Oh, it's been a long while since a piece of economic propaganda masquerading as journalism made me want to laugh, curse, and wince – all at the same time.
I owe this unusual feeling to a March 14 puff piece in Bloomberg, co-authored by Simon Kennedy and Zoe Schneeweiss: "Why the Worst May Already Be Over for the Global Economy."
Rarely have I seen so much dangerous drivel under a single, misleading headline.
It's a desperate – but creative – attempt to put lipstick on a fundamentally broken economic pig. The authors deserve high marks for organizing, then spinning, statistics and adjectives with a careful disregard for trivial obstacles like "context" and "reality."
Indeed, their article has all the false hope, lies of omission, and misleading confidence of the propaganda ministries of losing armies.
You know the story: Whenever it becomes numerically obvious that defeat is inevitable, the losing side always steps up the "have no fear" puff pieces to boost morale on the home front.
That's exactly what we have here, like something cooked up in the bowels of the U.S.S.R.'s Pravda or China's People's Daily.
About the Author
25-year run as a hedge fund portfolio manager, family office chief investment officer, managing director and general counsel. Internationally recognized expert in credit and equity markets as well as macro risk management.