The US – The Real Economy and the False Economy

Saturday, October 24, 2009cynicuseconomicusThe US – The Real Economy and the False EconomyDo you remember the stress tests for the banking system in the US? They were the subject of negotiations by the banks with regards to the outcomes, making them remarkably relaxed stress tests. There was an assumption in the stress tests for an unemployment rate of 8.9% (a curiously precise figure), and 10.3% in 2010. The unemployment rate had already reached 9.8% in September, with expectations of further r