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We can still rely on the data

I few posts ago, I brought up some visuals depicting inflation for a few grocery items such as eggs and milk, and I wondered if the data being collected were still good. We do have an administration that likes to put its best face possible.

Earlier this week, a Nobel prize winning economist said he thought the statistics being published were still good. He was probably talking about unemployment data, but I will also take it to include inflation data because both unemployment data and inflation data are collected by the Bureau of Labor Statistics (BLS).

The economist said that doctoring the data is extremely difficult and he sees no signs of political influence playing a role here…at this time.

For now, I’m going to have to assume the numbers reported are still adhering to the usual process and thus have the usual quality. I have no other sources to rely on. What I reported a few posts ago is probably still good.

Note: Worrying news about current affairs

The war continues and it appears no one knows of a way to get out of it. I’m no war strategist but it appeared that the best time to declare “victory” was after the death of all of the leaders. I would have thought that the administration would do that in order to have another “Venezuela type” situation.

Alas, we didn’t take up on that strategy and now the situation appears to offer no way out. Iran does not appear to want to negotiate and to my inexperienced eyes, seems to have us “by the balls” by keeping the Strait of Hormuz closed.

I need to do some research on what that oil and gas expert said during the early days of the attack: there have been numerous simulations (hundreds or thousands of simulations) and all indicate the Strait has to re-open by the third week to avoid disastrous impacts – most likely economic.

I need to find out what kind of impacts, the severity or whatever else was done during those simulations. I’m not sure if such information is available.

Meanwhile, Southeast Asia looks like to be the first domino to “fall” – they are starting to experience gas shortages and thus have blackouts, brownouts, and rationing supplies. Businesses most likely will start to fail. This “disease” will start to spread out from there.

This is scary stuff.

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