In medieval Catalonia (Spain), bankers who became insolvent and went bankrupt were publicly disgraced by town authorities, clapped in irons, imprisoned, and given nothing but bread and water to eat until creditors were paid off. If, after a year, the bankers had not paid the depositors, they would be beheaded with an axe and their property sold off locally to pay them off. Hence the origin of the word bancarrota, which means bankrupt.
Lies, Damned Lies, and Statistics
(h/t Zerohedge) Once again, the bean counters at the (BLS) made the economy look better than reality.
According to the Bureau of Labor Statistics (BLS), the economy added 261,000 jobs in October. This was significantly higher than the 200,000 that had been expected. The investing world was ecstatic. None of those “jobs” were real. The numbers were manipulated for the sake of the mid-terms, which will kick off tomorrow morning.
As Bill King notes in the King Report, the BLS tweaked its seasonal adjustments in 2022 to boost the NFP numbers.
In 2021, for the month of October, the BLS reduced the total number of jobs in America from 149.31 million jobs down to 148.005 million jobs, an adjustment of -1.305 million. This year (2022) the BLS only adjusted the total number of jobs by -1.061 million. That’s a difference of +244,000 from the 2021 adjustment.
244,000 of the 261,000 jobs the economy “created” in October of 2022 were imaginary, created via a seasonal adjustment in a spreadsheet by the BLS.
For those of you keeping track, this means that over 93% of the jobs created in October 2022 were fake or made up. But it was worse than that.
Another gimmick the BLS used to create fake “jobs” was its Birth-Death Model. In the real world, jobs are not created consistently throughout the year. Some months see a lot of jobs created and others don’t, depending on how many businesses are created or go bust in a given month.
The BLS tries to “smooth” over this by using a Birth-Death Model. It too, is a gimmick, nothing more. And for some reason, this gimmick boosted the number of jobs created in October 2022. In 2021, the Birth-Death model added 363,000 jobs in October. In 2022, this same model added 455,000 jobs. That’s a difference of 92,000 jobs.
There are another 92,000 FAKE jobs created in a spreadsheet instead of in the economy. Stripped of gimmicks, the economy LOST more jobs than it created in October. This only adds to the evidence that the U.S. economy is in fact in recession. Though the White House changed the definition of a recession. Nobody knows what the new definition of a recession is but as they assure the public, this ain’t it.
The housing market is in decline as properties shed their value. Yes, it’s only a paper loss if you don’t sell your home and cling to what you have, but that’s not always possible. Mortgage interest rates are currently hovering around 7% (+points) but many suggest that they’ll have to reach 9% to begin to curb inflation. Do any of you recall the Carter years?
The Federal Government needs to reduce its workforce. They need to reduce what they spend. They need to stop printing money that is not backed by real Treasury bonds. We’ve been buying our own bonds for years, which should have led to bankers and politicians being beheaded (see the article above). But they weren’t.
“War is a Racket” – General Smedley D. Butler, USMC
Just remember, this war is between a beleaguered little country Ukraine, run by an
inserted stooge democratically elected pop star courageous leader, and Russia. CNBC and BBC said so.
The US spent $2.3 trillion in Afghanistan, deployed troops on the ground, and fed that sum into the deep state over a 20-year timeframe. Since February they’ve spent $54 billion on Ukraine, with no troop deployments. That’s what? Nine months and $54 billion. That there is some serious pilfering. No dry cleaners were used. Brandon will ask Congress for another $50 billion for Ukraine after the mid-term elections tomorrow, and before a new Congress is seated.
Our government has run obscene deficits over the past two decades. This was only made possible by the Federal Reserve suppressing interest rates.
Despite a succession of Treasury Secretaries, the US debt was never termed out. The majority of the debt is short-term.
During 2021, the Federal government paid $392 billion in interest on $21.7 trillion of average debt outstanding—or an average interest rate of 1.8%. Now imagine if Fed Funds actually got to the terminal rate and stayed there for any period of time.
What would paying an average rate of 4.6% on year-end 2021 debt do to the interest expense? It rises by $636 billion to $1.028 trillion or more than the cost of our entire military spending of $801 billion in 2021.
This is what we are watching happen to not-so-Great Britain and why it should (but won’t) be a wake-up call to the parasites in charge. The good news is it’s only getting started and the bad news is it’s only getting started.
