The Faltering and Not-So-Perfect Economy Can Be Attributed to the Fed

With Stocks Closing Out 2019 at or Near All-Time Highs,
Holding Precious Metals in the Same Period Still Outperformed the
Major Stock Indices Against Their 2018 Highs

FOMC Manipulation of the Monetary Base and Interest Rates
Have Been the Dominant Drivers and Inhibitors of U.S. Economic Activity,
Since the 2008 Banking-System Collapse and Federal Reserve Bailout

Unprecedented in 101 years of Reporting, U.S. Manufacturing Just Completed
Twelve Years, 144 Straight Months and Counting, of Economic Non-Expansion,
Never Recovering Its Pre-Great-Recession or Pre-Banking-Collapse Peak Activity

That Said, Manufacturing, Durable Goods Orders and Freight Activity,
All Are in Record Non-Expansion, Showing a Deepening, New Recession

Twelve Months Real New Orders for Durable Goods to November 2019
Was Down Year-to-Year Versus the 12 Months to November 2018,
Both Before and After Consideration of Volatile Commercial Aircraft Orders

Still Shy by 20% to 50% of Ever Recovering Pre-Recession Peak Activity,
Elements of the Housing Sector Continue to Show Signs of Low-Level Stabilization