Wednesday, November 14, 2012

Depicting the denial of reality

This was too funny not to post . . .

The dark line is the GDP of Greece.  The dashed lines were the official projections from the group that is bailing Greece out.  Not only were they wrong five years in a row, but the more the situation worsened the more rapid the predicted recovery.  The latest forecast was for an *immediate* improvement.

If you've been reading my blog long enough, you probably already know not to listen to official government projections.  If you are waiting for a bureaucrat, central bank or stockbroker to tell you when to sell, it will be far too late.

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