What about those pensions that many of this blog’s readers rely on?
Will the government bail out pension systems as they fold? Most of them are elaborate Ponzi schemes. With what money? How?
They blame that awful virus with a 99.7% survivability rate that the Moderna CEO confessed is “like the flu.” They’ll blame that, and then Putin. Definitely Putin. If that doesn’t work, they’ll throw in Russian hackers… maybe even Chinese… or both. Yes, both working together because… ah, let me think… they hate freedom.
And so with scapegoats secured, they’ll then proceed to default on the debt and then implement UBI (universal basic income). Because you know… for the good of all. And if you don’t like it, you’re a bad person. Probably a transphobic terrorist or worse. A misogynist racist terrorist.
This won’t work unless there are capital controls in place. You need to trap everyone in the “showers” before you release the gas canisters. We’re already being positioned for this with “bank limits,” invasive privacy questioning (where are you sending money, why, how did you get it, etc). Then, we’ll get the freezing of funds for all manner of nonsensical reasons but ones for which sufficient sheeple will simply nod their head before going back to scrolling “Instabook.” So they’ll probably happen without too much fuss.
I recommend http://www.shadowstats.com/ for a more realistic view of the economic situation than the government provides.
As far as a recession goes I believe there is a saying something along the lines of “if it walks like a duck, squawks like a duck, and acts like a duck it is a duck”. We are, and have been, in a recession regardless of what some tame economist on the government’s payroll says.
Public punishment for malfeasance or the like, oh no, punishment, if held at all, has to be quietly done in a backroom some place for all the anointed. Otherwise the plebes will lose faith.
We’re on a very bad trajectory.
Our society paid off the bankers gambling debts so they could resume the outrageous bonuses to themselves…
Eisenhour warned us…they won.
Yes, they won.
Funny, we’ve been in a recession since Joey Puddingbrains used Executive Orders to shut down and shut off the private petrochemical industry in these United States.
We’re looking at a full-blown Depression either right now or just around the corner. Which the Donks know, and are looking forward to blaming said Depression upon the Republicans in 2024.
The depression will be here next year. We’re still riding the Trump years. And yes, they’ll blame Putin and Trump for the depression that they caused.
Recession? Figures don’t lie, liars figure.
Inflation? Just walk through any grocery store and look at prices. Eggs $3+ a dozen. 1 gallon of milk $1.25. Bakery goods – try finding any fresh goodies under $4. 2 lbs thick sliced bacon $18 (Banner needs his morning bacon grease fix). Rotisserie chicken $8.
While food prices don’t hurt me I feel for those raising a family and those on fixed incomes.
I’m doing ok too, but I’d be doing a lot better without the democrats and their demonic agenda.
Where are you finding milk at $1.25/gal?
The minimum I’ve seen is at least twice that.
On the flip side, the Market Basket grocery stores in NE still sell rotisserie chicken for $4.69.
Costco rotisserie chicken – $4.99
+1 for Costco chicken. They are big birds compared to most, wife and I get three meals from one. The rotisserie birds that don’t sell get cut up and sold. Look farther down the wall in pre-prepared food in clear plastic. A package of leg quarters in a good deal too.
They don’t make that Greek salad anymore. I’m off carbs now, but I liked that when I wasn’t — but they don’t carry it anyway.
I am appalled and ashamed to learn of the flagrant anti-bankerism practiced by the medieval Catalans. A stain on the honor of Catalunya that can never be expunged. But they are welcome to grovel and pay “reparations” unto the ending of the world.
If you go out your door and someone is horrible to you, you met a jerk. If everyone you meet is horrible to you, then maybe ….
Maybe you have it coming.
Heh. I was just going to go with “maybe you’re the jerk.”
But you’re right.
Raylan Givens on this topic. (Language. Duh, it’s Justified.)
not being a linguist or an etymologist or a historian, I had always thought that the Spanish, from very early times, garroted their malefactors, which I thought was the root of the word garrote (la garrota), as well as the word for bankrupt.
The use of a garrote goes back to the dim and distant beginning of humanity. The Asiatics like the silk thread because it would cut clear to the spine. Today piano wire or other similar products are available and do the same thing in much the same way. Hemp bowstrings were fine until they got wet and lost their tension. So they were pretty much a single-use item.
