Just as U.S. senators are saying publicly that the government has lied to them over Iraq, yesterday’s Barron’s contains an interesting article saying that, “The U.S. government has an inherent bias in its reporting: Inflation is understated and growth is overstated.” Our readers know that our sister publication, Financial Intelligence Report, has long reported that the government inflation figures are misstated to the down side. Mr. Barry Ritholtz, of Ritholtz Research & Analytics, writes in Barron’s that when the Fed first cut rates to half-century lows, “first we reflated, then we inflated.” We agree. Ritholtz goes on to point out...