Adam Lass, Senior Editor of WaveStrength Options Weekly, turns his eye on the current economic ‘growth’ reports – including what may actually be growing in the U.S. economy.

“Beyond the Crisis… With most of the world’s economies officially out of recession, the FT launches a series examining the legacy of worst global economic crisis since the 1930s,” says the FT. But according to the figures below the headline, the crisis wasn’t so bad. The US economy walked backward only 3.5%. Now, it’s making progress again.

The FT editors should keep their eyes on the road. The ‘recession’ did more damage than they think. And it isn’t over… There’s more trouble ahead.

“In the old days … the Fed controlled the federal funds rate with open market operations,” Antulio Bomfim, a former Fed economist now with Macroeconomic Advisors LLC in Washington told Reuters. “Now, at least in this period when reserves are over-abundant, the way the Fed hopes to raise the federal funds rate will be primarily by raising the interest rate it pays on reserves.”

Resident voice of reason at The Daily Reckoning, Bill Bonner takes a hard look at Goldman Sachs and replaces jealousy with admiration.
“We pick up sword and shield, ready to fight for Goldman, after reading the Financial Times. The FT has devoted a whole page to Goldman bashing. It’s time someone stood up to say a kind word for the firm.”

Bill Bonner (The Daily Reckoning):

The Dow rose again yesterday – up 44 points. Gold went up too – to a new record of $1,114.

Can anything stop stocks and gold?

Our trip to Paris served as a brief distraction from the “good news” chatter that MSM floods us with. “Global confidence index holds at record high as signs recession has ended,” reads Bloomberg. Yesterday, Chairman Ben indicated that the recession is over, sending stocks and commodities higher.

The press attributed this week’s rise in gold to benign causes. The end of the world seems to have been postponed – indefinitely. Bloomberg reported that a clear majority of those polled thought the world economy was recovering.

There’s no question that the past year-and-a-half has been disastrous for investors. Since last March, the S&P 500 has lost nearly a quarter of its values, and many are still too scared to put their money back in the market in the market. But according to some of the best investors in the world, now is exactly when you should turn your eye to stocks…

Is the recession technically over? The strongest argument for recovery we’ve seen yet… Rob Parenteau shares his new macro economic forecast… “Told you so!” writes Byron King — “breaking news” he and The 5 scooped in March 2008… Plus, Chris Mayer’s latest contrarian play…