Why economics are a joke

Everyone was out touting the GDP statistics some time back claiming that the worst is over. Recently, I came across this fantastic chart that exposes this myth of nominal GDP and essentially government spending an programs have been propping up our GDP figures. Yet another reason why this market and market action are amazingly suspicious. We are in a giant ponzi scheme where we are leveraging our future merely to prop up the unsustainable consumption society that we are today.

In most cases where governments laud economic statistics they are as twisted and manipulated as any accounting numbers if not more so. They essentially thrive on assumptions that hold no basis. (Please see my previous post for a great joke about an economist, a chemist and a physicist)