Debt Rattle July 15 2016

[Raúl Ilargi Meijer]

Dorothea Lange Farm boy at main drugstore, Medford, Oregon 1939 • (Nobody Believes) China’s Q2 GDP Growth Stable at 6.7% (ET) • Asian Shares Rise To E
[See the full post at: Debt Rattle July 15 2016]

[Greenpa]

I was struck this morning by this headline: “Citigroup’s quarterly profit falls 14 pct, less than indicated” from the financial press. This has been a trend for some years now; the reporting of “Good News!” – that is not good news at all, but merely less bad news than had been expected. It’s now the standard for good financial news- and the press has simply acquiesced that this should be so.

In the same story: “much smaller than the 25 percent drop Chief Executive Michael Corbat had warned of early in June.” Hm. Now how hard would it be to just spin the news this way intentionally – hey; we’ve got to report a HUGE drop in profits – let’s “warn” in friendly fashion that, due to no fault of ours, of course, we’re expecting losses twice actual – then we can announce it’s much better than that! Do you suppose they do this on purpose?

The answer there is “duh”, and I’ll add this is an ancient technique for managing the populace; I wrote a well-recieved blog post on this- in 2008:

https://littlebloginthebigwoods.blogspot.com/2008/09/parable-of-grateful-serf.html

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