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Thursday, March 20, 2014
The Last Empire: Protecting the Ponzi Scheme
The darkest form of evil always comes falsely packaged as something “good”…
The Faux News sponsored policy may well be “Pax Americana”, but the reality-based policy is the velvet fist known as “Might is Right”. Of course, everyone knows that, except for the self-delusional NeoCon psychopaths running around still pretending otherwise.
Show this article to anyone that believes that the economy has actually improved under Barack Obama. On Tuesday evening, Barack Obama once again attempted to convince all of us that things have gotten better while he has been in the White House. He quoted a few figures, used some flowery language and made a whole bunch of new promises. And even though he has failed to follow through on his promises time after time, millions upon millions of Americans continue to believe him. In fact, you can find a list of 82 unfulfilled promises from his previous State of the Union addresses right here. Soon we will have even more to add to that collection. At this point, you have to wonder if Obama even believes half the stuff that he is saying. Of course it is extremely unlikely that he is going to come out and admit that he has failed and that he has been lying to us this whole time, but without a doubt the gap between reality and what he is saying to the public is becoming ridiculously huge. To say that his credibility is “strained” would be a massive understatement. No, things have not been getting better in America. In fact, they continue to get even worse. The following are 32 statistics that Obama neglected to mention during the State of the Union address…
#1 According to a recent NBC News/Wall Street Journal poll, only 28 percent of all Americans believe that the country is moving in the right direction.
#2 In 2008, 53 percent of all Americans considered themselves to be “middle class”. In 2014, only 44 percent of all Americans consider themselves to be “middle class”.
#3 In 2008, 25 percent of all Americans in the 18 to 29-year-old age bracket considered themselves to be “lower class”. In 2014, an astounding 49 percent of them do.
#4 Right now there is approximately a billion square feet of vacant retail space in the United States.
#5 There are 46.5 million Americans that are living in poverty, and the poverty rate in America has been at 15 percent or above for 3 consecutive years. That is the first time that has happened since 1965.
#6 Barack Obama says that the unemployment rate has declined to 6.7 percent, but if the labor force participation rate was at the long-term average it would actually be approximately 11.5 percent, and it has stayed at about that level since the end of the last recession.
#7 While Barack Obama has been in the White House, the number of Americans on food stamps has gone from 32 million to 47 million.
#10 While Barack Obama has been in the White House, social benefits as a percentage of real disposable income has risen from about 17 percent to nearly 21 percent.
#11 While Barack Obama has been in the White House, the rate of homeownership in the United States has fallen to levels that we have not seen in nearly two decades.
#12 While Barack Obama has been in the White House, median household income in the United States has fallen for five years in a row.
#13 While Barack Obama has been in the White House, the average cost of a gallon of gasoline has gone from $1.85 to $3.27.
#14 At the end of Barack Obama’s first year in office, our yearly trade deficit with China was 226 billion dollars. Now it is over 300 billion dollars.
#15 Workers are taking home the smallest share of the income pie that has ever been recorded.
#16 Sadly, 1,687,000 fewer Americans have jobs today compared to exactly six years ago even though the population has grown significantly since then.
#17 One recent study found that about 60 percent of the jobs that have been “created” since the end of the last recession pay $13.83 or less an hour.
#18 Only 47 percent of all adults in America have a full-time job at this point.
#19 It is hard to believe, but an astounding 53 percent of all American workers make less than $30,000 a year.
#20 The Obama years have been absolutely brutal for small businesses. According to economist Tim Kane, the following is how the number of startup jobs per 1000 Americans breaks down by presidential administration…
Bush Sr.: 11.3
Bush Jr.: 10.8
#21 You can still buy a house in the city of Detroit for just one dollar.
#22 The U.S. cattle herd is at a 61 year low.
#23 It is being projected that health insurance premiums for healthy 30-year-old men will rise by an average of 260 percent under Obamacare.
#24 According to the most recent numbers from the U.S. Census Bureau, an all-time record 49.2 percent of all Americans are receiving benefits from at least one government program each month.
#26 The U.S. national debt is on pace to more than double during the eight years of the Obama administration. In other words, under Barack Obama the U.S. government will accumulate more debt than it did under all of the other presidents in U.S. history combined.
#27 Right now, there are 1.2 million students that attend public schools in the United States that are homeless. That number has risen by 72 percent since the start of the last recession.
#28 Only 35 percent of all Americans say that they are better off financially than they were a year ago.
#29 Only 19 percent of all Americans believe that the job market is better than it was a year ago.
#30 According to a recent CNN poll, 70 percent of all Americans believe that “the economy is generally in poor shape”.
#32 According to another poll that was recently released, 70 percentof all Americans do not have confidence that the government will “make progress on the important problems and issues facing the country in 2014.”
Have you been paying attention to what has been happening in Argentina, Venezuela, Brazil, Ukraine, Turkey and China? If you are like most Americans, you have not been. Most Americans don’t seem to really care too much about what is happening in the rest of the world, but they should. In major cities all over the globe right now, there is looting, violence, shortages of basic supplies, and runs on the banks. We are not at a “global crisis” stage yet, but things are getting worse with each passing day. For a while, I have felt that 2014 would turn out to be a major “turning point” for the global economy, and so far that is exactly what it is turning out to be. The following are 20 early warning signs that we are rapidly approaching a global economic meltdown…
#1 The looting, violence and economic chaos that is happening in Argentina right now is a perfect example of what can happen when you print too much money…
For Dominga Kanaza, it wasn’t just the soaring inflation or the weeklong blackouts or even the looting that frayed her nerves.
It was all of them combined.
At one point last month, the 37-year-old shop owner refused to open the metal shutters protecting her corner grocery in downtown Buenos Aires more than a few inches — just enough to sell soda to passersby on a sweltering summer day.
#2 The value of the Argentine Peso is absolutely collapsing.
#3 Widespread shortages, looting and accelerating inflation are also causing huge problems in Venezuela…
Economic mismanagement in Venezuela has reached such a level that it risks inciting a violent popular reaction. Venezuela is experiencing declining export revenues, accelerating inflation and widespread shortages of basic consumer goods. At the same time, the Maduro administration has foreclosed peaceful options for Venezuelans to bring about a change in its current policies.
