The corrupt edifice that has propped up the US big banks and financial system is beginning to crumble before our very eyes. I’ve warned everyone who would listen for the last 2 years that this would happen.
Now it is.
First and foremost, the former head of the Bureau of Labor Statistics (the group in charge of calculating the “official” unemployment numbers and inflation measures) has stepped forward and stated, point blank, that the unemployment numbers in the US are a joke.
Keith Hall believes the US economy is a lot sicker than the 7.6 percent unemployment rate would lead you to believe.
And he should know.
Hall was, from 2008 until last year, the guy in charge of Washington’s Bureau of Labor Statistics, the agency that compiles that rate.
“Right now [it’s] misleadingly low,” says Hall, who believes a truer reading of those now wanting a job but without one to be more than 10 percent.
Source: NY Post
The Government claims we’re in recovery because the unemployment rate is falling. But we have the former head of the BLS stating that real unemployment is greater than 10%.
The revelations continue with the inflation measure used by the Feds/ Federal Reserve. I’ve written about the various gimmicks the Feds use to downplay inflation many times before, but now the former head of the BLS has openly admitted the Fed’s methodology is incredibly outdated.
So how do the Feds measure inflation? They perform hundreds of thousands of surveys to see what consumers are buying. Then the BLS sends people into stores to determine how much these items cost.
So the Feds are relying on people:
1) Remembering what they bought last month for groceries
2) Remembering the price they paid
I don’t remember either these things in any great detail. I doubt 99% of people do either. And yet this is the basis for our inflation metrics!
The phony unemployment data and unbelievably low inflation measure are two of the biggest reasons that the Fed has to continue with its futile QE efforts. And the media is finally catching on that both are a joke.
This is just the start. I warned that higher interest rates were coming starting with a collapse in bonds in Europe and the emerging market space.
This is truly catastrophic. The world is in a massive debt bubble and the Central banks are now officially losing control. The stage is now set for a collapse that will make 2008 look like a joke.
If you are not preparing in advance for this you are dumber than dirt, the time to get started was two years ago but there is clearly no reason to at least try and do something NOW.
Thank you for voting Democrat you parakeet brained losers!