Thursday, July 17, 2008
Anatole explains his position in more depth
Continuing his it's-all-fine-really theme, Kaletsky says: "Consider the following: In the past few weeks, US industrial production, consumer spending and trade figures have all come in much stronger than expected." --- So he's relying on government statistics to tell the whole truth and not be revised downwards later in the year? Anatole can also explain the pessimism: "The main people suffering pay cuts and job losses in the present crisis are bankers, rather than industrial workers as in previous slowdowns. Not surprisingly, this gives financiers a jaundiced view of the world." --- Wrong, Anatole, it's not just bankers. It's housebuilders, estate agents, furniture companies, builders, travel agents, airlines, JCB, Reuters, Siemens, etc. Come pay a visit to the real world some time.