President Maduro, who came to power in a highly-contested election last April, has reacted to the economic crisis with interventionist and increasingly authoritarian measures. His recent orders to slash prices of goods sold in private businesses resulted in episodes of looting, which suggests a latent potential for violence. He has put the armed forces on the street to enforce his economic decrees, exposing them to popular discontent.
#4 In a stunning decision, the Venezuelan government has just announced that it has devalued the Bolivar by more than 40 percent.
#5 Brazilian stocks declined sharply on Thursday. There is a tremendous amount of concern that the economic meltdown that is happening in Argentina is going to spill over into Brazil.
#6 Ukraine is rapidly coming apart at the seams…
A tense ceasefire was announced in Kiev on the fifth day of violence, with radical protesters and riot police holding their position. Opposition leaders are negotiating with the government, but doubts remain that they will be able to stop the rioters.
#7 It appears that a bank run has begun in China…
As China’s CNR reports, depositors in some of Yancheng City’s largest farmers’ co-operative mutual fund societies (“banks”) have been unable to withdraw “hundreds of millions” in deposits in the last few weeks. “Everyone wants to borrow and no one wants to save,” warned one ‘salesperson’, “and loan repayments are difficult to recover.” There is “no money” and the doors are locked.
#8 Art Cashin of UBS is warning that credit markets in China “may be broken“. For much more on this, please see my recent article entitled “The $23 Trillion Credit Bubble In China Is Starting To Collapse – Global Financial Crisis Next?”
#9 News that China’s manufacturing sector is contracting shook up financial markets on Thursday…
Wall Street was rattled by a key reading on China’s manufacturing which dropped below the key 50 level in January, according to HSBC. A reading below 50 on the HSBC flash manufacturing PMI suggests economic contraction.
#10 Japanese stocks experienced their biggest drop in 7 months on Thursday.
#11 The value of the Turkish Lira is absolutely collapsing.
#12 The unemployment rate in France has risen for 9 quarters in a row and recently soared to a new 16 year high.
#13 In Italy, the unemployment rate has soared to a brand new all-time record high of 12.7 percent.
#14 The unemployment rate in Spain is sitting at an all-time record high of 26.7 percent.
#15 This year, the Baltic Dry Index experienced the largest two week post-holiday decline that we have ever seen.
#16 Chipmaker Intel recently announced that it plans to eliminate5,000 jobs over the coming year.
#17 CNBC is reporting that U.S. retailers just experienced “the worst holiday season since 2008“.
#18 A recent CNBC article stated that U.S. consumers should expect a “tsunami” of store closings in the retail industry…
Get ready for the next era in retail—one that will be characterized by far fewer shops and smaller stores.
On Tuesday, Sears said that it will shutter its flagship store in downtown Chicago in April. It’s the latest of about 300 store closures in the U.S. that Sears has made since 2010. The news follows announcements earlier this month of multiple store closings from major department stores J.C. Penney and Macy’s.
Further signs of cuts in the industry came Wednesday, when Target said that it will eliminate 475 jobs worldwide, including some at its Minnesota headquarters, and not fill 700 empty positions.
#19 The U.S. Congress is facing another deadline to raise the debt ceiling in February.
#20 The Dow fell by more than 170 points on Thursday. It is becoming increasingly likely that “the peak of the market” is now in the rear view mirror.
In light of everything above, is there anyone out there that still wants to claim that “everything is going to be okay” for the global economy?
Sadly, most Americans are not even aware of most of these things.
All over the country today, the number one news headline is about Justin Bieber. The mainstream media is absolutely obsessed with celebrity scandals, and so is a very large percentage of the U.S. population.
A great economic storm is rapidly approaching, and most people don’t even seem to notice the storm clouds that are gathering on the horizon.
In the end, perhaps we will get what we deserve as a nation.
Americans have never had less economic freedom than they do right now. The 2014 Index of Economic Freedom has just been released, and it turns out that the level of economic freedom in the United States has now fallen for seven consecutive years. But of course none of us need a report or a survey to tell us that. All we have to do is open our eyes and look around. At this point our entire society is completely dominated by control freaks and bureaucrats. Our economy is literally being suffocated to death by millions of laws, rules and regulations and each year brings a fresh tsunami of red tape. As you will see below, the U.S. government issued more than 80,000 pages of brand new rules and regulations last year on top of what we already had. Even if we didn’t have all of the other monumental economic problems that we are currently facing, all of this bureaucracy alone would be enough to kill our economy.
Yes, every society needs a few basic rules. We would have total chaos if we did not have any laws at all. But in general, when there is more economic freedom there tends to be more economic prosperity. In fact, the greatest period of economic growth in U.S. history was during a time when the federal government was much smaller, there was no Federal Reserve and there was no income tax. Most Americans do not know this.
Those that founded this nation intended for it to be a place where freedom was maximized and government intrusion into our lives was minimized.
If they were still alive today, they would be absolutely horrified. We are literally drowning in red tape.
The photo posted below was shared by U.S. Senator Mike Lee on his Facebook page. Study it carefully…
The following is what he had to say about this photo…
“Behold my display of the 2013 Federal Register. It contains over 80,000 pages of new rules, regulations, and notices all written and passed by unelected bureaucrats. The small stack of papers on top of the display are the laws passed by elected members of Congress and signed into law by the president.”
I didn’t even see the small stack of paper at the top of the cabinet until I read his explanation. Most of the time everyone is so focused on what Congress is doing, but the truth is that the real oppression is happening behind the scenes as unelected federal bureaucrats pump out millions upon millions of useless regulations that are systematically killing our economic freedom.
On Tuesday, an article about the 2014 Index of Economic Freedom was published by the Wall Street Journal. As I mentioned above, the United States has fallen for seven years in a row…
World economic freedom has reached record levels, according to the 2014 Index of Economic Freedom, released Tuesday by the Heritage Foundation and The Wall Street Journal. But after seven straight years of decline, the U.S. has dropped out of the top 10 most economically free countries.
That same article mentioned some of the reasons why the United States is falling…
It’s not hard to see why the U.S. is losing ground. Even marginal tax rates exceeding 43% cannot finance runaway government spending, which has caused the national debt to skyrocket. The Obama administration continues to shackle entire sectors of the economy with regulation, including health care, finance and energy. The intervention impedes both personal freedom and national prosperity.
