
\n\t* The real goal is to wipe out government debt and to mitigate the effects of wage hikes imposed by the government
\n\t* Academia and the press all give them a pass on the idea that rising prices create prosperity
\n\t* The truth is the reverse: prosperity comes from reducing costs
\n\t* As things get cheaper, more people can afford them - I use the example of cell phones
\n\t* Now even poor people can afford a cell phone
\n\t* Falling prices lift standards of living and falling prices result from a productive economy
\n\t* Inflation results from government interference and it doesn't make things better
\n\t* Let's go over the economic data this week
\n\t* It's been a mixed bag
\n\t* On Monday we did get the manufacturing PMI number, expected to come in at 54.5 which would have been an improvement
\n\t* Instead, we got 52.6, the lowest number in 2 years
\n\t* I've been talking about this for a long time on this podcast - the manufacturing recession is already here
\n\t* The mainstream media dismisses this because manufacturing is so small it doesn't really matter
\n\t* That statement says so much
\n\t* A downturn in manufacturing will preclude a downturn in the service sector
\n\t* We also got existing home sales that came out on Monday - they were below estimates
\n\t* There's plenty of evidence that the housing market has already rolled over, and if the Fed were to raise interest rates, it would push it even further down that hill.
\n\t* The big number that came out yesterday was the revision to Q3 GDP
\n\t* Initially the government reported that the GDP was up 1.5%
\n\t* Everybody expected an upward revision and that's exactly what we got - a revision to 2.1
\n\t* The problem was, the number was due to a big build in inventory
\n\t* I have been talking about this for months on this podcast; we have huge amounts of unsold inventory
\n\t* Businesses have been more optimistic than they should have been based on the Fed's recovery rhetoric
\n\t* This mistake shows up as a positive in the GDP
\n\t* The other big factor is that the government assumes that inflation is just 1.3%
\n\t* I don't believe that for a second
\n\t* Health insurance alone is costing the average American's cost of living more than 2%
\n\t* Today the Atlanta Fed just reduced their Q4 GDP estimate from 2.3% down to 1.8%
\n\t* What the third quarter giveth, the fourth quarter taketh away
\n\t* Buried in that GDP report are some other bad numbers
\n\t* There was a 4.7% decline in corporate profits for the quarter - the biggest decli...\n\nOur Sponsors:\n* Check out Ethos: ethoslife.com/GOLD \n\nPrivacy & Opt-Out: https://redcircle.com/privacy