Guess what? Government GDP numbers are wrong all the time, 30% of the time wrong on even the DIRECTION of economy

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Almost 1 out of 3 times the government reports GDP numbers – according to this report from CNBC – the government isn’t even right about whether the economy is expanding or contracting. And yet markets move off of these numbers like they are legit.

We see in this report, as FA Hayek might have put it, the “pretense of knowledge.”