FOMC-Driven Consumer Slowdown Signals Onset of a New Recession, as
Nominal Monetary Base Drops to a Five-Year Low

Effects of Ongoing Federal Reserve Tightening Increasingly Have Pummeled
Real Retail Sales, Production and Construction Activity

Intensifying Consumer-Liquidity Squeeze Reflected in Downside
Revisions to Previously Estimated Auto Sales, Housing and Third-Quarter GDP

Third-Quarter 2018 Final Sales (GDP Net of an Increasing Inventory Buildup)
Slowed to a Revised 1.03% (Initially 1.43%) from a Second-Quarter 5.33%

Annual Growth in November Freight Activity Plunged to a Two-Year Low

November 2018 Residential Construction and Sales Continued in
Deepening Downtrends, Well Shy of Ever Recovering Pre-Recession Highs

November Manufacturing in Record 131st Straight Month of Non-Expansion,
Still Shy by 4.7% (-4.7%) of Recovering Its Pre-Recession Peak;
Unlike Anything Ever Seen in the 100-Year History of the Production Series

2008 Banking-System Insolvency Arose Under the Watchful Eye of the
Banking-System-Owned Federal Reserve

Subsequent FOMC Actions in the Last Decade Centered on
Propping the Banks, Not on Restoring a Healthy Economy

Stock Market Turmoil Has Begun to Respond to the Intensifying
Effects of Financial-System Distortions and Instabilities