And of course the results are predictable. Our economy has been steadily declining for many years, and that decline appears to be ready to start picking up speed once again. The following is an excerpt from a recent article by Dave in Denver…
In the latest retail sales report for December, auto sales were nailed – down 1.8%. The only reason overall retail sales from November to December showed a slight “gain” that November’s number was revised lower. Electronics fell off of a cliff. The housing market is about to get crushed. Feedback I’m getting from my Seeking Alpha articles and blog posts on housing from housing market professionals all around the country tells me that the housing market hit a wall at the end of 2013, as I have been forecasting.
What he said about the housing market is definitely true. In recent months, mortgage originations have been falling like a rock. Just check out this chart.
And as I wrote about the other day, there has been absolutely no employment recovery since the end of the last recession. In fact,1,687,000 fewer Americans have jobs today compared to exactly six years ago even though the population has grown significantly since then.
Unfortunately, these are not just “cyclical problems”. Long ago we abandoned the fundamental principles that once made our economy great, and now we are paying a tremendous price for that.
Posted below is a story that has been circulating all over the Internet for quite some time. It is a fake story. Once again, let me repeat that. This is a fake story. But I think that it does a great job of illustrating what is happening to America as we march toward full-fledged socialism…
An economics professor at a local college made a statement that he had never failed a single student before, but had recently failed an entire class. That class had insisted that Obama’s socialism worked and that no one would be poor and no one would be rich, a great equalizer.
The professor then said, “OK, we will have an experiment in this class on Obama’s plan”.. All grades will be averaged and everyone will receive the same grade so no one will fail and no one will receive an A…. (substituting grades for dollars – something closer to home and more readily understood by all).
After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little.
The second test average was a D! No one was happy. When the 3rd test rolled around, the average was an F. As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else.
To their great surprise, ALL FAILED and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great, but when government takes all the reward away, no one will try or want to succeed. Could not be any simpler than that.
But of course it would be disingenuous to pin all of the blame for this just on Obama. The truth is that our nation has continued to march toward socialism no matter who has been in the White House and no matter who has been in control of Congress. So if you want to place some of the blame on a “Bush” or a “Clinton” or a “Boehner” or a “Pelosi” please feel free.
And the American people are getting sick and tired of this one party system that has two heads. According to a recent Gallup survey, only29 percent of all Americans consider themselves to be Democrats right now. And the news was even worse for Republicans. According to that survey, only 24 percent of all Americans consider themselves to be Republicans at this point.
A staggering 45 percent of all Americans now consider themselves to be Independents. Deep down, most Americans know that something is seriously wrong with our nation and that they are being lied to be our politicians and the mainstream media.
Unfortunately, there is very little agreement about how to fix things because Americans do not have a set of shared values that we all agree on anymore.
Much has been said about the key aspect of the Ponzi scheme behind America’s welfare state (if not enough where it matters as the three living Fed Chairmen currently joke around during the Fed’s shindig on the central bank’s 100th anniversary), namely that all those who have paid in money to entitlements, are entitled to benefit from entitlement distributions in the future. On paper this is absolutely correct, and in an efficient market, without capital allocation distortions this would work (ignoring that a Ponzi scheme, is, by definition, a Ponzi scheme and is reliant on ever greater inflows of money and participants or, as some may call them, suckers). More importantly, this is also fair. Sadly, as recent experiments within the Obama administration and elsewhere, most notably France, when the entire developed world has hit “peak debt” levels, the fairness doctrine no longer works, especially if and when it is enforced upon a destitute population.
Since we don’t live in a paper world, one should be able to quantify the disparity between the “haves” and the “have nots” when it comes to entitlements. This is precisely what Larry Kotlikoff did in August 2013 in “How the millennial generation will pay the price of Washington’s paralysis.” The results, charted, show what JPM’s Michael Cembalest has dubbed, accurately, “generational theft”, or the difference between how much excess some Americans will have received in government benefits (the older ones), compared to how great the funding deficit is for others – mostly young Americans, those who are about to graduated from college with record amounts of student loans (on average) and those yet unborn.
After you graduate, the US will be in the thick of the “generational theft” issue; here’s a heads-up on what this is all about. Generational accounting is an estimate of who benefits from and who pays for government programs. As shown in the first chart, the average person in the generation that turned 65 this year received $327 thousand dollars more in lifetime government benefits than they paid in Federal taxes. On the other hand, children born in the future (e.g., yours) will have a lifetime deficit on this basis of -$421 thousand dollars. If it sounds unfair, it is.
It seems that these days few things are fair. Which is perhaps why the rulers are desperate to do everything in their power to “enforce” their idea of fairness on everyone.
“If you repeat a lie often enough, people will believe it.” Sadly, that appears to be the approach that the Obama administration and the mainstream media are taking with the U.S. economy. They seem to believe that if they just keep telling the American people over and over that things are getting better, eventually the American people will believe that it is actually true. On Friday, it was announced that the unemployment rate had fallen to “7 percent”, and the mainstream media responded with a mix of euphoria and jubilation. For example, one USA Today article declared that “with today’s jobs report, one really can say that our long national post-financial crisis nightmare is over.” But is that actually the truth? As you will see below, if you assume that the labor force participation rate in the U.S. is at the long-term average, the unemployment rate in the United States would actually be 11.5 percent instead of 7 percent. There has been absolutely no employment recovery. The percentage of Americans that are actually working has stayed between 58 and 59 percent for 51 months in a row. But most Americans don’t understand these things and they just take whatever the mainstream media tells them as the truth.
And of course the reality of the matter is that we should have seen some sort of an economic recovery by now. Those running our system have literally been mortgaging the future in a desperate attempt to try to pump up our economic numbers. The federal government has been on the greatest debt binge in U.S. history and the Federal Reserve has been printing money like crazed lunatics. All of that “stimulus” should have had some positive short-term effects on the economy.
