Saturday, November 13, 2010
on Monetary Research and Education’s meeting of 21 October 2010.]
Download the PDF here
Paul Craig Roberts:
If we cannot trust what the government tells us about weapons of mass destruction, terrorist events, and the reasons for its wars and bailouts, can we trust the government’s statement last Friday that the US economy gained 151,000 payroll jobs during October?
Apparently not. After examining the government’s report, statistician John Williams (shadowstats.com) reported that the jobs were “phantom jobs” created by “concurrent seasonal factor adjustments.” In other words, the 151,000 jobs cannot be found in the unadjusted underlying data. The jobs were the product of seasonal adjustments concocted by the BLS.
As usual, the financial press did no investigation and simply reported the number handed to the media by the government.
The relevant information, the information that you need to know, is that the level of payroll employment today is below the level of 10 years ago. A smaller number of Americans are employed right now than were employed a decade ago.
Think about what that means. We have had a decade of work force growth from youngsters reaching working age and from immigration, legal and illegal, but there are fewer jobs available to accommodate a decade of work force entrants than before the decade began.....read on
The uninvited guest: Chinese sub pops up in middle of U.S. Navy exercise, leaving military chiefs red-faced
American military chiefs have been left dumbstruck by an undetected Chinese submarine popping up at the heart of a recent Pacific exercise and close to the vast U.S.S. Kitty Hawk - a 1,000ft supercarrier with 4,500 personnel on board.
By the time it surfaced the 160ft Song Class diesel-electric attack submarine is understood to have sailed within viable range for launching torpedoes or missiles at the carrier........read in full
From Yahoo Finance:
After the G20 failed to reach any consensus on currency issues and trade imbalances, President Obama took a direct shot at China Friday, saying the renminbi "is undervalued...and China spends enormous amounts of money intervening in the market to keep it undervalued.".....read and watch top video here
The summit in South Korea ended as it had begun, dominated by the row over gaps and surpluses which sees China accused of keeping the yuan artificially low to boost its exports at the expense of US jobs.
"It (the yuan) is undervalued and China spends enormous amounts of money intervening in the market to keep it undervalued," Mr Obama said, adding that China must transition to a market-based system.
"No nation should assume that their path to prosperity is paved simply with exports to the US," he added.
However Beijing is, in turn, furious that the US recently decided to pump an extra $600bn (£370bn) into the US economy through quantitative easing, viewing it as a move to weaken the dollar. International support for Mr Obama's attempts to get tough on China was muted......read on
China flexed its military muscle Monday evening in the skies west of Los Angeles when a Chinese Navy Jin class ballistic missile nuclear submarine, deployed secretly from its underground home base on the south coast of Hainan island, launched an intercontinental ballistic missile from international waters off the southern California coast. WMR’s intelligence sources in Asia, including Japan, say the belief by the military commands in Asia and the intelligence services is that the Chinese decided to demonstrate to the United States its capabilities on the eve of the G-20 Summit in Seoul and the Asia-Pacific Economic Cooperation summit in Tokyo, where President Obama is scheduled to attend during his ten-day trip to Asia.
The reported Chinese missile test off Los Angeles came as a double blow to Obama. The day after the missile firing, China’s leading credit rating agency, Dagong Global Credit Rating, downgraded sovereign debt rating of the United States to A-plus from AA. The missile demonstration coupled with the downgrading of the United States financial grade represents a military and financial show of force by Beijing to Washington.....read on