For those of you who are thinking that the massive trillion dollar “Stimulus Package” is actually stimulating anything meaningful, there is no sign that the economy is recovering. Hold onto your wallets– Son of Stimulus will be coming soon, and it might be enough to destroy what is left of our credit rating around the world…
U.S. September Job Cuts Exceeded Forecasts; Unemployment Rose to 9.8%
U.S. job losses unexpectedly accelerated last month and the unemployment rate reached the highest level since 1983, signaling any recovery in consumer spending and economic growth will be slow to develop….
The average work week shrank to 33 hours in September, matching a record low, while average weekly earnings fell to $616.11.
U.S. durable goods orders tumble 2.4% in August
The incipient recovery in the manufacturing sector stumbled in August, as a big decline in orders for new airplanes pushed total durable goods orders down 2.4%, the largest decline since January, the Commerce Department reported Friday…
US automobile sales crash in September
Sales of automobiles in the US were down 23 percent in September compared to last year, as the government-funded incentive programme “cash-for-clunkers” ended in August. Sales at General Motors and Chrysler, both still struggling after their recent bankruptcies, were down 45 percent and 42 percent respectively
Shcok Drop In Existing Home Sales
What housing comeback? After several months of an upward-sloping curve, the volume of existing home sales dropped more than expected in August. Even the normally sunny NAR warned of a fragile recovery if the government doesn’t subsidize home purchases by extending and expanding the first-time homebuyer tax credit.
Personal Bankruptcy Filings Soar
Consumer bankruptcies topped one million for the first nine months of this year, the highest point since the system was overhauled in 2005.
The number of personal bankruptcy filings for the nine months rose to 1,046,449 as of Sept. 30, the American Bankruptcy Institute, an organization made up of attorneys, accountants and other bankruptcy professionals, said Friday, using data from the National Bankruptcy Research Center. There were 773,810 personal bankruptcy filings for the same time period in 2008. September’s filings reached 124,790, 41% higher than the same month last year.
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As I’m sure you know, the underlying problem is the collapse of the value of the dollar.
Proponents of the Austrian School of Economics predicted the present meltdown decades ago.
Of course it all started back in 1913 (Oh God, help me to keep this to 3 paragraphs) when the craven Congress unconstitutionally gave control of our money to international thieves and criminals, euphemistically known as international bankers, when they created the Fed.
Brenton Woods, after WWII, made the U.S. dollar the reserve currency of the whole world because it was taken to be backed by gold.
The fraud committed against the people of the U.S. and the rest of the world is that the criminal bankers created more dollars than there was gold to back the dollars. Nixon made it official in ‘71 when he announced to the world that our money is not ounces of gold but pieces of paper.
In the meantime the banksters created a parallel economic system based on debt. When you bought your home you created the money to buy it when you signed the note. No bank or S and L lent money they had on deposit. Your note created the money.
To sum this up. The international bankers created a fraud beyond imagination based on debt. Their true motives are for another comment.
The fraud is now coming apart. And we’re just beginning.
A sure sign we are in for rougher times yet is the same criminal cabal that created the fraud that is bring on this mess is still in charge. Until they are removed, and hopefully put up againt the wall, the rest of us should read this blog and prepare for economic ruin.
Have a nice day.
Martin O’Connor
http://smallbusinessdesigncenter.com
P.S. There is hope. That’s for another comment.
Martin,
Thanks for the comment, you are so right. People should read the new book “End the Fed” by Ron Paul for more info on this corrupt cabal of thieves.
I was on Jekyll Island with my family this Spring and we visited the Scene of the Crime– the Hall of Mirrors at the Jekyll Island Club.
It must be unwound and it will be painful, then we can rebuild.
Seize the Day,
Rob
Our world, the one we have known as Americans our entire lives, is unraveling around us. It is the noraml signs of a nation in decline and has been repeated numerous times by various nations throughout history. The best thing we can do is look out for ourselves, our families and our neighbors and ride it out.
Preparation is key, which is why sites like yours are so important. Traditionally Americans have been a fiercely independent people who did not need a nanny state to help them live their lives. Still, after decades of indoctrination by statists in the public school system the majority of Americans reject the flawed and oppressive policies of their government. Prepare to ride it out becasue it is going to get much worse before it starts getting better.