Sadly, all of those “emergency measures” do not appear to have done much at all. The percentage of Americans that have a job has stayed remarkably flat since the end of 2009, median household income has fallen for five years in a row, and the rate of homeownership in the United States has fallen for eight years in a row. Anyone that claims that the U.S. economy is experiencing a “recovery” is simply not telling the truth. The following are 37 reasons why “the economic recovery of 2013” is a giant lie…
#1 The only reason that the official unemployment rate has been declining over the past couple of years is that the federal government has been pretending that millions upon millions of unemployed Americans no longer want a job and have “left the labor force”. As Zero Hedge recently demonstrated, if the labor force participation rate returned to the long-term average of 65.8 percent, the official unemployment rate in the United States would actually be 11.5 percentinstead of 7 percent.
#2 The percentage of Americans that are actually working is much lower than it used to be. In November 2000, 64.3 percent of all working age Americans had a job. When Barack Obama first entered the White House, 60.6 percent of all working age Americans had a job. Today, only 58.6 percent of all working age Americans have a job. In fact, as you can see from the chart posted below, there has been absolutely no “employment recovery” since the depths of the last recession…
#3 The employment-population ratio has now been under 59 percent for 51 months in a row.
#4 There are 1,148,000 fewer Americans working today than there was in November 2006. Meanwhile, our population has grown by more than 16 million people during that time frame.
#5 The “inactivity rate” for men in their prime working years (25 to 54) has just hit a brand new all-time record high. Does this look like an “economic recovery” to you?…
#6 The number of working age Americans without a job has increasedby a total of 27 million since the year 2000.
#9 Only about 47 percent of all adults in America have a full-time job at this point.
#10 The ratio of wages to corporate profits in the United States just hit a brand new all-time low.
#11 It is hard to believe, but in America today one out of every ten jobs is now filled by a temp agency.
#12 Approximately one out of every four part-time workers in America is living below the poverty line.
#13 In this economic environment, there is intense competition even for the lowest paying jobs. Wal-Mart recently opened up two new stores in Washington D.C., and more than 23,000 people applied for just 600 positions. That means that only about 2.6 percent of the applicants were ultimately hired. In comparison, Harvard offers admission to 6.1 percent of their applicants.
#14 According to the Social Security Administration, 40 percent of all U.S. workers make less than $20,000 a year.
#15 When Barack Obama took office, the average duration of unemployment in this country was 19.8 weeks. Today, it is 37.2 weeks.
#16 According to the New York Times, long-term unemployment in America is up by 213 percent since 2007.
#17 Thanks to Obama administration policies which are systematically killing off small businesses in the United States, the percentage of self-employed Americans is at an all-time low today.
Bush Sr.: 11.3
Bush Jr.: 10.8
#19 According to the U.S. Census Bureau, median household income in the United States has fallen for five years in a row.
#20 The rate of homeownership in the United States has fallen for eight years in a row.
#21 Back in 1999, 64.1 percent of all Americans were covered by employment-based health insurance. Today, only 54.9 percent of all Americans are covered by employment-based health insurance, andthanks to Obamacare millions more Americans are now losing their health insurance plans.
#23 Total consumer credit has risen by a whopping 22 percent over the past three years.
#24 In 2008, the total amount of student loan debt in this country was sitting at about 440 billion dollars. Today, it has shot up toapproximately a trillion dollars.
#25 Under Barack Obama, the velocity of money (a very important indicator of economic health) has plunged to a post-World War II low.
#26 Back in the year 2000, our trade deficit with China was 83 billion dollars. In 2008, our trade deficit with China was 268 billion dollars. Last year, it was 315 billion dollars. That was the largest trade deficit that one nation has had with another nation in world history.
#27 The gap between the rich and the poor in the United States is at anall-time record high.
#28 Right now, 1.2 million students that attend public schools in the United States are homeless. That is a brand new all-time record high, and that number has risen by 72 percent since the start of the last recession.
#29 When Barack Obama first entered the White House, there were about 32 million Americans on food stamps. Today, there are more than 47 million Americans on food stamps.
#30 Right now, approximately one out of every five households in the United States is on food stamps.
#31 According to the Survey of Income and Program Participation conducted by the U.S. Census, well over 100 million Americans are enrolled in at least one welfare program run by the federal government.
#32 In 2000, the U.S. government spent 199 billion dollars on Medicaid. In 2008, the U.S. government spent 338 billion dollars on Medicaid. In 2012, the U.S. government spent 417 billion dollars on Medicaid, and now Obamacare is going to add tens of millions more Americans to the Medicaid rolls.
#33 In 2000, the U.S. government spent 219 billion dollars on Medicare. In 2008, the U.S. government spent 462 billion dollars on Medicare. In 2012, the U.S. government spent 560 billion dollars on Medicare, and that number is expected to absolutely skyrocket in the years ahead as the Baby Boomers retire.
#34 According to the most recent numbers from the U.S. Census Bureau, an all-time record high 49.2 percent of all Americans are receiving benefits from at least one government program.
#35 The U.S. government has spent an astounding 3.7 trillion dollarson welfare programs over the past five years.
#37 The U.S. national debt is on pace to more than double during the eight years of the Obama administration. In other words, under Barack Obama the U.S. government will accumulate more debt than it did under all of the other presidents in U.S. history combined.
Fortunately, it appears that most Americans are not buying into the propaganda. According to a new CNN survey, the percentage of Americans that believe that the economy is getting worse far exceeds the percentage of Americans that believe that the economy is improving…
Americans views on the state of the nation are turning increasingly sour, according to a new national poll.
And a CNN/ORC International survey released Friday also indicates that less than a quarter of the public says that economic conditions are improving, while nearly four in ten say the nation’s economy is getting worse.
Forty-one percent of those questioned in the poll say things are going well in the country today, down nine percentage points from April, and the lowest that number has been in CNN polling since February 2012. Fifty-nine percent say things are going badly, up nine points from April.
So what do you think?
Do you believe that the U.S. economy is getting better or getting worse? Please feel free to share what you think by posting a comment below…
Such is the power of wishful thinking that a set of fool-making memes now pulses through the word-clouds of financial chatter in America spreading the false good cheer that our economic troubles are behind us and pimping for perpetual motion in wealth expansion. A poster boy for this bundle of falsehoods is financial analyst A. Gary Schilling. Just last week, he was talking out of his cloacal vent about US “energy independence” and “the manufacturing renaissance” that will allow this country to magically decouple from the compressive contraction driving the rest of the world.
