The job losses mount. How exactly will there be a “V”-shaped economic recovery on Main Street when you fall in perpetuity, forever?
(by Half Dollar) Well, it’s another week, and another record number of weekly unemployment insurance claims have been filed.
To pick up where we left off last week, nearly 3.3 million people filed for unemployment, a number which has since been revised higher, by the way, to 3,307,000, and that number was close to five times the previous high set back in the early 1980s.
The Department of Labor just released this week’s numbers, and the number of claims filed was more than double the number from last week, coming in at 6,648,000.
On paper, gold & silver look like they want to break-out on the 5-minute chart:
Of course, during the last several months, the charts haven’t really mattered all that much, nor the paper price, if you’d like to have something real instead of something fake, but rather, what has mattered in the make-believe world of break-out and break-down land is having direct access to the market riggers.
It really is as simple as that.
Of course, why anybody who’s not privy to the market riggers actions would trust the system enough to continue feeding the beast with his or her hard-earned unbacked, debt-based fiat currency is beyond me?
But I digress.
Here’s a couple of DOL charts to show just how crazy today’s news really is:
Of course, that’s taking the report at face value.
Tomorrow is the BLS Employment Situation Report for March, 2020, and that is surely going to be one of the most anticipated economic reports to come out in quite some time, as will first quarter GDP.
First quarter GDP is an article for another day, however.
Back to the topic of jobs, President Trump’s shovel-ready jobs via a massive public works program can’t come fast enough:
Of course, that’s if you think the federal government nationalizing every freakin’ thing in this nation is the proper, moral, ethical, just, or otherwise good thing to do, which I do not think.
I do not think a hybrid form of aristo-fascism with a splash of authoritative-totalitarianism is the way for our country to go, but then again, I’m an idiot, so what do I know?
Perhaps the national socialism the lunatic left, the radical right, Antifa, the Red Hats, and all the others duped by our “political system” will succeed here as it has succeeded so well in so many places before?
Finally, a look at the US stock market: