From LewRockwell.com:

You can't open a newspaper or watch a business news network without seeing or hearing that consumers and businesses have been de-leveraging. The storyline, as portrayed by the mainstream media, is that consumers and corporations have seen the light and are paying off debts and living within their means. Austerity has broken out across the land. Bloomberg peddled this line of bull last week...

"US Household Debt Shrank 1.5% in the Second Quarter"

One has to wonder whether the mainstream media and the clueless pundits on CNBC actually believe the crap they are peddling or whether this is a concerted effort to convince the masses that they have done enough and should start spending...

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More on the economy:

"This is not the 1930s"

Jim Rogers: What I would do if I were President

Banishing this rule could be the No. 1 way to fix unemployment