The Golden Truth: Jobless Claims

Thursday, January 20, 2011

Jobless Claims - The Truth

Once again the Government manipulated jobless benefits statistic - and the number which is the headline number read and reacted to all over the world - is much lower than the "unadjusted" raw number. The reported number was 404,000, which was a decline from the previous week's manipulated number and lower than the market consensus expectation. HOWEVER, the actual unadjusted number of claims was 550,594. So there it is. The golden truth. Here's the Dept of Labor press release: LINK

Even more disturbing in that report - and a number which likely 98% of all market professionals and 99.9% of everyone else in this country who at least attempt to stay informed - is the fact that the total number people claiming jobless benefits under all of the programs jumped by over 401,000 from the previous week. So nearly 1/2 a million more people either can't find work and qualify for a weekly welfare stipend, or just can't be bothered with looking for work since they do qualify for taxpayer largesse. The total number of capable workers now feasting on part of your paycheck is 9,607,424.

The truth will set you free.

9 comments:

RothbardThursday, 20 January, 2011
San Gold - TSX. Right at a new 52 week low - not like they are a liar on top of a whole in the ground.

I hoped we wouldn't see the following scenario.

Paper gold and shares get the LIVING DAYLIGHTS beat out of them. This drives the price of physical down as well. But the price gets so low there is no more physical to be found.

So all your investments are in the tank and yet they are so scarce. The greatest of all disconnects....for a time...Times a Time as well? I dunno, but those who wish to preserve the current system may destroy as many others as they can on the way down. It's my sandbox and I make the rules in here. Only I benefit.
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AnonymousThursday, 20 January, 2011
Spread the word...print it..you have to undo the brainwashing...

Ok, so let’s do a brief thought exercise on why I believe commodity
money is preferable to fiat money. When you have fiat money, a
government, or in the case of the United States today, a banking
cartel (the Federal Reserve), is granted exclusive authority to create
the nation’s money. Laws are used to enforce the use of this money
otherwise people probably wouldn’t use it. Under a commodity money
system, where let’s say the U.S. issues dollars but those dollars are
backed or convertible to a commodity (in many cases gold but it can be
other things) there is a limit to the amount the government or banking
cartel can print or issue and this is in relation to the amount of the
commodity that exists or is available to the government or central
bank. The current propaganda that is rife throughout economics
textbooks and the like tell is the notion that commodity money is bad
since it stifles human innovation in relation to the amount of gold or
whatever commodity used. They say this is bad and that there should
be no “limit” on money creation based on something as arbitrary as a
commodity and that this is bad for growth. This is complete nonsense
and is used to keep people in the current fiat system where money
power is exercised most egregiously by the few against the many.

http://www.zerohedge.com/article/guest-post-why-fiat-money-immoral
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AnonymousThursday, 20 January, 2011
Don't you wish all the academics, politicians, and friends of tbtf had to compete in the real world like you?

STARVE THE BEAST

http://www.entendance.com/forums/viewtopic.php?f=5&t=793&st=0&sk=t&sd=a&start=10#p14878
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EconomicDisconnectThursday, 20 January, 2011
In interesting take on gold and silver vs commodities:
Silver:
http://tinyurl.com/629ntbg

Gold:
http://tinyurl.com/69ar58v

I know the author pretty well and we do not see things the same way here, but would be interested in your take.
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danteThursday, 20 January, 2011
William Black continues to collectively summarize the fraud in an easy to understand manner and yet we don't have one god damn honest regulator with the teeth to bite these guys in the ass..its perturbing. Read and pass on .... I wish we had more people like him.

An Economic Philosophy That Has Completely Failed'

# Honest accounting is the prerequisite effective financial regulation. The administration stood by while Bernanke, the Chamber of Commerce, and the specialized bank lobbyists used Congress to extort the Financial Accounting Standards Board (FASB) to pervert the accounting rules so that banks would not have to recognize their losses. The administration knows that perverting the accounting rules in this manner harms the public in many ways. Not recognizing losses creates fictional bank income and capital. Banks that are deeply insolvent and unprofitable are able to claim to be solvent and profitable. This allows the banks to evade the Prompt Corrective Action law and makes it more difficult for regulators to prevent expensive bank failures. It also allows the controlling officers to pay the officers tens of billions of dollars in bonuses that the officers have not earned. The same accounting scam makes the administration's (self) vaunted "stress tests" a sham. Obama can end the banks' accounting scams and end these anti-regulatory disasters at any time because banking regulators have the power to impose regulatory accounting principles that would restore honest accounting and restore effective bank regulation. I shouldn't have to keep emphasizing this, but honesty in accounting is also essential to integrity - and integrity is essential to everything.

http://www.huffingtonpost.com/william-k-black/an-economic-philosophy-th_b_810950.html
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Dave in DenverThursday, 20 January, 2011
Is he being sarcastic? I don't have time discuss the many reasons why gold/silver are not even remotely in a "bubble" phase yet. The primary reason being that the money-printing/fiat currency devaluation race is just getting started. Any pm bubble will occur after the supply-of-currencies bubble peaks. And the price of gold will be many multiples higher than where it is today. Go read the Richard Russell comment posted on 321gold.com and the Alisdair Macleod commentary on financeandeconomics.org for some insight.

Anyone who believes that the metals are in a bubble phase right now has very little understand of the facts and no insight into the definitional characteristics of a "bubblified" asset clase...
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danteThursday, 20 January, 2011
If the ppi is understated would that graph be meaningful?

It seems the only bubble there is ....is the one in the perennial gold bubble callers veins.... that leads straight to their brains... and thus the non comprehension of what gold is trying to tell you.

See...

Hickey: I've had more than 50% of my assets in gold for the past seven years. Institutional ownership of gold is ridiculously low. It is less than 1%.

Zulauf: At its 1980 peak of $850 an ounce, gold represented 3% of the market capitalization of global equities, bonds and money-market assets. Today it is 0.6%. The price has a long way to go.
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BillThursday, 20 January, 2011
Hot off the presses Dave

California governor declares fiscal emergency
Reuters

http://news.yahoo.com/s/nm/20110121/us_nm/us_economy_california_emergency

Bill
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Dave in DenverThursday, 20 January, 2011
comments t. I like William Black - he has brass stones for an academic.
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Add comment

Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.