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Unemployment is now meaningless: here’s why

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Unread 10.27.16, 03:31 AM
@PersonalLiberty @PersonalLiberty is offline
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Unemployment is now meaningless: here’s why

10.26.16 09:01 PM

I’ve been talking to a group of German businessmen in the past few days and we got into a discussion about their economy versus our economy and where the world is headed.

It got me thinking about how strangely the U.S. reacts to what is actually happening at home, as well as abroad.

We don’t do things in the best interest of the economy the workers inhabit, but always find a way to paint a smile on reality to help the economic elite.

Notice that recent quarterly reports from some major financial institutions showed massive gains in earnings, blowing away expectations. Given the fact that most Federal Reserve Governors came from the big banks, it’s safe to assume they have been in close contact with them. This surprise to the upside was already telegraphed by the Fed’s talk about raising rates in the coming months.

Now that the banks are chugging along again — still not at pre-2008 rates mind you — the Fed can move, regardless of how it will affect us or the economy we live in every day.

The reality we live is not the reality the Fed, politicians or the banks care about.

There was an excellent article in Zero Hedge that talked about “recession fatigue fatigue” and how we have been waiting for nearly a decade for the economy to rebound, like it usually does after of massive sell off.

But the Fed and other central banks have just kicked the can down the road at this point, finding it more important to save the banks that got us into this mess than actually help get the economy moving again.

We have never recovered from the Great Recession — as a matter of fact, we’re still in it. Every quarter of every year for the past five years we’ve heard “this quarter is going to be stronger,” or “the second half of the year will pick up,” only to find the opposite has occurred. And then we hear bizarre excuses for the world’s largest economy, like it was too cold or too hot for consumers to spend. Or the most recent bizarre-o explanation: that people aren’t spending until this presidential election cycle is over. Really?

It’s not all about consumers. The corporations are supposed to get off the government’s milk and stand on their own again. The financial industry has yet to leave the Fed’s teat.

On the other side, there is plenty of responsibility coming from clowns in Washington, D.C. as well. Because this is a major election cycle, they all want to show that they helped “save” the American economy.

That means talking about how wonderful the employment data is. “The U.S. is at full employment, and “we have created millions of new jobs and put people back to work.”

Maybe technically.

But the reality is, the unemployment rate is no longer an economic indicator because the jobs now being created are no longer middle class jobs. They are food service and customer service jobs — not jobs of the 21st Century — that have no upward mobility. The U.S. no longer is growing the middle class, so the employment numbers are no longer valid to assess the U.S. economy.

But the financial media doesn’t ever mention this. It’s happy to go along with the corporate titans that buy advertising spots to keep financial channels and media in business, as well as host their CEOs and CFOs for ridiculous conversations (they are not real interviews, you know).

You’ve been around the block and in a few rodeos. You know this doesn’t feel right, and what they’re telling us doesn’t sound right. Go with that.

Stay safe and secure and don’t expose your assets to games still playing out on Wall Street and Pennsylvania Avenue.

There’s a lot of talk the S&P 500 is primed for a massive correction soon, yet the economy is doing really well? More evidence that you should lower your exposure to volatile stocks and sectors, including the financial sector. Don’t add to your debt with variable rate cards or loans.

Keep your head low and keep your money safe, preferably through buying precious metals and other valuable hard assets, since it’s obvious the powers that be are not interested in your well-being.

— GS Early

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