NFP: The Art of Deception

Chinese goldThe monthly non-farm payroll report has become perhaps one of the biggest tragicomedies manufactured by our completely fraudulent Government/Wall Street/financial media fairy tale factory.  The report generates as much anticipation, speculation and discussion as any of the economic reports released.  The week leading up to the release of the report is spent discussing and analyzing the numbers that are forecast by Wall Street’s brain trust, including the numerous last-minute revisions.  Friday, for instance, with an expected headline print of 206k jobs created in March, CNBC’s Joe Kernan tried to heat up the anticipation even more  a minute before the release by exclaiming “some of the whispers are expecting a three-handle” (meaning over 300k jobs).
The complete tragic irony in all of this is that the employment report is probably the most deceptively fraudulent reports produced by the Government.


Submitted by PM Fund Manager Dave Kranzler, Investment Research Dynamics:

I’ve grown fatigued producing analysis which shows just how absurdly inconsistent the data is with reality.  When a very bright colleague of mine started in on the numbers I told him that I just don’t care anymore.

Think about all the resources and time we spend discussing, dissecting and analyzing the report every month.  The funny thing is that we spend all this time discussing meaningless numbers.  Meaningless because they are so completely inaccurate.  I know analysts who spend hours upon hours going through the reported data and comparing it with all the data and data-adjustments from previous reports over the years.  But it’s a complete waste of time.  It’s nothing but pure torture.

Then my colleague pointed out that the report moves the market – the market trades on the numbers.  To which I responded, quite correctly I might add, that the market doesn’t trade on the number – the market trades on the back of Fed intervention.   That’s it.  It’s that simple.  Occam’s Razor.  It’s a complete tragedy that we “legitimize” the numbers by discussing them.  CNBC/Bloomberg promote the “legitimacy” of the numbers by bringing on their panel of “experts” who then spend several hours discussing the report and its implications about the economy.   They legitimize the illegitimate by making it seem like the discussion is important.

Really, the important discussion we should be having is:  how on earth did we allow our system to become so fraudulent and corrupt?   The warnings were issued from the very beginning by the Framers of the Constitution.  And yet, humanity has proven once again that the only lesson we learn from history is that we don’t learn from the lessons of history.   When will this torture end?