I have one that I like, homemade, with hand grenade pin rings on each end. Toggles are better and you don’t have to convince me, but keep mine in the knife pouch where the sharpener was. Toggles are more difficult to store in that load-out. Silk gets tangled and steel wire tends to hold its tension better.
I have no idea about the etymology of bankruptcy. I took a stab at it but I can’t warrant that I’m right.
The first time I was in Algeciras I was getting sick on glasses of Quitapenas Malaga Dulce (she was buying) with a local who was intent upon describing in detail the Spanish method of execution. I was still having nightmares several weeks later (I prefer to think it was from having to drink all that sweet wine – and some people laugh about Maneschewitz).
Wow! that was a few years back.
I’m not trying to warp your strategy, but if you’re going sweet, and if she is buying, I’d opt for the 24-year-old Nonino Riserva Grappa.
Tomorrow will be ‘interesting’, and that ‘may’ be the first canary in the coal mine for change if we are lucky!
Or the second canary in the coal mine for change, if we are unlucky.
Administrations and politicians (And their sycophant’s in the media) can lie all they want about the economy, but the voting public can’t be fooled…they live it every day. “Don’t piss down my back and tell me it’s raining.” Plagiarized from The Outlaw Josey Wales.
And yet they piss. And piss. And piss.
Oh it’s much worse than someone pissing on your back and telling you it’s raining.
You’re at fault for not being grateful to be pissed on. Are you a pisso-phobe? You must be guilty of anti-urinism. You haven’t used your voice and your privilege to help the incontinent. Do you even know how persecuted pissers have been over the centuries? They’re the real victims in all of this pissery!
Also, you need to stay out of the theaters the opening weekend of Pissanda Forever so the pissers can have a safe space. But you would do well to buy tickets to give to a family of pissers. It’s not reparations, not by a long shot, but it’s a start.
It’s not enough that we tolerate the lies and gaslighting. We must give positive assent. Laying there passively with eyes closed and thinking of England is not enough. You must say, “Oh Mr Harvey, you’re the best ever! I’m so grateful you’re even noticing me!”
The Pissanda Forever film was one that I planned to take a hard pass on, so I can’t review it here on the blog. I never thought to buy 10 tickets and try and pawn them off on others in the spirit of equity. Clearly, yours is the more equitable spirit.
The Hispanic community (which is lumping everyone between Peru, Spain, and Mexico into one basket) has been a disappointment to the woke as they are consistently polling for the GOP. It seems that they are not aggrieved enough.
I didn’t come up with the idea of giving tickets to Negroes.
While some people may be outraged by this Lavynder Lee person’s remarks, look beyond her. She’s merely a convenient blunt instrument to bludgeon you with, and to draw your attention as a distraction. Look to who empowered her. I don’t mean in terms of the tech platform, I mean through lawfare, stealth neuroprogramming (Hollywood, advertising, newsmedia), and open campaigns of anti-white hatred. To those persons, Lavynder Lee is genus vocale instrumenti, a tool that speaks.
This begs the question of who is black enough. Would Obama be? It’s doubtful because the Half Blood Prince was raised in white (grandparents) and Asiatic (Lolo Soetoro) cultures.
I met a lady who was visiting friends in the area where I live about two months ago. She is the widow of a US Army officer, West Point Grad, who is black. She is white and attractive. They had three children who were all small when he passed away. She raised the kids, now in their twenties with children of their own, of mixed race. Could she (white) take her mixed-race children to see the Negro movie under the situation outlined in the article? I guess not. Yet somehow the woke don’t consider themselves racists.
What about those pensions that many of this blog’s readers rely on? Will the government bail out pension systems as they fold? Most of them are elaborate Ponzi schemes. With what money? How?
There is a sociological result which shows there is a maximum actual income tax rate which people will tolerate, and the US has been there for decades. So it doesn’t matter what “UBI” words the legislators write, they aren’t going to get it. As the ratio of workers/retirees continues to decrease from the baby boom, “retirees” are going to go back to work. Perhaps on a farm, producing the very food they desire to eat. Today that means riding in an air-conditioned farm combine cabin, watching the video screens, and looking out for trouble. See youtube channel LauraFarms for examples. Forgive me if I believe this meaningful work is healthier than watching Matlock reruns on TV and playing bingo.
I like beheading bankers. We should do that.
Right after the Politicians and Insurance Men.