Disney World, Paul Krugman, and Market/Economic News – Ep. 75

* Disney's theme parks are a monument to capitalism as it existed when Walt Disney envisioned Disneyland * The Hall of Presidents, however manages to honor presidents who supported big government over the free market * The choice of presidents demonstrates revisionist history that supports the liberal, big-government narrative * Whenever you expand government you contract liberty * The Dow ended the week down 279 points; NASDAQ down 75 * The search is on for excuses but the real issue is not global causes but U.S. economic performance * Housing Starts and Permits were way below estimates * Jobless claims were higher than expected * Leading Economic Indicators weaker than expected this month after last month's downward revision * Core CPI came in twice expectations, but described as "better than expected" * The dollar had a very weak week; Canadian dollar had strongest week in years, with a possible rally going forward * Weakness in Stock Market, continuing weak economic data makes June rate hike less and less likely in the minds of traders * The most prominent poster boy for the myth of the U.S. economic recovery, Paul Krugman, recently published an article claiming victory for U.S. Keynesian economic policy * Krugman claims U.S. is performing better than Europe due to Keynesian policies * Perception is not reality: the U.S. is not doing as well as Krugman would have us believe * Krugman references an article by Germany Finance Minister Wolfgang Shauble, criticizing him for rejecting macroeconomics * Macroeconomics IS B.S. and should be rejected * Krugman infers that Europe's woes are the result of rejecting Keynesianism * Shauble warns against going for the "quick fix" of Keynesian policies * Germany understands that austerity, rather than debt, is the answer * Krugman believes we should continue to create bubbles through stimulus and debt * It will be interesting to see what Krugman says when the U.S. economy slips back to recession as Europe grows * Europe's approach was not perfect, but it is better than the politically expedient solution championed by Krugman Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy