GSI Banner
  • Free Access
  • Contributors
  • Membership Levels
  • Video
  • Origins
  • Sponsors
  • My Account
  • Sign In
  • Join Now

  • Free Access
  • Contributors
  • Membership Levels
  • Video
  • Origins
  • Sponsors
  • Contact

© 2025 Grey Swan Investment Fraternity

  • Cookie Policy
  • Privacy Policy
  • Terms & Conditions
  • Do Not Sell or Share My Personal Information
  • Whitelist Us
Ripple Effect

Lies, Damn Lies, and Government Statistics

Loading ...Addison Wiggin

July 30, 2025 • 48 second read


CPIgovernment statisticsstatistics

Lies, Damn Lies, and Government Statistics

Every day, millions of investors make decisions in part on economic data.

This morning, markets are digesting the news that GDP rose at a 3% annualized rate in the second quarter of 2025 – a sharp reversal from the negative read in the first quarter.

However, government statistics tend to get revised. Worse, today, an increasing amount of data that goes into those statistics isn’t even accurate – it’s an admitted guess:

Turn Your Images On

Government statistics are increasingly based on guesswork, not facts.

In this instance, CPI, which drives inflation, is usually based on the costs of about 90,000 goods across the economy. But with one-third of the data now based on an estimate — or worse, a guesstimate — it makes CPI data suspect.

This makes other measures, like PPI, suspect, making it impossible for the Fed to accurately determine inflation or its trend.

~ Addison

P.S.  As always, your reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)


The Mirage of High Income

November 19, 2025 • Addison Wiggin

We’ve lived through the greatest borrowing binge in modern history, and yet the national mood feels poorer, more brittle, less confident.

There’s a familiar pattern here: the higher the noise, the more critical it becomes to tune it out. The markets will surge and swoon, the political class will posture, and commentators will insist that this time is different.

Our biggest concern, meanwhile, is that with a collapsing stock market, economic anxiety will reach fever highs. And with it the political divide in the country will become even more performative, expressive and violent.

Civil society cannot sustain a credit crisis.

The real work — the only work that actually matters — happens at the level of your own finances, your own decisions, your own family. No administration, blue or red, can insulate you from a balance sheet that doesn’t balance.

The Mirage of High Income
Bonfire in Timber (Prices)!

November 19, 2025 • Addison Wiggin

Timber is among several commodities declining this year. Oil, down 15%. Wheat minus 10%. Egg prices have gotten over the avian flu and are down 80%.

Lower commodity costs are good for consumers. They offset tariff costs to wholesalers. And they are good for this year’s political pet issue, “affordability.”

But they also reflect a sore spot in the overall economy. Lower demand for timber, a key component in housing, means builders aren’t building.

Many economists interpret lower timber prices as a sign that the economy is already in recession.

Bonfire in Timber (Prices)!
The Debasement “Trade”

November 18, 2025 • Mark Jeftovic

Bitcoin isn’t a trade and trying to time it with chart patterns generally does not work.

I’ve never really felt like technical analysis carried much real predictive edge in general and when it comes to BTC, I’ve seen too many failed “death crosses” to change my opinion.

The one that just triggered in mid-November as bitcoin flirted with $90,000 is just the latest.

What really matters? It’s a monetary regime change – if market participants are trading anything it’s getting rid of a currency (“it’s the denominator, stupid”) for a store of value – and we’re seeing it in spades with Bitcoin and gold.

The Debasement “Trade”
The Cult of Stock Market Riches

November 18, 2025 • Addison Wiggin

White-collar hiring is, in fact, slowing. Engel’s Pause is taking hold of the jobs picture.

In the meantime, everyday Americans are rediscovering an ancient truth: there is wisdom in wearing steel-toed boots.

Jobs that struggle to attract bodies in boom times are now seeing stampedes of applicants.

– Georgia’s Department of Corrections: applications up 40%.

– The U.S. military: reached 2025 recruiting goals early.

– Waste management staffing: applications up 50%.

For now, economists call this “labor market tightness.” Anyone who has ever scrubbed a grease trap knows it by another name: fear.

The Cult of Stock Market Riches