Bubble Deniers

Two important headlines this morning, both of them fraudulent:

“Chinese economy bounces back,” says one headline in the International Herald Tribune.

“JPMorgan profit soars despite downturn,” says another.

The average reader or TV viewer will go no further. “Ah,” he says to himself, “good news; the worst is over. China is a green shoot as big as the Amazon. And JPMorgan is a leader in the financial sector. If the financial sector is doing well, the whole world economy must be doing well.”

But here at the Daily Reckoning, we can’t help ourselves. If we see a silver lining, we look for the cloud. We see garbage... we look for the rat... (more)