Spinning Bad Financial News Into Good

Published: September 8, 2012, 10:18 am

Paul Craig Roberts Infowars.com Sept 8, 2012

Friday’s payroll jobs report says that 96,000 new jobs were created in August and that the unemployment rate (U.3) fell from 8.3% to 8.1%. As 96,000 new jobs are not enough to keep up with population growth, the decline in the U.3 unemployment rate was caused by 368,000 discouraged job seekers giving up on finding employment and dropping out of the work force as measured by U.3. Discouraged workers are not included in the U.3 measure of unemployment, which makes the measure useless. The only purpose of U.3 is to keep bad news out of the news. the U.3 unemployment rate only measures those who have not been discouraged by the inability to find a job and are still actively seeking employment.

The government produces another unemployment measure, U.6, which includes people who have been discouraged by the inability to find a job and have been out of the work force for less than a year. This measure of unemployment is 14.7%, a number that would get attention if reported.

When the long-term (more than one year) discouraged workers are included, the US unemployment rate is about 22%. In other words, the real US rate of unemployment is almost three times higher than the reported–headline rate–of 8.1%.

What is the purpose of reporting an unemployment rate that is about one-third the real unemployment rate? The only answer is deception through Happy News.

Let’s have a look at those 96,000 jobs. What kind of high-tech, high-income super jobs is “the world’s only superpower, the indispensable nation, the world’s greatest economy and capitalist heaven” creating? The answer is lowly paid third world jobs, which is why there is not and cannot be an economic recovery. All the good jobs have been moved offshore in order to maximize the incomes of the rich.

According to the US Bureau of Labor Statistics (BLS), 28,300 of the 96,000 jobs or 29% are waitresses and bartenders. http://www.bls.gov/news.release/empsit.t17.htm

Health care and social services, primarily ambulatory health care services and home health care services, provided 21,700 jobs or 22.6% of the jobs.

So, 52% of the new jobs created by the American superpower are lowly paid waitresses, bartenders, practical nurses, and hospital orderlies.

Highly paid manufacturing jobs declined by 15,000. The incomes lost by these jobs most likely exceed the income gains from the waitresses, bartenders, and hospital orderlies jobs.

Where did the other 46,000 jobs come from?

Formerly, in hard times government employment would expand, but, despite Republican propaganda, not today in today’s mean times. Government (federal, state and local) lost 7,000 jobs.

Professional and business services gained 28,000 jobs, primarily in computer systems design and related services (mainly Indians on H-1B work visas) and management and technical consulting services (mainly former corporate professional employees who now eke out a living by consulting, without pension or health benefits, with their former employers; in other words, they are working the same for less).

These three categories account for 81% of the new jobs.

Where are the remainder?

A few thousand jobs in finance and insurance, jobs that absorb consumer incomes but produce no product. Telephone, cable, water, electricity, and heating produced 8,800 jobs. Transportation and warehousing to store unsold goods produced 5,700 jobs. Retail trade, primarily food and beverage stores (alcohol), produced 6,100 jobs.

And there you have it. The “powerful American economy” is an economy that cannot produce its own clothes and shoes, or the manufactured products, including high technology products, that it consumes, or its own energy, all of which it imports by issuing more debt.

The “great hegemonic American economy” is on the verge of total collapse, because the only way it can pay for the imports that sustain it is by issuing more debt and printing more money. Once the debt and money creation undermine the dollar as world reserve currency, the US will become overnight a third world country, much to the relief of the rest of the world.

Last week Mr. Draghi, the head of the European Central Bank, announced for propaganda purposes that the ECB would buy up the sovereign debt of the troubled EU member governments if, and only if, the assisted member governments agreed to the conditionality that would be imposed.

In other words, Draghi told Greece, Spain, and italy that the ECB will buy your bonds if you do what we tell you. Draghi’s conditions are a combination of austerity on the countries’ populations and the surrender of the countries’ financial sovereignty. Since the troubled debtor countries already had that option, Draghi’s scheme doesn’t change anything. However, the NY StockExchange used Draghi’s announcement to gin up day-trading profits.

Draghi says that the money that the ECB will pour into purchasing Greek, Italian and Spanish bonds will be offset by draining reserves from the European banking system, hardly a helpful operation to stressed banks and European recession.

It is difficult to image worse news than Draghi’s. Yet, stock markets rose. This result is more evidence that financial markets are not to be trusted.

But you will never, ever, hear this fact from the financial press.

A financial system based on lies and deceptions cannot forever last.

Dr. Paul Craig Roberts is the father of Reaganomics and the former head of policy at the Department of Treasury. He is a columnist and was previously the editor of the Wall Street Journal. His latest book, “How the Economy Was Lost: The War of the Worlds,” details why America is disintegrating.

(Locked)

Entry #61

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CajunWin4 - Sep 8, 2012, 10:19 am

"http://www.youtube.com/embed/MwhKuunp8D8?feature=player_embedded"

