My once-a-month tune in to CNBS lacked drama and fun this morning. As if by magic, the U.S. unemployment rate is now 8.6%, a number driven primarily by people giving up and leaving the workforce entirely. Oh but all is well. The GPO (Government Propaganda Office - my new term for the mainstream media) will pick up the 8.6% number and run with it all day. Bliss and prosperity have returned! All is well!
At any rate, here's the only BLSBS reporting that has any significance.
Here's something that does matter:
Be assured that this is only a continuance of a trend. "Creditor" nations with massive dollar holdings are diversifying by selling dollars and buying gold. Can you blame them?
Regardless, the PMs, which had been higher overnight, have been beaten back. Big surprise. Gold, which had traded all the way to 1765 is now back to 1750. Silver reached 33.70 but now is back to 33.10. Regardless, the charts look fine and I'm very very comfortable with the December forecast I gave you Wednesday night.
Lastly, just a few words about last night's post.
First of all, I am neither "bored" nor "desperate". I thought Carolla's rant was topical primarily because of what he had to say regarding the youth of America and the environment in which they have been raised. Participation medals and all that. It was presented without comment because I wanted to wake up this morning and see which direction the conversation headed.
To me, the problems with this country are far deeper than simply banker oligarchy. Is the current kleptocratic cronyism a large part of the problem? Of course! But to stop there and fool yourself into thinking that everything will be "all better" if we just perp walk Jamie Dimon and Lloyd Blankfein is delusional.
America has become a society dominated by narcissistic sociopaths. From President O'bottom and Jon Corzine all the way down to the Black Friday Walmart shoppers who callously stepped over a dying man just to get their hands on the latest variant of the Xbox. Sure, putting the banksters in jail would feel awfully nice but if we don't address the ugliness of our current "I-got-mine-so-fuck-everybody-else" mentality, the rage and anger will simply move on to the next set criminals. Eventually, the hated "1%" becomes the people that currently reside at about the 40% level and then what have you got?
I've been criticized for not fully supporting the #occupy movement. Many write me to complain that the occupiers should be supported because "at least they are doing something". And I'm not?!? What the hell do you call this site? I stumbled into the blogosphere a year ago and now find myself dedicating and increasing amount of time and money simply so that you, the reader, can come here whenever you please to add whatever you'd like to the conversation. That I don't see ending capitalism and student loan forgiveness as primary objectives for the fight does not make me a "friend of the kleptocrats" or someone who is a "snake oil salesman" out to "promote myself and the politics of Fox News". I'm simply trying to do my part and be as honest with myself, and you, as I can. That I may disagree with you on "politics" shouldn't matter, anyway, because in the end, when the coin stops spinning and simply collapses through the bottom of the funnel, we're both screwed.
For November, the "business" of this site lost money. Not a lot of money but enough that, for the first time, I've questioned why I'm even doing this in the first place. I could be all self-righteous and claim that I'm pledging my fortune and sacred honor to the cause but what would be the point? I built this site in the hope that together we could help each other prepare for an economic apocalypse that is coming for everyone, the 99% and the 1% alike. My hope for you, my dear reader, is that you are able to find common ground with your fellow man. Divisiveness and polarity have helped to put us in this position. The solution cannot simply be more of the same.