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With 93 Million Already Unemployed In U.S., The Coming Nightmare Will Be Multiples Of The Great Depression
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With 93 Million Already Unemployed In U.S., The Coming Nightmare Will Be Multiples Of The Great Depression
With the Dow comfortably above 18,000 and the Nasdaq near 5,000, today a 50-year market veteran warned King World News that with 93 million people already unemployed in the United States, the coming nightmare will be multiples of the Great Depression. He also spoke about the action in the gold and silver markets.
John Embry: “I’m so frustrated by the bogus market action that I don’t even know why we have markets any more. The fraudulent move in the stock market on the heels of a preposterous jobs report on Friday was clearly orchestrated to get the Dow above the critically important psychological level of 18,000 and the Nasdaq over 5,000.
“There was nothing particularly constructive about Friday’s jobs report. A huge portion of the jobs created were related to the Birth/Death Model, which in the period following the 2008 financial crisis has been totally discredited.
And the reported loss of jobs in the oil business was minimal, despite numerous reports to the contrary. So this report was totally fabricated. But the real insult to human intelligence related to the so-called unemployment rate of 5.4 percent.
93 Million People Do Not Have Jobs In The United States
There are now 93 million people of working age in the United States who do not have jobs. That is roughly 28 percent of the total population. To be fair, a considerable portion of these people don’t want to work, but to suggest the unemployment rate is 5.4 percent is appalling. It is conservatively two-to-three-times that rate and maybe even higher. All of this is reflected in the deteriorating consumer environment in the United States.
As I have previously stated, everything possible is being done to keep the collateral in the system — bonds, stocks and real estate — at elevated prices in order to keep the debt load afloat. But unfortunately this attempt is going to fail spectacularly, and when it does the reverberations are going to be felt for decades…..More Here
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