Flash Economic Commentary No. 1445

(SGS Subscription required) • Mounting, Fundamental Risks for Hyperinflation and Systemic Instabilities Promise New Highs for Gold and Silver Prices, Irrespective of the August 11th Sell-Offs
• Historic GDP Collapse Wiped Out the Last Five Years of Economic Growth
• Second-Quarter 2020 Real GDP Plunged at an Unprecedented, Albeit Consensus, Annualized Quarterly Pace of 32.9% (-32.9%), Down Year-to-Year by 9.5% (-9.5%)
• Given Limited-Quality Hard Data, Has Headline Reporting Turned to the Consensus?
• Benchmarked GDP Received a Boost from New Trade-Deficit Reporting Gimmicks
• Nonetheless, Rebound from the Pandemic-Driven Economic Collapse Is Faltering
• L-Shaped Economic Recovery Has Begun to Take Form, as July Jobs and Unemployment Improvement Decelerated, Amidst Continuing Pandemic-Disrupted Surveying and Reporting Quality Issues
• Labor-Market Stress Has Intensified as Unemployment Claims Gyrate Around Still-in-Depression Levels; Fed Sees Early Indications of Renewed Pullback in Consumer Activity
• U.S. Sovereign Credit Rating Rumblings Mount as Congress and the White House Negotiate a Second Round of Massive, Expanded Deficit Spending
• Stalled Recovery Will Generate Even Greater Spending and Monetary Excesses
• Federal Reserve Record Money Supply Expansion Continues, Despite Benchmarked Money Numbers Showing Minimally Slower Growth

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