What I find completely ridiculous is that the elitists now have the investment world completely trained to sit on the edge of their seat and wait with unbridled anticipation for a completely fraudulent economic number to be released that's been promoted by CNBC as "the most important economic report of the year" - week after week. It's like hungry, obedient baby seals waiting for the trainer to toss them some fish. - me in an email to T. Ferguson, TF Metals ReportAnd yet another Non-Farm Payroll report farcical Friday. I was chatting with a long-time gold/silver accumulator earlier today who made the comment that "as rule of thumb it's safe to assume everything the Government reports is a complete lie."
Like baby seals trained to wait for their master to toss them some fish, the market waited anxiously for the employment report. The Wall Street brain trust consensus was expecting 185,000 new jobs but the number reported missed at 162k. Every single big Too Big To Fail bank had estimates that were significantly higher than what was reported. It's down-right embarrassing for the economists at these banks because they missed so badly.
June's farce of a number, made up entirely of part-time jobs, was revised lower. Another 37k completely disappeared from the labor force, as they decided it was easier to receive Social Security disability benefits than to suffer through a part time job a Taco Bell. Of the jobs supposedly created, 65% were part-time. And the average weekly earnings dropped.
If you're interested, you can wade through the report yourself here: LINK Zerohedge has done a nice job breaking out the jobs in terms of the quality of jobs created - i.e. bartenders vs. manufacturing, with 10 times more "bartender" type jobs than jobs that contribute to economic prosperity: LINK
If Obama feels good about that accomplishment as the President, more power to him. As far as I'm concerned, Obama and his agenda been a complete failure. Speaking of his Holy Grail, Obamacare, I just saw a news headline scroll by that reported that more than 50% of the States have refused to implement those nefarious "insurance exchanges." And I know several people who are already braced to pay premiums in excess of 50-75% of what they pay now for reduced coverage. But, of course, Obamacare has had a self-serving purpose for El Hefe: Obamacare has created over 900k jobs this year for the Government, of which 731k are, of course, part time LINK
Circling back the gentleman who made the observation about Government-reported economic data, he and I both think that the U.S. is in the final stages of collapse. As I state in the by-line to my blog title, "I'm not worried how high in price gold is going, I'm worried about what the world around us will look like when it gets there." I have a bad feeling we are going to find just what that will look sooner than most people realize or are willing to believe.