How durable is the Potemkin economy?

Real Investment Advice/Michael Lebowitz/11-17-2021

photo of Powell and Yellen shaking hands“The original Potemkin Village dates to the late 1700s. At that time, Russian Governor Grigory Aleksandrovich Potemkin constructed facades to hide the poor condition of his town from Empress Catherine II. Since then, Potemkin Village represents a false construct, physical or narrative, created to hide the actual situation. As the pandemic ravaged the economy, the Federal Reserve, White House, and Congress went to work and built a Potemkin economy around the ailing economy.”

USAGOLD note: Lebowitz fears that “sustained inflation will weaken the foundation of the facade and blow our Potemkin economic recovery over.” We are puffing it up, he says, with “fiscal and monetary gimmickry.”

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