Economics was never really an interest for me. But economic sensibilities were already part of my life without even knowing it. I was a kid who knew how to save. I was a kid who knew how to spend. I never liked economic jargon and considered it a waste of time. I only go into to learning about real economics few years ago and came across https://mises.org/wire and Austrian Economics. At that point I realized tat real economics is more or less formalized common sense than an academic study. after coming onto steemit I even wrote an article on why Economics isn't even an empirical science: https://steemit.com/blog/@vimukthi/why-economics-is-not-an-empirical-science-but-a-synthetic-a-priori-analysed-and-explained-with-comedy There were some great discussions in the comments too. So please give it a read.

Austrian Economics doesn't care too much about statistical analysis. Economics is really a result of Human Action and human actions are not some part of an algorithm or some works of a machine. Statistics can be a great tool. It can enhance and make things esier to understand. Nut Human Action is never equal to Mechanical Action.

Real Economics is closer to subjects such as Psychology & Spirituality than Chemistry and Physics

currently popular money printing stupidity of Keynesian economics may have you believe things to be otherwise. But the reality is that if spirituality deals with the metaphysical realm of Human Beings, Economics is simply about the material aspects.

The popular economics today is that bad. It's a perversion of reality. Communism leads to death and misery. Free markets create prosperity. Keynesian madness creates forever suffering sickness that is unable to die and unable to heal. It's like a cancer. It creates an economic reality that is neither lively nor dead. Take a look around you. Pretty much everything wrong with the current economic conditions can be blamed on John Maynard Keynes. Even the big players are uncertain about the current Economic conditions. Let's take a look at the Debt of the world's biggest economy and You'll see why.

U.S. Debt Visualized Using Stacks of $100 Bills

Source

The global debt levels are actually more than 3 times higher. Please let it sink in to your minds that those huge skyscrapers are solid stocks of $100 bills. USSA alone is in that much trouble. Statistic driven centrally planned economic distortions are partly responsible for getting us into this kind of a mess. That's why I was hpy to stumble upon a list of statistical fallacies at www.geckoboard.com

15 Statistical Fallacies to keep in mind when you deal with Data

You can follow each link to a small explanation on what each of these fallacies are. Knowing these fallacies can be especially helpful when you are dealing with somebody intelligent who try to use logic and reasoning. If hat person is just an emotional one or one with poor logic; then there is no helping. Run like hell or you'd be wasting your preciuos time.

Cherry Picking
Data Dredging
Survivorship Bias
Cobra Effect
False Causality
Gerrymandering
Sampling Bias
Gambler's Fallacy
Hawthorne Effect
Regression Toward the Mean
Simpson's Paradox
McNamara Fallacy
Overfitting
Publication Bias
Danger of Summary Metrics

But as I mentioned, statistics can be a great tool, especially when it comes to things that are dictated by laws like government spending and other central bank related economic activities. Even though the projections might be inaccurate, we can at least have a good idea about the current state of affairs. That's why I want to share the following infograph form The Peter G. Peterson Foundation

You can discover more at https://www.pgpf.org

You need to take a look at Silver

Silver was the money of everyday people. It's 17.6 times more abundant compared to Gold. Generally an ounce of Gold used to be worth 15-20 ounces of Silver. This is totally understandable. But current markets are heavily suppressed and manipulated. Not only the value of Gold (AKA real money) is kept at a price too low, Silver is suppressed even more. Sprott Inc. is a company that is in the business of selling people precious metals. That's not a reason to discount their opinion. Even though you and I are part of STEEM, the facts we bring up to promote STEEM are REAL.

I won't repeat stuff from the inforgraph. But I will draw your attention to few things. Take a look at post 2008. This chart may not be too clear. So use the internet for Data if you want. The point is that in a crisis event (especially in the recent ones) Silver outperforms Gold. That's why it takes less Silver ounces to buy a Gold ounce. This is a really interesting feature if you want to hedge against the stocks. Silver is generally Gold on volatility steroids. It tends to go up and down with Gold but in magnified percentages. If you place your bets right you could be having twice the gains of Gold.

Your are welcome for the tip :-)

Also take a good look at that Physical surplus/deficit chart. You all know about Supply & Demand.