Steve Chambers
Sales Training Speaker
Incredible. I wonder if the number of self-employed new business owners are going up…
Greg Dougall, Philanthropist-in-Training
Rob, you have hit all the nails on the head.
Can I add one interesting idea/statistic?
For years I’ve heard that the unemployment is “not reported the same as it was x years ago.” Sounded like bogus chit chat. Then this week I found out it was probably true. It turns out that the 9.8% unemployment rate is only referencing those who are reporting they still want to find employment.
An interesting thing is that this number is actually collected from a big poll/survey of a rotating 60,000 us households (if it’s done right, it’s correct for what it measures)
That 9.8% = Jobless AND has looked for employment in the last 4 weeks. (Poll by Bureau of Labor Statistics)
It doesn’t include people who have given up or who are part timers for example.
Apparently there are about 23,000,000 unemployed in America which makes up about 17% (according to the AP article) who are not working full time but ought to be.
http://voices.washingtonpost.com/economy-watch/2009/05/actual_us_unemployment_158.html
If correct, and I suspect it is, that is a pretty impressive number.
So is it as big as 1982? I can’t find the exact numbers but it looks like there were about 25% unemployed in 1982 vs. 17% for now.
Question is when do we catch up to that….
Thanks Rob!
Kevin Hogan
Wonder if they surveyed all the people in tent cities, or just the people still in houses.
“marginally attached to the labor force.”
“discouraged” workers, or those that have simply given up looking for work for any number of reasons
Seems to fit.
Keri Eagan
Anything Alternative
There have been many places here that have cut back hours which is better than having no job at all. I would have guess it was worse in the 80’s than now obviously not according to the graph. We purchased a house in 83 and I do remember it was a better market for the buyer than the seller.
Vicki http://www.bridalthreadshq.com
I was aware of some, but not all, of those details. They are sobering.
Health, Fitness for Working People — Darryl Pace
Think of the opportunities we have in this situation. Being prepared, following Rob’s advice is the first step.
Great post.
Robert Martin
http://www.carbuyinghq.com
The wonder of Fractional Reserve Banking:stealing by any other name.
Baltic Dry Goods Index?;)
Port traffic off some?:(
We are screwed. Did they kiss you first?
In the UK, I’ll think we’ll see a consumer led recovery through the next general election and then the real depth of the problems will emerge and we’ll be down the slippery slope again.
http://www.martin-wright.com
Indeed, the pretty pieces of paper we carry in our wallets and purses are only promissory notes. NOTHING BACKS THEM. Just good trust faith and will of the US Government. What were they thinking? Well I know what they were thinking.
And Kevin’s addition really does remind me of the Great Depression in the 1930s, the era my late parents were born into, when there were so many, for the era it was men, men who had simply given up. The Hollywood movies of the era were about giving them hope. So much starts with a school system also designed to create WORKERS not OWNERS. Our greatness as a nation is in our liberty to create our own happiness and our financial stability. The more that people learn to build their own business and think in terms of meeting someone’s needs not just doing a series of tasks, the stronger we will be as a nation.
Happy Dating and Relationships,
April Braswell
Single Baby Boomer Dating Success Expert
Things are not looking good at all. Being prepared now is extremely important.
Jose Escalante
http://www.joseescalante.com
Ok, so now that I am sufficiently depressed, scared out of my mind, and completely anxious, what next?
Lisa McLellan
Child Care Expert,
Babysitting Services, Babysitting Tips, Babysitters, Nannies
I thought manipulating offical data is only the speciality of Chinese Govenrments!
When there is a famine in centain part of China, they would tell you that they have great harvest there!
John Ho
Numerology Expert Helps Understanding Personality for Better Influence & Persuasion
John Ho
Numerology Expert Helps Understanding Personality for Better Influence & Persuasion
I’m not surprised that your readers know what the score is.
Martin O’Connor
http://smallbusinessdesigncenter.com
Well, the first step to recovery is admitting you have a problem. As a whole we have not done that.
Dangers of Fasting,
Katie
Yet, the fed has the keys to the prize . . . there’s a major disconnect with financial logic and the practical realities. I don’t know that this has ever been any different, but this is broken, we need to fix!
Leadership in Education, Kate