Statism survives by looting. A free country survives by producing – Ayn Rand
What’s amusing about the jobs report is that everyone discusses them as if they are valid. Even to the extent that they know the numbers are absurdly manipulated, they still dissect, analyze and discuss them “as if.” It makes for terrific Broadway comedy and yet it’s tragically pathetic. I laugh my a** off watching supposedly Ivy-league educated Wall Street experts get on Financial Comedy TV and opine on the latest numbers as if they are real or actually represent any semblance of truth or fact.
From Truth in Gold:
Friday’s number for instance, forget where and how the alleged job growth game from, we know that’s wrong, but a much better than expected number should have sent the stock market and metals into a tailspin over the fear of a December taper. But the SPX is up 1% and the metals, after their customary “no matter what the news is bashing,” are now up big from their post-report lows: up 2% for gold and 2.3% for silver.
Explain that one if the market really believes that the jobs report is valid, bona fide and truthful and if the market really believes that the Fed will taper.
The other interesting note is that the dollar soared right after the report, but it has since pulled back a stunning 36 basis points from it’s high-tick today. The dollar index futures continuous contract can’t hold the 50-day moving average any better than Warren Buffet can hold his bladder.
Beneath the Orwellian veneer of morose Government lies and misrepresentation, I think the market knows the truth. If not the bubblehead entitled idiots in this country, then certainly the biggest non-Japanese holders of dollars – namely the Chinese and Arabs.
I guess what would be the funniest part about the Government trying to force-feed the fraudulent data reports down our gullets like geese headed for the fois gras slaughter pen is that the average formerly middle class American is in financial pain. We see that from the plunging savings rate and soaring use of credit to try and finance the elusive and dubiously “good life” of the proverbial Joneses. By “middle class” I mean anyone not wealthy enough with cash to buy their own DC politician. That’s clearly not these people who are part the 61% jump in those defaulting on luxury mortgages: Luxury Mortgage Default Rate Jumps 61%.
But the market eventually flushes out the truth, and that’s becoming apparent with the decline in yesterday’s consumption metric of the GDP report, with the decline in holiday retail sales and with the desperation being reflected by the preponderance of “for sale” and “coming soon” signs popping up outside of homes all over the country at the worst time of the year to sell a house.