- Video Transcript below
Headline Economic News for May 11, 2012 – Links to all reports are in the description
for those who want to read the full stories. The transcript of this
presentation will be on my blog at http://Apocalyspe2010.blogspot.ca. There is an excellent video link below that
explains what GDP really means and how it’s calculated. It’s an eye-opener
video, about 30 minutes long, I would recommend all to watch it carefully, very
educational. I have included a 30 second clip out of this video in this update.
Let’s begin this report on Greece from
www.ZeroHedge.com
·
Schauble
Says Europe Can Handle Greek Exit As EFSF, Fitch Warn Of
"Catastrophe", Mass Downgrades:
German Finance Minister Wolfgang
Schaeuble suggested the euro area could handle Greece dropping out,
raising pressure on Greek political leaders struggling to form a government
amid a rise in anti-bailout sentiment. “The risks of contagion for other
countries of the euro zone have been reduced and the euro zone as a whole has
become more resistant,” Schaeuble said. “The notion that we wouldn’t be
able to react in a short time to something unforeseen is wrong.”
Greece is
going to exit the Euro, which should have happened 2 years ago. Though not
official yet, everyone is talking about it, so I suppose it’s a done deal. There
will be no contagion, no other country will be effected by this exit. The
German finance minister has spoken, just as he spoke last year and said that
Spain will not be a problem, that Italy will not be a problem and so on and so
forth. So you make what you want out of these prognostications of the authorities,
which have proven to be wrong only about 100% of the time. What will be the
consequences for the Global Economy? Who the heck knows anymore except that it
is edging ever closer to the cliff which just happens to be a bottomless pit… http://www.zerohedge.com/news/schauble-says-europe-can-handle-greek-exit-fitch-warns-mass-downgrades
·
From
Russia Today: Merkel calls for austere Europe, rejects new debt
I guess the best thing to do is to believer
the opposite of what the liar liar pants on fire politicians claim and reckon
that more debt is going to be generated and as usual it will be charged to the
Middle Class taxpayers in Germany and in Europe, at least in those countries
where people can still afford to pay taxes. http://rt.com/business/news/merkel-europe-debt-cuts-909/
· Again
from Zero Hedge / Overnight Sentiment: And In
Non-JPM News...
Yes,
believe it or not, there is a world outside of JPM in the past 12 hours, and it
was very ugly: weak Chinese CPI, big miss in Chinese industrial output (+9.3%,
Est. +12.2%), even bigger miss, actually make it a decline, in Indian factory Output
(down -3.5%, est. +1.7%), a collapse in China’s new local-currency loans
plunging by 32% m/m in April, making a new money infusion paramount (yet
inflation still abounds, and the threat of NEW QE keeping the PBOC mum - oh
what to do?) and of course... Greece, where things are heading for a second
election at breakneck speed, and where Syriza is gaining about a percent in new
support each day, guaranteeing life for Europe will be a living hell in one
month. http://www.zerohedge.com/news/overnight-sentiment-and-non-jpm-news
· From Mish
Shdelock: http://globaleconomicanalysis.blogspot.ca/
In a special conference
call this evening Jamie Dimon, CEO of JPMorgan disclosed a "trading
loss" of at least $2 billion from a failed hedging strategy. The strategy
"morphed over time" and it was "ineffective, poorly monitored,
poorly constructed and all of that," said Dimon.
Last month, he denied there were any problems, most likely hoping they would go away or he could cover them up. Instead, Dimon went to the confessional. Bloomberg has additional details in
Last month, he denied there were any problems, most likely hoping they would go away or he could cover them up. Instead, Dimon went to the confessional. Bloomberg has additional details in
Isn’t that a great reason to lose billions of
dollars of clients’ money: in Jamie Dimon’s words it was “ineffective strategy that was poorly monitored and poorly
constructed!” O Poor Jamie! I wonder how much Jamie lost through this
ineffective strategy. Or if anyone was fired over this small loss? But this
report that JPM has suffered a 2-4 billion dollar loss is not a big deal, at
least from JPM’s perspective! I’m sure the FED is already there, consoling Jamie
Dimon and offering a 40 billion dollar bailout. The loss will have been
suffered, as in the case of MF Global by small investors, not by Jamie Dimon. I’m
sure there is an ulterior motive to announcing this loss at this time, for
nothing is ever done by Wall Street without someone on the inside benefitting
to the tune of billions. Corruption lies, and fraud is the Modus Operandi of
modern banksters and their political puppets. Governments, Banks and
Corporations are built on corruption, lies and fraud, everywhere in the world,
but especially in the developed world. In the third world countries like India,
corruption is found openly. I was there last winter and my cab driver was
stopped by a traffic cop, I slipped him a few bucks and the matter was settled.
In those countries everyone knows that everyone is corrupt but it is very well
disguised in the West where most people still believe that their Political, Financial,
and Corporate leaders are honest. This is what makes them far more dangerous
than their third world counterparts; they are rotten to the core and the corrupt
Media colludes with them to hide these facts through fake numbers; well, let’s
talk about numbers.
· Truth about Unemployment
Numbers: From Mish Shedlock’s site: 2.2
Million Go On Disability Since Mid-2010; Fraud Explains Falling Unemployment
Rate; Will Higher Disability Taxes Fix the Problem?
/ Since mid-2010, precisely
the time millions of US citizens used up all of their 99 week of unemployment
insurance, disability claims have risen by 2.2 million. Those on disability are
not counted in the workforce and are not considered unemployed.
From Bloomberg: Disabled Americans Shrink Size of U.S. Labor Force
From Bloomberg: Disabled Americans Shrink Size of U.S. Labor Force
The number of workers receiving Social Security Disability
Insurance (SSDI) jumped 22 percent to 8.7 million in April from 7.1 million in
December 2007, Social Security data show. That
helps explain as much as one quarter of the decline in the U.S. labor-force
participation rate during the period, according to economists at JPMorgan Chase
& Co. and Morgan Stanley.
So that is the truth behind the supposed Recovery
and fall in the unemployment rate that President Obama and the media are hyping
every chance they get. Again, lies, lies and more lies. The Bible tells us that
the thief, meaning the devil or Satan is the father of lies and he comes not
but for to steal and to kill and to destroy. If all the banksters and their
gangster politicians did was to steal money to support their hedonistic
lifestyles, it would be one thing. But they also kill and destroy, billions of
lives, and millions, even billions of their victims are innocent children that
are abused, raped, starved, mutilated, and victimized in more horrifying ways
than any of us can even begin to imagine. I would not want to be in the shoes
of these bankster / gangster politicians on the Day of Judgement!
Now lets’ talk about GDP numbers!
Rather than talking I’m going to play a 30 second clip from a 30 minute video
that goes into detailed explanation of the truth behind the numbers that the
MSM lies about from morning till night and from night till morning.
05-08-12 ECONOMIC GROWTH: Part
1 - Fake Numbers - Ty Andros - MACRO ANALYTICS / Clip
included in above video begins roughly at 27.03 and ends at 27.32.
5 Trillion dollars were
spent to create 720 billion dollars worth of growth. Almost $7 plus interest to
generate $1 worth of GDP. What a fantastic business model; only in this
convoluted and corrupt world can anyone cook up schemes such as Growth through
Debt, or should we say Death!
Till next time, this Paul Sandhu;
Fast, Pray, Study, Learn and teach others what you learn. May God bless all
those who Seek the truth and nothing but the truth, which is found only in
Christ Jesus for He alone is The Way, The Life, and The Truth, absolute truth
not spun truth like that of the MSM.
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