BREAKING: U.S. ECONOMY GROWS BY 33.1% (vs 32% estimate) IN THIRD QUARTER, BEST QUARTER ON RECORD

[beijingwalker]

Only a couple months ago the Chinese Brigade were proclaiming Chinas GDP would surpass the US THIS year. Clearly, thats not true, nor are they close.

China has only grown 0.2% this year to date. Basically negligible growth.

It's US media always reports China to overtake US GDP based on various measurements, we don't really care cause we know US Gdp is just a stockmarket bloated bubble with nothing tangible to back it up.
China's growth is not very good this year, but US GDP goes negative.

 

[Yongpeng Sun-Tastaufen]

The best way to grow economy is to stop lockdown. Who cares if hundreds of millions get infected? Who cares if millions die?

 

[beijingwalker]

The best way to grow economy is to stop lockdown. Who cares if hundreds of millions get infected? Who cares if millions die?

We care. China cares.

 

[Yongpeng Sun-Tastaufen]

We care. China cares.

US don't care.

 

[JustAnotherPerson]

Is great news but those numbers are misleading.

https://www.jec.senate.gov/public/_cache/files/637bc624-24d7-4e89-9705-caab2ddbacd2/third-quarter-gdp-final.pdf

-The economy is still way down from 2019 by almost 3%.

- The jobless situation is still horrible, with 800,000 jobless claims with no ed in sight.

-And Covid is set to rage this winter like a wildfire, so part of the economy will need shutdowns or restrictions. So this jump will be probably one time event and the economy could slowdown to make a complete recovery nearly impossible.

The danger is that this mislead policy makers to think that the situation is better when in reality is worse. There is a big job ahead and one of is controlling the virus, either by a vaccine or policies like mandatory masks.

On the bright side Jeff Bezos and the favorite of this forum Elon Musk are way richer than before this disaster. So that is some good news for you all.

 

[beijingwalker]

Trump has only 4 days to go, I hope Biden will make all Americans wear masks.

 

[JustAnotherPerson]

I hope the American economy gets better under Biden, i am planning to move to Canada probably next year and if the American economy don't recover soon, the Canadian economy won't either.

 

[TheTruth]

Don’t be stupid. For the last 3 months PDF has been proclaiming the collapse of the American economy and how we’re done for. With this record breaking quarter, the Q2 result has essentially been wiped out.

After Q4, Covid will only have made a dent in US GDP.

100 * .68 = 68
68 * 1.32 = 89

First you said b-b--bbut MUH STOCK MARKET

Now stocks are tanking and you're saying BUT MUH GDP

Projecting so hard with your what, 11 years of predicting China's collapse?

 

[obj 705A]

Just to clarify the US GDP grew at 7.4% in Q3, the 33.1% figure is an annual rate.
__________________________________

The U.S. economy grew a record 7.4 percent in the quarter ending in September and has recovered two-thirds of the ground it lost during the first half of the year. But economists remain wary, as the figures come just as the country is entering a period of rising coronavirus cases.

For the economy to recover all that was lost in the previous quarter, third-quarter GDP would have had to surge by 10 percent. Put simply, the economy turned around in the third quarter.

At an annual rate, GDP grew by 33.1 percent. But that figure isn’t relevant in a crisis as unusual as this one. The annual rate allows easy comparisons across periods, but it is built on the assumption that this quarter’s growth will continue for an entire year. That wasn’t true in the second quarter, when a 9 percent loss was reported as a 31.4 percent annualized drop, and it won’t be true in the third quarter, either.

https://www.washingtonpost.com/business/2020/10/29/third-quarter-gdp-economy/

 

[IblinI]

I'd rather be free and die than be shackled by the CCP. That's something Chinese sheep will never understand.

because you are not the one dying, easy for you to say, your "freedom" means spreading to those vulnerable, that is absolute selfish.

 

[Dungeness]

I'd rather be free and die than be shackled by the CCP. That's something Chinese sheep will never understand.

There is no much "freedom" for those 300,000 "excess dead people" .

 

[FairAndUnbiased]

There is no much "freedom" for those 300,000 "excess dead people" .

View attachment 683989

this thread has convinced me that there is a substantial portion of muricans who are literal sociopaths that do not give a **** about anyone but themselves and their ego. they literally believe their 'freedom' to not wear a thin porous piece of plastic can shit over other people's right to life.

this psychotic level of selfishness is unsustainable. it wouldn't be our problem except we in the US are forced to interact with these types and risk disability and death.

 

[Dungeness]

this thread has convinced me that there is a substantial portion of muricans who are literal sociopaths that do not give a **** about anyone but themselves and their ego. they literally believe their 'freedom' to not wear a thin porous piece of plastic can shit over other people's right to life.

this psychotic level of selfishness is unsustainable. it wouldn't be our problem except we in the US are forced to interact with these types and risk disability and death.

Some of them are truly believing in the "freedom", but some here said so just because that's the last thing they could hold on to it.

 

[Nasr]

Bull$hit story debunked!!!


US economic rebound using 'helicopter money' not viable, strategist tells Boom Bust
Published: 30 Oct 2020 | 10:11 GMT

FILE PHOTO: US President Donald Trump stands in front of the Marine One helicopter in Cleveland, Ohio, the US © Reuters / Joshua Roberts

The US saw the strongest quarterly growth between July and September, when the economy grew at an annualized rate of over 33 percent. It comes after the Covid-19 outbreak caused a record drop in the previous quarter.

RT’s Boom Bust is joined by Michael Pento, the founder and president of Pento Portfolio Strategies, to discuss what is behind those numbers.

“We’re still down 2.9 in GDP [gross domestic product] year-over-year and that is despite the Fed printing over three trillion dollars through helicopter money and handing it out to people,” the analyst said. He added that while Wall Street is now “begging” for more cash, the US simply cannot print enough money to destroy the virus.

“It’s not really a viable rebound cause it’s predicated on helicopter money,” Pento said. “There are 22 million people still collecting unemployment benefits in this country – that number was 1.4 million people a year ago.”
The “economy is not sustainable unless you continue this farce of massive deficit spending, all that monetized by the Fed,” Pento continued, adding, “And in my opinion, where I come from, it’s not a viable recovery.”

 

[Nasr]

Game over for Empire of Debt: US dollar hegemony no longer works, says Max Keiser

3 Nov 2020

The World Economic Forum said it is starting The Great Reset initiative to improve the urgently needed change of the state of the world. Max Keiser and Stacy Herbert explore what that could actually mean for the global economy.

They note that in January 2011 the same organization said at the DAVOS forum that $103 trillion in credit was needed to support global growth.

Stacy points out that they are now seemingly signaling that new credit loans will be needed for their so-called Great Reset.

“That means a new recalibration of the world’s currency greed, refactoring into the global market of gold and gold reserves,” says Max, adding that is what always happens during these great resets.

“It’s a great big accounting, it’s like the bill has arrived for decades of sloppy accounting and profligacy and debt binging and corruption.”
He goes on: “So, now the bill arrives at the big table of the reset, and global powers decide who pays what. And it looks like the US has to pay the most because that economy is the worst in terms of how abusive it’s been in using the world reserve currency, the US dollar, to expand its empire of debt to the far reaches of the globe. The hegemony of this now no longer works.”

Game over for Empire of Debt: US dollar hegemony no longer works, says Max Keiser

Game over for Empire of Debt: US dollar hegemony no longer works, says Max Keiser

www.rt.com