Bloomberg is reporting that revised job data may show an additional job loss of 824,00 jobs:
Feb. 3 (Bloomberg Multimedia) — The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time.
Click here for a Bloomberg Multimedia interactive visual analysis of the economy’s job losses.
No kidding homeslice.
The economy has been looted blind by a bunch of autocratic thugs and regulated into an oligarchy.
The tax burden, regulation burden, and malinvestment of capital due to government control of interest rates and subsidies is EPIC.
Check out the percent of the US GDP that was government spending:
Yes, you are reading that right.
45% of spending in the US was a function of government.
That is nearly as bad as a soviet police state. This is an outrage and it is also the cause of why our economy is performing so poorly. Government has no clue how to properly spend money. It allocates resources based on politics, which is a surefire plan for economic disaster.
Of course, the reasons for the depression are not just due to the excess of government, they primarily due to our quasi-governmental central bank. The government would not be able to spend at such outrageous levels without having the Fed to lend them unlimited money. The government also needs the Fed to suppress interest rates so it can pay back that unlimited debt at artificially low rates.
Of course, the private inerternational banking oligarchs also make out like bandits on this deal. They get the benefit of unlimited bailouts. Socialized losses, privatized profits – the best of both worlds for our banker Gods. Right now US tax payers are paying private bankers NOT to make loans. Bernanke thinks he’s so smart. The Fed is keeping inflation down by paying banks with your money not to make loans.
This is unsustainable as the bank reserves are exploding exponentially. Bernanke has no way to control the bank reserves and eventually it will force him to nationalize the banks in order to write the reserves down. Typically the Fed controls this by selling off treasury bills, but doing so would flood the bond market causing a spike in interest rates. Also, he’s going to have serious problems trying to off-load that much debt. Bond buyers will not show up to auction. A bond auction with no buyers would be a catastrophic signal to the currency markets telling the world the dollar is worthless.
In the mean time, our banker oligarchs are out buying up the world with stolen loot.
More on Bernanke’s exit strategy here.