Shilling is among the growing chorus of cheerleaders who believe that the shale oil and gas boom will make it possible for so-called “consumers” (what we foolishly call ourselves) to keep driving to Wal-Mart forever — which is the master wish behind all the current fantasies of endless expansion. That idea is going to leave a lot of people disappointed and put the nation further behind in the necessary reorganization of all the key systems that support everyday civilized life, namely: food production, commerce, transport, and the management of capital.
Here’s what’s actually going to happen with shale oil and gas. Best case scenario: shale oil production rises for three more years to about 2.3 million barrels a day and then crashes so quickly that in 10 years the shale oil industry ceases to exist. A less rosy forecast would admit that the exorbitant costs of drilling-and-fracking will not find the necessary capital to even take the industry that far. Rather, dwindling capital will see the shocking decline rates of shale wells (commonly 50 percent the first year and double digits the following) and will run shrieking for other places to hide.
Contrary to Gary Schilling’s blather, America is not practicing “energy conservation.” Rather, an economy engineered strictly to run on cheap oil has gotten crushed by oil that is not cheap. Does Schilling believe, for example, that American suburbia works just as well on $90-a-barrel oil as it did on $11-a-barrel oil, or that it has a future as the basic armature of daily life, or that we are doing anything meaningful to alter the burdens of living this way? My guess is that he has never thought about it.
Likewise, as the American economy got crushed by no-longer-cheap oil, all the working classes in this country below the one-percenters got crushed, hammered, and trashed. Among other things they can no longer afford is gasoline. Total vehicle miles driven has gone down by almost 3 percent since 2007. It will keep going down, and the Happy Motoring matrix will collapse for another reason: capital scarcity will translate into fewer available car loans for Americans, and fewer qualified borrowers, and Americans are used to buying their cars on installment loans.
The shale gas situation is also not the “energy savior” it’s cracked up to be. Because it costs so much to export the stuff, and we don’t have the export infrastructure in place — ocean terminals, fleets of special (expensive!) tanker ships — shale gas is hostage to the US domestic market. The initial boom was so extravagant that it produced a gas glut, which drove the price way below the level that makes it economically rational to drill for the stuff. Now, a lot of those drilling rigs are migrating to North Dakota, where the Bakken shale oil fields require perpetual increases in rig-counts to offset the rapid decline of existing wells.
The shale gas regions of Barnett (Fort Worth), Haynesville (Louisiana), and Fayetteville, Arkansas, are already dwindling. The “sweet spots” turned out to be smaller than the hype suggested. The Marcellus (Pennsylvania and New York) is next. Several of the other hyped shale gas “plays” — the Antrim and the Utica — proved too unpromising to even bother with and never made it out of the wish bag.
The problems with fracking and groundwater pollution are secondary to the economic quandaries as far as the fate of the industry is concerned. At under $8 a unit (1000 cubic feet), shale gas is not worth drilling-and-fracking for. It’s currently around $4. Above $8, Americans are going to have a hard time paying for it. So, enjoy the temporary glut and now stand back and watch the industry begin to dry up and blow away.
As for the “industrial renaissance,” clowns like Gary Shilling can’t put together the obvious trends. The talked-about new factories will be operated by robots, so there would be no employment renaissance to go along with them. Then there is the question of who might the products be sold to? To Americans who have no jobs and no money? To Europeans who are also going broke and also have the ability to roboticize industrial production and impoverish their own working people? To Asia, which is already at industrial over-capacity — and which will only grow worse as Americans and Europeans buy less stuff? I guess that leaves South America and Africa. Well, good luck with that.
Schilling is really only shilling for delusional stock market psychology, which tends to be a self-reinforcing racket until it reaches a threshold of credulity criticality and then implodes from a sudden loss of faith, ruining even a great many one percenters. Money may indeed keep pouring into the US stock markets, especially from other countries, where the money is frightened. I’ll tell you what it ought to be really frightened about: that it doesn’t represent genuine capital, i.e. has no real value. One day not distant, all the nations will discover that their money is only notional and that notions have a way of going up in a vapor. Foolish ideas, though, appear more durable and plentiful. They just keep coming, no matter what’s going on in reality.
My basic wish is that we would quit all our wishing in America and get on with the job of transforming our economic arrangements to a scale and mode that are consistent with the resource and capital realities of these times — before they whap us upside the head and put and end to the project of remaining civilized.
According to a whistleblower that has recently come forward, Census employees have been faking and manipulating U.S. employment numbers for years. In fact, it is being alleged that this manipulation was a significant reason for why the official unemployment rate dipped sharply just before the last presidential election. What you are about to read is incredibly disturbing. The numbers that the American people depend upon to make important decisions are being faked. But should we be surprised by this? After all, Barack Obama has been caught telling dozens of major lies over the past five years. At this point it is incredible that there are any Americans that still trust anything that comes out of his mouth. And of course it is not just Obama that has been lying to us. Corruption and deception are rampant throughout the entire federal government, and this has been the case for years. Now that some light is being shed on this, hopefully the American people will respond with overwhelming outrage and disgust.
The whistleblower that I mentioned above has been speaking to John Crudele of the New York Post. In his new article entitled “Census ‘faked’ 2012 election jobs report“, he says that the huge decline in the unemployment rate in September 2012 was “manipulated”…
In the home stretch of the 2012 presidential campaign, from August to September, the unemployment rate fell sharply — raising eyebrows from Wall Street to Washington.
The decline — from 8.1 percent in August to 7.8 percent in September — might not have been all it seemed. The numbers, according to a reliable source, were manipulated.
Two years earlier, the Census had actually caught an employee “fabricating data”, but according to this whistleblower the corruption at the Census Bureau goes much deeper than that…
And a knowledgeable source says the deception went beyond that one employee — that it escalated at the time President Obama was seeking reelection in 2012 and continues today.
“He’s not the only one,” said the source, who asked to remain anonymous for now but is willing to talk with the Labor Department and Congress if asked.
The Census employee caught faking the results is Julius Buckmon, according to confidential Census documents obtained by The Post. Buckmon told me in an interview this past weekend that he was told to make up information by higher-ups at Census.
