On a seasonally-adjusted basis, nonfarm payrolls for October 2011 stood at 131.516 million. That was 6.5 million below the pre-2007 recession high of 137.996 million (January 2008). It also was 1.0 million below the pre-2001 recession high of 132.530 million (February 2001).
The 2000 Census counted a U.S.A. population of 281,421,906. Six years later the U.S. population had grown to 300 million. The current U.S.A. population is over 311 million people (311,800,000 in mid-2011)
What this chart shows is that as the population expands employment remains decimated:
Now check out this chart of the Dow Jones Industrial Average: 
Almost a perfect paralles until 2009 when the stock market rebounded but employment did not.
Why this horrible disconnect?
Gee, do I have to spell it out? We saved the banks (temporarily) - who are responsible for 70 percent of the volume on the DJII - and we continue pumping money into them so that they can gamble, and pay themselves bonuses - while we abandoned the vast middle class.
And by saving the banks (temporarily) at the cost of many trillions of dollars of new debt, we have also mortgaged the health of the middle class tax payer into the very distant future.
So much for the absurd argument that by saving the banks we stabilized the economy. We could have stabilized the economy if we had addressed the imbalances that are structurally imbedded in the Banks themselves. But we didn't. And we aren't. It's still not even a part of the national debate. Too bad for us.
Sure, Occupied Wall Street is mad at the banks. And with reason. But they need to understand and articulate the problem. It's not just the bailouts. It's the fundamental relationship the Banks and the Fed have to the creation and distribution of money.
How does Gold fix this? Gold can not be created and distributed at the stroke of a computer key to the benefit of the 1 percent. It flows into and out of an economy ONLY through the creation and distribution of goods and services.
Occupy that.
No comments:
Post a Comment