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In this report I cover the early market action from London on Thursday, June 28th, 2018. I look briefly at the precious metals, the stock market, the dollar and the oil price.

I also explain how GDP or gross domestic product is calculated and note that the formula includes government spending. If like me, you  do not consider government spending wealth creation, then it does not make sense that G.D.P. is composed of government spending. As we all know government extracts wealth through taxation from the productive private sector ansd does not create any wealth.

The major conclusion I make is that the G.D.P. growth figures we get from countries like the U.S. and the U.K. have been distorted in the last ten years by government budget deficits of over 3% at least and what that means is that if G.D.P. grows by 1.5% or 2% the actual growth is negative as government has spent 3% or more of the economy.

Recently a Trump economic advisor said G.D.P. will be growing by 4% soon but he did not tell you the deficit will be growing by 5% plus!

My take is that people should keep an eye on oil prices as it is rising in all major and minor fiat currencies and that it is this phenomenon will make our current economic recession even more severe and probably turn into a depression.

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