1. GDP numbers are misleading. The wild swings of the last two quarters, taken together with Everyman’s experience, should be sufficient indicator that they are not trustworthy.
2. Inflation has been occurring in equities and elsewhere. It is a monetary phenomenon and despite CPI manipulation, the effect is beginning to appear in inescapable ways.
3. QE is coming to an end and interest rates will rise.
Thinking Out Loud 