The Job Report Mirage


I just ran for an hour wearing gym shorts in 14 degree weather.  Figured it would cool me off so’s I wouldn’t sit down to my laptop and start cussin’ a blue streak.

The Wall Street-Washington media multinationals can’t stop crowing about Friday’s 7% (U-3) unemployment report.  I love hearing, over and over and over again, how the economy is now so strong we gained 203,000 jobs in November — 27,000 in American manufacturing alone.

Now I ask you: what kind of person would repeat a story like this, much less believe a story like this?  Even more shameful: the very same November unemployment report included the unadjusted figures showing that we lost 3,000 jobs in American manufacturing last month.  (Good grief, we lost 7,800 jobs in food manufacturing.)  The jobs gain was in retail — 471,000 — but these are typically low-wage, part-time, and gone after Christmas.  Retail trade means foreign-made goods, mostly, anyhow.

A few things come to mind:

“The price of freedom is eternal vigilance,” someone once said, and this is very good to remember.  I want to add that freedom, most importantly in the American context, is the exercise of responsibility over one’s existence — but this might leave me trapped having said that freedom and eternal vigilance are the same thing.

Hmmm. . . .

Also — back to the unemployment report, believe it or not — no matter what happens or who’s supposedly at the helm, our Nation’s central bank will do anything not to lose face.

It will be interesting to watch this play out:

Last month, former Federal Reserve official Andrew Huszar challenged the Fed with an insider’s “confession” in The Wall Street Journal (is this suspicious?) but his article was otherwise ignored by the media multinationals save Bloomberg, which treated Huszar with ridiculous sarcasm.

The Fed has tied its QE stimulus — “the greatest backdoor Wall Street bailout of all time,” in Huszar’s words — and “highly accommodative stance” (Fed’s words) to unemployment, with a target U-3 rate of 6.5%.  The Fed claims to be doing all this for the folks on Main Street.

After Huszar’s “confession” came a sharp drop in U-3 unemployment.  With the sharp drop in unemployment came renewed appreciation for the Fed’s wisdom and speculation about the future of QE stimulus now that the American economy can stand on its own feet — so the multinational media mania goes.

I don’t know exactly what will happen when, but I am predicting it won’t be good for our country.


Don’t let them lull you into a false sense of security — or anything.  Now is not a good time to lower your guard.

Bob Hall can be reached at: dollartothegiant@gmail.com.

Weekend Edition
November 27-29, 2015
Gary Leupp
Ben Carson, Joseph in Egypt, and the Attack on Rational Thought
Pepe Escobar
Will Chess, Not Battleship, Be the Game of the Future in Eurasia?
Dave Lindorff
Gen. John Campbell, Commander in Afghanistan and Serial Liar
Karl Grossman
Our Solar Bonanza!
Ramzy Baroud
Forget ISIS: Humanity is at Stake
Elliot Murphy
Cameron’s Syrian Strategy
Gareth Porter
How Terror in Paris Calls for Revising US Syria Policy
Michael Perino
The Arc of Instability
Yves Engler
Justin Trudeau and Canada’s Mining Industry
Tom H. Hastings
ISIS and Changing the Game
John Halle
A Yale Education as a Tool of Power and Privilege
Norman Pollack
Syrian “Civil War”?: No, A Proxy War of Global Confrontation
Sheldon Richman
Let the Refugees In
Ron Jacobs
Rosa Luxembourg–From Street Organizer to Street Name
James A Haught
The Values of Jesus
Binoy Kampmark
British Austerity: Cutting One’s Own Backyard
Ed Rampell
45 Years: A Rumination on Aging
November 26, 2015
Ashley Nicole McCray – Lawrence Ware
Decolonizing the History of Thanksgiving
Joseph Grosso
The Enduring Tragedy: Guatemala’s Bloody Farce
Roxanne Dunbar-Ortiz
Imperial Myths: the Enduring Lie of the US’s Origin
Ralph Nader
The Joys of Solitude: a Thanksgiving!

Joseph G. Ramsey
Something to be Thankful For: Struggles, Seeds…and Surprises
Dan Glazebrook
Turkey Shoot: the Rage of the Impotent in Syria
Andrew Stewart
The Odious President Wilson
Colin Todhunter
Corporate Parasites And Economic Plunder: We Need A Genuine Green Revolution
Rajesh Makwana
Ten Billion Reasons to Demand System Change
Joyce Nelson
Turkey Moved the Border!
Richard Baum
Hillary Clinton’s Meager Proposal to Help Holders of Student Debt
Sam Husseini
A Thanksgiving Day Prayer
November 25, 2015
Jeff Taylor
Bob Dylan and Christian Zionism
Dana E. Abizaid
Provoking Russia
Oliver Tickell
Syria’s Cauldron of Fire: a Downed Russian Jet and the Battle of Two Pipelines
Patrick Cockburn
Trigger Happy: Will Turkey’s Downing of Russian Jet Backfire on NATO?
Robert Fisk
The Soothsayers of Eternal War
Russell Mokhiber
The Coming Boycott of Nike
Ted Rall
Like Father Like Son: George W. Bush Was Bad, His Father May Have Been Worse
Matt Peppe
Bad Policy, Bad Ethics: U.S. Military Bases Abroad
Martha Rosenberg
Pfizer Too Big (and Slippery) to Fail
Yorgos Mitralias
Bernie Sanders, Mr. Voutsis and the Truth Commission on Greek Public Debt
Jorge Vilches
Too Big for Fed: Have Central Banks Lost Control?
Sam Husseini
Why Trump is Wrong About Waterboarding — It’s Probably Not What You Think
Binoy Kampmark
The Perils of Certainty: Obama and the Assad Regime
Roger Annis
State of Emergency in Crimea
Soud Sharabani
ISIS in Lebanon: An Interview with Andre Vltchek
Thomas Knapp
NATO: This Deal is a Turkey