Well, is it really such a big deal that some of the unemployment numbers were faked?
After all, hasn’t the unemployment rate been consistently going down anyway?
Unfortunately, as you will see below, that is simply not the case. The following are five massive economic lies that the government has been telling you…
“The Unemployment Rate Has Been Steadily Going Down”
According to the official government numbers, the U.S. unemployment rate has fallen all the way down to 7.3 percent.
That sounds really good, and it would seem to imply that a higher percentage of the American people are now working.
Sadly, that is not the truth at all.
Posted below is one of my favorite charts. The employment-population ratio measures the percentage of the working age population that actually has a job. As you can see, this number fell dramatically during the last recession and since the end of 2009 it has remained remarkably flat. In fact, it has stayed between 58 and 59 percent for 50 months in a row…
At the moment, the employment-population ratio is just one-tenth of one percent above the lowest level that it has been throughout this entire crisis.
So are we in an “employment recovery”?
Absolutely not, and anyone that tries to tell you that is lying to you.
So how is the government getting the unemployment rate to go down?
Well, they are accomplishing this by pretending that millions upon millions of unemployed Americans have disappeared from the labor force.
According to the government, the percentage of Americans that want to work is now supposedly at a 35 year low…
If the labor force participation rate was still exactly where it was at when Barack Obama was first elected in 2008, the official unemployment rate would be about 11 percent right now. People would be running around going crazy and wondering when the “economic depression” would finally end.
But when people hear “7.3 percent”, that doesn’t sound so bad. It makes people feel better.
Of course if you are currently unemployed and looking for a job that doesn’t exactly help you. At this point there is intense competition even for minimum wage jobs in America. For example, according toBusiness Insider you actually have a better statistical chance of getting into Harvard than you do of being hired at a new Wal-Mart that is opening up in the Washington D.C. area…
The store is currently combing through more than 23,000 applications for 600 available positions,reports NBC Washington.
That means that Wal-Mart will be able to hire one person for every 38 applications it receives — i.e., just 2.6% of applicants will walk out with a job.
That’s more difficult than getting into Harvard. The Ivy League university accepts 6.1% of applicants.
“Inflation Is Low”
This is another lie that government officials love to tell. In particular, the boys and girls over at the Federal Reserve love to try to convince all of us that inflation is super low because it gives them an excuse to recklessly print lots more money.
But anyone that goes to the grocery store or pays bills on a regular basis knows that there is plenty of inflation in the economy. And if we were being given honest numbers, they would show that.
According to John Williams of shadowstats.com, if the U.S. inflation rate was still calculated the exact same way that it was back when Jimmy Carter was president, the official rate of inflation would be somewherebetween 8 and 10 percent today.
But the Federal Reserve certainly doesn’t want everyone running around talking about “Jimmy Carter” and “stagflation” because then people would really start pressuring them to end their wild money printing schemes.
And without a doubt, what the Fed is doing is absolutely insane. The chart posted below shows that the M1 money supply has nearly doubled since the beginning of 2008…
“Quantitative Easing Is Economic Stimulus”
How many times have you heard the mainstream media tell you something along these lines…
“The Federal Reserve decided today that the economic stimulus must continue.”
There is just one thing wrong with that statement.
As I showed in a previous article, it is a total hoax.
In fact, a former Federal Reserve official that helped manage the Federal Reserve’s quantitative easing program during 2009 and 2010 ispublicly apologizing to the rest of the country for being involved in “the greatest backdoor Wall Street bailout of all time”…
I can only say: I’m sorry, America. As a former Federal Reserve official, I was responsible for executing the centerpiece program of the Fed’s first plunge into the bond-buying experiment known as quantitative easing. The central bank continues to spin QE as a tool for helping Main Street. But I’ve come to recognize the program for what it really is: the greatest backdoor Wall Street bailout of all time.
Yes, quantitative easing has most certainly helped Wall Street (at least temporarily).
Meanwhile, median household income in the U.S. has fallen for five years in a row.
Meanwhile, the federal government is now spending nearly a trillion dollars a year on welfare.
Meanwhile, 1.2 million students that attend public schools in America are now homeless. In fact, that number has risen by 72 percent since the start of the last recession.
“Obamacare Is Going To Be Good For Middle Class Americans”
There were three giant promises that were used to sell Obamacare to the American people…
#1 We would all be able to keep our current health insurance plans.
#2 Millions more Americans were going to be covered by health insurance.
#3 Most Americans would be paying lower health insurance premiums.
Well, it turns out that all of them were lies.
And so far only about 100,000 Americans have actually signed up for Obamacare, so that means that the number of Americans with health insurance has dropped by about 3.9 million since the beginning of October.
Good job Obama.
Meanwhile, Americans all over the country are being hit with a massive case of sticker shock as they start to realize what Obamacare is going to do to their wallets.
According to one study, health insurance premiums for men are going to go up by an average of 99 percent under Obamacare and health insurance premiums for women are going to go up by an average of 62 percent under Obamacare.
And if you are a young man, you are going to get hit particularly hard. At this point, it is being projected that health insurance premiums for healthy 30-year-old men will rise by an average of 260 percent.
“The U.S. National Debt Is Under Control”
The mainstream media would have us believe that the budget deficit is now under control and the U.S. national debt is not a significant problem any longer.
But that is not the truth.
The truth is that we are on pace to accumulate more new debt under the 8 years of the Obama administration than we did under all of the other presidents in all of U.S. history combined.
Every single hour of every single day, our politicians are stealing about $100,000,000 from future generations of Americans. It is a crime so vast that it is hard to put into words, and it is literally destroying the economic future of this country.
Over the last 13 and a half months, the U.S. national debt has increasedby more than 1.12 trillion dollars.
If you were alive when Jesus Christ was born and you had spent a million dollars every single day since then, you still would not have spent that much money by now.
And most Americans don’t realize this, but the U.S. government must borrow far more than a trillion dollars each year. Trillions more in existing debt must be “rolled over” just to keep the game going.
For example, the U.S. government rolled over more than 7.5 trillion dollars of existing debt in fiscal 2013.
So what is going to happen someday when the rest of the world pulls out and stops lending us trillions of dollars at ridiculously low interest rates that are way below the real rate of inflation?
