As the “Big Mac Index” is to global purchase price parity levels of inflation, so when it comes to the state of the “recovery” if not for everyone, then certainly for the 0.1%, there is no better metric than the “Porsche Indicator.” Recall: “Porsche Reports Record Sales in 2013; 21 Percent Increase Over 2012” which certainly didn’t come on the back of yet another year of declines in real incomes for the middle class (spoiler alert: it came on the back of some $10 trillion in liquidty injections by the world’s central banks).
Yet one place where the “Porsche” recovery forgot to make landfall, is none other than the biggest casualty of Europe’s artificial monetary, political and wealth-transferring union: insolvent Greece.
The chart below, from the Greek department of transportation, hardly needs an explanation or commentary, suffice to say that far better than any revised, annualized, seasonally-adjusted non-GAAP GDP it captures the true state of the Greek “recovery”…
via Zero Hedge http://ift.tt/1s6Gin3 Tyler Durden