Spring Has Sprung, But U.S. Economy Still Snowed In – Ep 79

* Markets on roller coaster ride final two trading days of this week * Bad news parade marches on in April * The players are still clinging to fantasy of U.S. economic recovery * Dollar finished down substantially on the week - April was the first down month in 10 months * Dollar has seen its highs and is heading lower * Gold back below 1200 * Oil prices added to gains closed above $59 - moving opposite to the dollar * Friday - March Personal Income & Spending flat below expectations * Personal Spending also lower than expected; .4% gain * Savings dropped from 5.7 to 5.3 - the lowest savings rate of the year * April PMI Manufacturing Index - dropped more than expected to 54.1 even as weather warms * ISM Manufacturing expected to rise to 52 - remained flat * Employment Index dropped two points - the first drop in 2 years * March Construction Spending fell by .6 missing expectations * Atlanta Fed correctly forecasted Q1 GDP at .2, forecasting Q2 at .8 * Article on Zero Hedge: Goldman Sachs warning Europe about severe "Lowflation" * Article in Bloomberg: Chinese can't "kick" savings habit * Blames problem on "not enough government" * The reason America is in so much trouble is that we don't save * Once the Chinese have built up a cushion, then they will spend * When our phony economy bursts, it will be apparent that we did not save enough and had too much debt * America gives capitalism a bad name - we preach it but do not practice it * We rely on a giant government-run ponzi scheme of socialized savings * We are telling the Chinese they have too much free market capitalism * We have been indulging our present and sacrificing our future * The Chinese will be rewarded for their prudence * The most ironic thing about the Bloomberg article is that they suggest Chinese would be better off under Communism 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