The Full Employment Lie
Economics / Economic Statistics Sep 22, 2023 - 10:32 PM GMTBy: Nadeem_Walayat
Today's narrative is that the Fed needs to force unemployment higher to cause demand destruction to bring inflation under control. Only one problem is that just as CPI is a FAKE inflation measure so is the Unemployment rate. They have fiddled the stats to such an extent that today's 3.6% unemployment is more like 10% for your grandfathers unemployment as shadow stats once more illustrates, Just look at the spread between REAL unemployment and fake UNEMPLIE 25% vs 3.6%! Seriously they are taking the piss, treating the masses like idiots! Unfortunately the Econofools perpetuate this LIE across MSM, so there you have it US unemployment rate is a lot closer to 25% than 3.65%
And once more the same holds true for the UK where the official UNEMPLIE is 4% whilst actual unemployment is TRIPLE that at 20.8% when one counts ALL of those of working age who are economically inactive! What a CON!
Thus one cannot take the official stats on face value, for instance the illusion that the UK unemployment rate fell from 8.% to 3%, when reality is at best for a 2% drop when taking into account all those who were excluded by the econofools, There is purpose to this madness, it is to give the illusion that the reason why inflation is high is because the US and UK are at full employment, which is a LIE! Thus the central bank propagandises that they need to INCREASE unemployment to DECREASE INFLATION! When it is clear INFLATION is as a consequence of RAMPANT money printing and NOT FULL EMPLOYMENT because there is NO FULL EMPLOYMENT when over 20% of those of working age are sat idle!
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By Nadeem Walayat
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Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.
Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk
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