It time to Impeach Barry O. H. Sortero

Dear Senators and Congressmen:
Thank you for taking the time to review the documentation relevant to the Constitutional legitimacy of the presidency Barack Obama. There have been various problems with the vetting of Mr. Obama throughout the campaign and the present. Iâ€™d like to take the opportunity to highlight the most pertinent and alarming issues that have been clearly revealed. Iâ€™m sure you will agree that this information must be further investigated promptly before any damage is done to the United States and its citizens beyond the Constitutional compromises that currently exist. Most interesting, though, is the fact that Mr. Obama has not simply ordered the original vault copy of his birth certificate to be sealed and chosen to retain three (3) law firms to defend the various cases spending a reported $800,000 (of whose money?). If Mr. Obama has nothing to hide, then why fight the more than 42 cases in federal courts alone (according to Justia) and similar number in state courts of which the merits are well-founded and substantiated through factual evidence, state and federal statutes, and international laws? Main issue is that the state of HI, according to statue 338 allows Foreign born children of Hawaiian residents to obtain Hawaiian birth certificates and obtain them based on a statement of one relative only. There is plenty of evidence of Mr. Obama being born in Kenya and obtaining his Hawaiian birth certificate based on a statement of his grandparent only, who simply didnâ€™t want to deal with immigration and not based on any records from any hospitals. Extensive searches in the State of Hawaii showed no birthing records for his mother [Stanley] Ann Dunham in any hospital in Hawaii.
I would also like to schedule a meeting with you, for which I will fly to Washington, D.C. to personally meet with you in the short term. Having been raised in the former Soviet Union, I am no stranger to horrors of communism, totalitarianism, civilian labor camp rule and I see clearly the path Mr. Obama is taking the United States. It is a downward spiral of total destruction of the constitution and economic infrastructure of this country. I urge you to look at the information thoroughly. Americans need to know that their president is a legitimate president and that their senators and representatives are upholding their oaths:

â€œI do solemnly swear (or affirm) that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; that I take this obligation freely, without any mental reservation or purpose of evasion; and that I will well and faithfully discharge the duties of the office on which I am about to enter: So help me God.â€

As a Senator you have to uphold your oath and initiate proper committee and FBI investigation.
There are serious concerns about Mr. Obamaâ€™s identity and financial dealings. I have obtained a list of some 100 addresses under the name of Barack Obama (and similar spellings). These addresses are attached to different social security numbers. As you know the first three digits in a social security number signify the state. Those were issued all over the country. One of his social security numbers, that was used while he was a law student at Harvard and attached to his address in Sommervile MA, was issued in Ct and attached to a holder of this social security number , that is 118 years old. Clearly no human being can legally have dozens of different social security numbers and Soetoro/Obama is not a 118 years old. I believe there is evidence of massive fraud and massive financial fraud. I believe those units of Name/ss number/ addresses were used to fraction large campaign contributions and other transactions. There is evidence of campaign contributions coming from countries like Libya, Uganda, Palestinian authority and Saudi Arabia. Mr. Obamaâ€™s grandmother, Ms. Madelyn Dunham worked as a volunteer in probate department of the Oahu Circuit court and had access to the Social security numbers of the deceased individuals, which might explain the findings. Mr. Obamaâ€™s mother Ann Dunham, according to databases had numerous aliases and at least two social security numbers.
Mr. Obama was a chair of Annenberg Challenge. Officially he collected 50 million from Annenberg plus 110 million matching funds = 160 million total. There were reports that due to fund swap with Annenberg per se, he had as much as 500 million. This charity operated for 6 years and was supposed to increase student performance in Academics. After 6 years, there was zero improvement in comparison to other schools in Chicago and it is not clear what happened to 500 million donated. I saw their tax returns, they donâ€™t show an explanation.
As a State Senator, Mr. Obama was retained by his friend, Mr. Robert Blackwell, to represent him as an attorney. (Mr. Obama worked for Miner law firm to supplement his $56K salary as a state senator ) Mr. Obama has used State Senator letterhead to solicit grants for Mr. Robert Blackwell. Mr. Blackwell consequently received $320k in State grants for his company and paid Mr. Obama $100K as a salary. Later upon inquiry, Mr. Obama buried the payment he received from Mr. Blackwell amongst hundreds of names of the clients of his firm. This was a clear case of public corruption, but Mr. Obama was never prosecuted, while other lawmakers are serving jail terms for such actions.
While being sworn as an attorney in the State of Illinois, Mr Obama had to provide his personal information under oath. He was asked, if he had any other names, he responded none. (I am in possession of his registration.) In reality, he used the name Barry Soetoro. I am in possession of his school registration in Indonesia, that clearly shows his name to be Barry Soetoro, citizen of Indonesia. Later it was reported that he studied at Occidental College in California [Los Angeles] under the name Barry Soetoro and there was an entry in the journal of the California assembly in re. to grants given to foreign exchange students, one Soetoro from Indonesia. Mr. Soetoro/Obama clearly defrauded the State Bar if Illinois and perjured himself while concealing his identity. Anybody else wouldâ€™ve been disbarred for this and the matter wouldâ€™ve been forwarded to the district attorney for prosecution for perjury and fraud, however nothing was done to Mr. Obama. More importantly, why did he conceal his identity?
I request all of this information to be forwarded to the Senate Armed Services Committee, Senate Finance Committee, Senate Judicial Committee, Mr. Steven Whitlock, director of the whistle blower office of the IRS, ICE, State Department, and FBI for further investigation.
Respectfully submitted,
Dr. Orly Taitz, Esq.
PS. It is my understanding, that in his stimulus package Mr. Obama has asked for 20 billion dollars for community based outreach organizations. Congress has approved it and Senate is cutting the funds to 4 billion, but intending to approve. In the end of November or 2008 I have formed a community based outreach organization DefendOurFreedoms.US. According to Alexa stat count, after only 2 months of existence, one and a half million readers visit my blog monthly and are working with me tirelessly exposing all the massive fraud, surrounding Mr. Soetoro/Obama and defending our Constitution and our freedoms. Four billion dollars will be a great financial help in this massive investigation and in protection of our Constitutional Republic. Please, advise how do I apply for this grant.
Encl.
The problems and inconsistency with ANNENBERGâ€™S FACTCHECK.ORG statements, images, and documents of w

Spinning Bad Financial News Into Good

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