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The Job Market is Not Really Improving and Neither is the Economy

By: Steve Johnson

12/4/2009 - 39 Comments

Today the unemployment rate fell from 10.2 to 10 percent, but a closer look gives little to celebrate.

First of all the only reason the rate fell was because they assumed that 96,000 people stopped looking for a job. In realty, many of those 96,000 people are still looking for work.

Second, the jobs that were added were related to government and the service sector, both of which are temporary based on government stimulus and these jobs remove money from the economy rather than increase our overall wealth.

Third, the economy lost another 40,000 jobs in the manufacturing sector, which means we now have even less people producing things.  This will continue to widen our trade deficit and increase our imports.  This means we are also still losing jobs to China, India and other nations.

The most concerning issue right now is the sinking value of the dollar.  Widening our trade deficit can only result in further dollar weakness.

Gold prices dropped almost $60 per ounce and the dollar strengthened on the unemployment rate news today and the news that the Fed may start rating interest rates early next year. 

But I wouldn’t be surprised to see gold climb right back to a new high within a week or so, after the traders realize that this jobs report is really not going to help the dollar.

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Dr. Ron Paul's THE REVOLUTION: A MANIFESTO is a concise and convincing argument for a return to America's libertarian principles. But the best and most important chapter, without a doubt, is Chapter 6, "Money: The Forbidden Issue in American Politics." Here Dr. Paul details the operations of the Federal Reserve System in stunning clarity. You see, the effects of inflation are not uniform -- the Fed System works as a wealth redistribution system from poor and middle-class to the rich and politically connected. This is the true cause of the increase in inequality and the diminishing middle class.

What Has Government Done to Our Money?

Rothbard gives us an exceptionally clear, detailed description of what money is and how it has come to be manipulated by governments and central bankers into almost worthless inflationary fiat paper currency. He then explains how gold became the most respected and trustworthy currency of choice and the prospect of either hyperinflation or the greatest depression the world has ever seen may be arriving in the very near future.

Gold: The Once and Future Money

Governments and central bankers around the world today unanimously agree on the desirability of stable money, ever more so after some monetary disaster has reduced yet another economy to smoking ruins. Lewis shows how gold provides the stability needed to foster greater prosperity and productivity throughout the world. He offers an insightful look at money in all its forms, from the seventh century B.C. to the present day, explaining in straightforward layman’s terms the effects of inflation, deflation, and floating currencies along with their effect on prices, wages, taxes, and debt.

What You Should Know About Inflation

This book presents the Austrian theory of money in the clearest possible terms, and contrasts it with the fallacies of government management. Hazlitt takes on not only the Keynesians but also the monetarists, as well as anyone who believes that government debt accumulation and manipulation of interest rates are harmless. Hazlitt touches on a wide variety of macroeconomic topics, including budget and trade issues, as well as the economic history of inflation.