Our financial system is far more vulnerable than we are being told. We are in the terminal phase of the greatest debt bubble in the history of the planet, and when this bubble bursts it is going to be an absolutely spectacular disaster.
Please don’t believe the mainstream media or the politicians when they promise you that everything is going to be okay.
It is natural for a society to search for explanations and motivations in the wake of a man-made tragedy. It is also somewhat natural for people to be driven by their personal biases when looking for someone or something to blame. In recent years, however, our country has been carefully conditioned to view almost every criminal event from an ideological perspective.
The mainstream media now places far more emphasis on the political affiliations and philosophies of “madmen” than it does on their personal disorders and psychosis. The media’s goal, or mission, if you will, is to associate every dark deed whether real or engineered to the political enemies of the establishment, and to make the actions of each individual the collective shame of an entire group of people.
I could sift through a long list of terror attacks and mass shootings in which the establishment media jumped to the conclusion that the perpetrators were inspired by the beliefs of Constitutional conservatives, “conspiracy theorists”, patriots, etc. It is clear to anyone paying attention that the system is going out of its way to demonize those who question the officially sanctioned story, or the officially sanctioned world view. The circus surrounding the latest shooting of multiple TSA agents at Los Angeles International Airport is a perfect example.
Paul Ciancia, the primary suspect in the shooting, was immediately tied to the Liberty Movement by media outlets and the Southern Poverty Law Center, by notes (which we still have yet to see proof of) that law enforcement claims to have found on his person. The notes allegedly use terms such as “New World Order” and “fiat money”, commonly covered by those of us in the alternative media. The assertion is, of course, that Paul Ciancia is just the beginning, and that most if not all of us involved in the exposure of the globalist agenda are powder kegs just waiting to “go off.” The label often used by the MSM to profile people like Ciancia and marginalize the organizational efforts of liberty based culture is “anti-government.”
The establishment desires to acclimate Americans to the idea that being anti-government is wrong; that it is a despicable philosophy embracing social deviance, aimless violence, isolation and zealotry. Looking beyond the mainstream position, my question is, is it really such a bad thing to be anti-government today?
The terms “anti-government” and “conspiracy theorist” are almost always used in the same paragraph when mainstream media pundits espouse their propaganda. They are nothing more than ad hominem labels designed to play on the presumptions of the general population, manipulating them into dismissing any and all alternative viewpoints before they are ever heard or explained. The establishment and the media are ill-equipped to debate us on fair terms, and understand that they will lose control if Americans are allowed to hear what we have to say in a balanced forum. Therefore, their only fallback is to bury the public in lies so thick they won’t want to listen to us at all.
The Liberty Movement now has the upper hand in the war for information. The exposure of multiple conspiracies in the past several years alone has given immense weight to our stance, and reaffirmed warnings we gave long ago.
When we spoke out against the invasion of Iraq, commissioned by George W. Bush on the dubious claim that Iraqi weapons of mass destruction were an immediate threat to the security of our nation, we were called “liberals” and “traitors.” Today, Bush and Cheney have both openly admitted that no WMD’s were ever present in the region. When we attempted to educate the masses on the widespread surveillance of innocent people by the NSA, some of them laughed. Today, it is common knowledge that all electronic communications are monitored by the Federal government. When we refused to accept the official story behind the Bureau of Alcohol, Tobacco, Firearms and Explosives’ Fast and Furious program, we were called “kooks”. Today, it is common knowledge that the Obama Administration purposely allowed U.S. arms to fall into the hands of Mexican cartels. When we roared over the obvious hand the White House played in the Benghazi attack, we were labeled “racists” and “right wing extremists.” Today, it is common knowledge that the White House ordered military response units to stand down and allow the attack to take place. I could go on and on…
Events that were called “conspiracy theory” by the mainstream yesterday are now historical fact today. Have we ever received an apology for this slander? No, of course not, and we don’t expect one will ever surface. We have already gained something far more important – legitimacy.
And what about Paul Ciancia’s apparent belief in the dangers of the “New World Order” and “fiat money”? Are these “conspiracy theories”, or conspiracy realism? The Liberty Movement didn’t coin the phrase “New World Order”, these political and corporate “luminaries” did:
Is economic collapse really just a fairytale perpetrated by “anti-government extremists” bent on fear mongering and dividing society? Perhaps we should ask Alan Greenspan, who now openly admits that he and the private Federal Reserve knew full well they had helped engineer the housing bubble which eventually imploded during the derivatives collapse of 2008.
Or, why not ask the the White House, which just last month proclaimed that “economic chaos” would result if Republicans did not agree to raise the debt ceiling.
Does this make Barack Obama and the Democratic elite “conspiracy theorists” as well?
It is undeniable that government conspiracies and corporate conspiracies exist, and have caused unquantifiable pain to the American people and the people of the world. Knowing this, is it not natural that many citizens would adopt anti-government views in response? Is it wrong to distrust a criminal individual or a criminal enterprise? Why would it be wrong to distrust a criminal government?
The Purpose Behind The Anti-Government Label
When the establishment mainstream applies the anti-government label, they are hoping to achieve several levels propaganda. Here are just a few:
False Association: By placing the alleged “anti-government” views of violent people in the spotlight, the establishment is asserting that it is the political philosophy, not the individual, that is the problem. They are also asserting that other people who hold similar beliefs are guilty by association. That is to say, the actions of one man now become the trespasses of all those who share his ideology. This tactic is only applied by the media to those on the conservative or constitutional end of the spectrum, as it was with Paul Ciancia. For example, when it was discovered that Arizona mass shooter Jared Loughner was actually a leftist, the MSM did not attempt to tie his actions to liberals in general. Why? Because the left is not a threat to the elitist oligarchy within our government. Constitutional conservatives, on the other hand, are.
False Generalization: The term “anti-government” is so broad that, like the term “terrorist”, it can be applied to almost anyone for any reason. The establishment does not want you to distinguish between those who are anti-government for the wrong reasons, and those who are anti-government for the right reasons. Anyone who questions the status quo becomes the enemy regardless of their motives or logic. By demonizing the idea of being anti-government, the establishment manipulates the public into assuming that all government by extension is good, or at least necessary, when the facts actually suggest that most government is neither good or necessary.
