U.S. Economy Collapsing Faster Than In 2008 – Shadow of Truth #22
TND Podcast Spotlight: Shadow of Truth |
I wanted to show those graphs from Zerohedge with my edits (right graph) because they show the extreme dislocation between the true economic fundamentals and the financial markets in the U.S. The “US Macro” data is the differential between Wall Street’s “brain trust” estimates for various economic data and the actual reported result. The negative differential between the expectations of supposedly educated, bright economic professionals and reality has never been greater.
The economic data – almost all of it – has been collapsing at a rate as great or greater than it was collapsing in 2008. The media propaganda megaphone loudly broadcasting that “all is well” has never been set at a higher volume than right now.
Today, for instance, the S&P 500 spiked higher on the jobless claims report, which came in well below Wall Street’s “Einstein” forecast. The jobless claims report is probably the most useless barometer of the employment market other than the Government’s non-farm payroll report. IN FACT, with the labor force participation rate at 30-year lows, we would expect that reported jobless claims would drop. With less people as a percent of the population working, it means there’s less people to be fired and less to file for unemployment benefits.
MOREOVER, many people losing jobs do not even qualify to file for jobless benefits. A long-time white collar/blue collar worker for a big corporation is covered by unemployment insurance. An independent contractor working for an energy company or construction company (construction spending plunged in Q1) does not. Nor do the retail employees of chain stores closing down mall space. In other words, the jobless claims number is basically useless.
My colleague Rory Hall and I recorded a brief video which we discuss some quite shocking data which further reinforce that BOTH the global and U.S. economy are falling off a cliff.
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About Dave Kranzler:
I spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, I traded junk bonds for Bankers Trust. I have an MBA from the University of Chicago, with a concentration in accounting and finance. My goal is to help people understand and analyze what is really going on in our financial system and economy. You can follow my work and contact me via my website Investment Research Dynamics. Occasionally, I publish on Seeking Alpha too. As a co-founder and principal of Golden Returns Capital, LLC Mr. Kranzler co-manages the Precious Metals Opportunity Fund, a metals and mining stock investment fund.
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