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Friday, August 5, 2016

J.P.Morgan Says GDP Number Not Reliable Metric -Now What?

J.P. Morgan’s CEO brushes off short-term data points



Jamie Dimon questions accuracy of GDP data


Jamie Dimon is in it for the long haul and isn’t being hassled by short-term data, even to the point of questioning whether quarterly GDP numbers are accurate anymore.
The chief executive and chairman of J.P. Morgan Chase & Co. JPM, +2.70%  told CNBC in an interview Monday that he isn’t bothered by second-quarter GDP growth of 1.2% at an annual rate, a reading that was well below forecasts.
Pointing to job creation, rising wages, increased household spending, and other signs that the economy is firming up, Dimon played down the GDP reading as a short-term data point.
“I wouldn’t overreact to short-term data,” Dimon said. “I’m not even sure GDP data is actually that accurate anymore.”
Dimon, however, did express that he wished it was growing faster, more in the neighborhood of 2%.  

How to Arm a “Volatile” Planet

The U.S. political system is also a global arms distribution system. During Obama’s first six years in office, Washington entered into agreements to sell more than $190 billion in weaponry worldwide — more than any US administration since World War II.  Obama has loosened restrictions on arms exports, making it possible to send abroad a whole new range of weapons and weapons components with far less scrutiny than was previously required.



Is a Civil War Looming in Israel?

“We are on the verge of an uprising of hatred, racism, darkness and upcoming killings and assassination based on the overwhelming internal hatred here. We hear hatred at every turn, whether it is directed toward women by military rabbis, by Ashkenazi Jews against Sephardi Jews and Mizrahi Jews against Ashkenazis. This way the seeds of the uprising of hatred are planted, which will lead to a civil war. This hatred is being carried out by the full support and cover of those in charge.” 



Economic Development and the Concept Of “Resistance Economy”

They are the instruments to buy corrupt government officials with unaccounted loans or credits that increase national debt and increase dependence on the western predatory corporate and finance system. Its neocolonialism at its best – nothing to do with ‘development of poor countries’. To the contrary – its debt-dependence for easy exploitation.



How China’s ‘Currency Manipulation’ Enhances the Global Role of the US Dollar

The bank’s latest move confirmed its strategic goal to “end the US dollar’s hegemony” and “forge a new global financial order.” In an article for the financial publication MarketWatch, research analyst David Marsh tried to suggest a wider strategy: “The world’s second-largest economy is embarking, pragmatically but steadily, toward enshrining a multicurrency reserve system at the heart of the world’s financial order.”

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