False Assertion: The negative connotations surrounding the anti-government stance also suggest that anyone who defends themselves or their principles against government tyranny, whether rationally justified or not, is an evil person. Just look at how Washington D.C. has treated Edward Snowden. Numerous political elites have suggested trying the whistle-blower for treason, or assassinating him outright without due process, even though Snowden’s only crime was to expose the criminal mass surveillance of the American people by the government itself. Rather than apologizing for their corruption, the government would rather destroy anyone who exposes the truth.
False Shame: Does government criminality call for behavior like that allegedly taken by Paul Ciancia? His particular action was not morally honorable or even effective. It helped the establishment’s position instead of hurting it, and was apparently driven more by personal psychological turmoil rather than political affiliation. But, would it be wrong for morally sound and rational Americans facing imminent despotism within government to physically fight back? Would it be wrong to enter into combat with a totalitarian system? The Founding Fathers did, but only after they had exhausted all other avenues, and only after they had broken away from dependence on the system they had sought to fight. Being anti-government does not mean one is a violent and dangerous person. It does mean, though, that there will come a point at which we will not allow government to further erode our freedoms. We will not and should not feel shame in making that stand.
I do not agree with every element of the “anti-government” ethos that exists in our era, but I do see the vast majority of reasons behind it as legitimate. If the establishment really desired to quell the quickly growing anti-government methodology, then they would stop committing Constitutional atrocities and stop giving the public so many causes to hate them. If they continue with their vicious bid to erase civil liberties, dominate the citizenry through fear and intimidation and steal and murder in our name, then our response will inevitably be “anti-government”, and we will inevitably move to end the system as we know it.
You can contact Brandon Smith at: firstname.lastname@example.org
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Did you know that there are more than 102 million working age Americans that do not have a job? Yes, I know that number sounds absolutely crazy, but it is true. Right now, there are more than 11 million Americans that are considered to be “officially unemployed”, and there are more than 91 millionAmericans that are not employed and that are considered to be “not in the labor force”. When you add those two numbers together, the total is more than 102 million. Overall, the number of working age Americans that do not have a job has increased by about 27 million since the year 2000. But aren’t things getting better? After all, the mainstream media is full of headlines about how “good” the jobs numbers for October were. Sadly, the truth is that the mainstream media is not being straight with the American people. As you will see below, we are in the midst of a long-term unemployment crisis in America, and things got even worse last month.
In this day and age, it is absolutely imperative that people start thinking for themselves. Just because the media tells you that something is true does not mean that it actually is. If unemployment was actually going down, the percentage of the working age population that has a job should actually be going up. As you are about to see, that is simply not the case. The following are 10 facts about the growing unemployment crisis in America that will blow your mind…
#1 The percentage of working age Americans with a job fell to 58.3 percent in October. The lowest that number has been at any point since the year 2000 is 58.2 percent. In other words, there has been absolutely no “jobs recovery”. During the last recession, the civilian employment-population ratio dropped from about 63 percent to below 59 percent and it has stayed there for 50 months in a row. Will the percentage of working age Americans with a job soon drop below the 58 percent mark?…
#2 The U.S. economy lost 623,000 full-time jobs last month. But we are being told to believe that the economy is actually getting “better”.
#3 The number of American women with a job fell by 357,000 during the month of October.
#4 The average duration of unemployment in October 2013 was nearly three times as long as it was in October 2000.
#5 The number of Americans “not in the labor force” increased by an astounding 932,000 during October. In other words, the Obama administration would have us believe that nearly a million people “disappeared” from the U.S. labor force in a single month.
#6 The number of Americans “not in the labor force” has grown by more than 11 million since Barack Obama first entered the White House.
#7 In October, the U.S. labor force participation rate fell from 63.2 percent to 62.8 percent. It is now the lowest that it has been since 1978. Below is a chart which shows how the labor force participation rate has been steadily declining since the year 2000. How can the economy be “healthy” if the percentage of Americans that are participating in the labor force is continually declining?…
#8 If the labor force participation rate was still at the same level it was at when Barack Obama was elected in 2008, the official unemployment rate would be about 11 percent right now.
#9 Even if you are working, that does not mean that you are able to take care of yourself and your family without any help. In fact, approximatelyone out of every four part-time workers in America is living below the poverty line.
#10 In January 2000, there were 75 million working age Americans that did not have a job. Today, there are 102 million working age Americans that do not have a job.
So what are our politicians doing to fix this?
Shouldn’t they be working night and day to solve this crisis?
After all, Barack Obama once made the following promise to the American people…
“But I want you all to know, I will not rest until anybody who’s looking for a job can find one — and I’m not talking about just any job, but good jobs that give every American decent wages and decent benefits and a fair shot at the American Dream.”
Unfortunately, things have not improved since Obama made that promise, but he has found the time to play 150 rounds of golf since he has been president.
Meanwhile, because there aren’t enough jobs, the number of Americans living in poverty continues to grow.
And right now 1.2 million public school students in the United States are homeless. For many more statistics like this, please see my previous article entitled “29 Incredible Facts Which Prove That Poverty In America Is Absolutely Exploding“.
The only thing that most Americans have to offer in the marketplace is their labor. If they can’t find a job, they don’t have any other way to take care of themselves and their families.
The future of the middle class in America depends upon the creation of good jobs. It really doesn’t matter how far the quantitative easing that the Federal Reserve has been doing pumps up the current stock market bubble. The American people were told that “economic stimulus” was the reason for doing all of this reckless money printing, but the percentage of working age Americans with a job is now actually lower than it was four years ago. Quantitative easing has been a complete and total failure in the job creation department, and it is doing a tremendous amount of long-term damage to our financial system.
The really frightening thing is that the Federal Reserve and the federal government have supposedly been doing all they can to try to “create jobs” and they have utterly failed. In fact, this is the first time in the post-World War II era that we have not seen an employment recovery following a recession.
And now the next wave of the economic collapse is rapidly approaching. What that hits us, millions more Americans will lose their jobs.
So the truth is that this is just the beginning of the unemployment crisis in America.
Yes, things are bad now, but soon they will get much worse.