Jobs: Devastating – Could Fed’s Reaction Kill the Economy? Mike Maloney

by birtanpublished on August 25, 2020

Well some of the Fed officials are finally coming around to reality but could their overreaction kill the economy and the currency this is Neel Kashkari president of the Federal Reserve Bank of Minneapolis and he seems to be one of the most realistic people

There but he says it's devastating real unemployment rate is as high as 24% Minneapolis Fed president Neel Kashkari said Friday jobs report will likely understate the real employment picture as it will only reflect people who are

Actively looking for work well you know that he's coming up a little from like Fantasyland but not all the way because there's all those people that I reported on you know a couple of weeks ago I made a video

About all the people that weren't being counted the the people that were are entrepreneurs that have to close their businesses and they were not paying into unemployment insurance they're not eligible the people that are working for

Tips on a street corner that they know their business completely went away all of those people that just don't fit the pigeonhole qualifications that the unemployment office is is looking for when you're filling out that form and

Then there's people that get fall into glitches in the system and so on and then a week after I did that story just last week I showed that there was a poll that said that instead of 30 million the unemployment might be as high as 50

Million and so he says that it doesn't reflect people who are actively looking actively looking for work if they're not they only will give you unemployment if you're actively looking for work every week a nearly impossible

In a time of nationwide lockdowns and that the country should steel itself for a long gradual recovery the form asks if people if you ask people if you are actively looking for work and a lot of people who have just lost their jobs and

We're all sheltering in place they're not actively looking for work so that's what he said on the Today Show he said that Friday jobs report that covers April will likely show an unemployment rate of 16 or 17 percent but the real

Number is around 23 or 24 percent and he added that it's devastating now that 23 or 24 percent that's if you're counting the people that are not actively looking for working and you know a lot of the people that were

Unemployed before all of this broke out there called discouraged workers and the discouraged workers fall off of the unemployment rolls if they can't find a job week after week after week and they stop looking or if you can't find a job

Before it by the time your unemployment benefits run out but you still don't have a job even though they have run out then you're no longer counted as being unemployed so the unemployed unemployment rate is actually higher

Than these figures I'm hopeful we can bounce back he said I don't think we're actually headed for another Great Depression well we're headed for the greatest depression you know he's a little bit behind on some of these

Things but he's catching up cash carry cash Kerry's comments came shortly before the Department of Labor reported another 3.2 million Americans that had filed initial jobless claims bringing the 7 week total to a staggering 33

Point four eight million now when that poll said that the rate could be as high as 50 million we were at 30 million here not 33 so you can bring that poll up to about fifty four million 55 million based on the increase of filings

This week and you know don't forget there's a lot of people that don't qualify and they've been having a whole bunch of glitches and things and they just don't get them through the system so looking ahead cash Kerry said it is

Likely that the u.s. is likely in for a long gradual recovery one which if the uber dove has his wet head his way and he certainly will try meaning that's Zero Hedge talking about cash carry so if the uber dove had his way and he

Certainly will try would lead to negative rates which according to bond king Jeff Gunlock would lead to a fatal outcome fatal outcome now what gund luck is talking about Jeff gundlach fatal outcome he's not talking

About you know unemployment figures and stuff like that he's talking about the US economy the global economy and I'm pretty sure what he's talking about here is the dollar he's talking about the currency itself a fatal outcome a

Full-blown currency crisis negative rates which just is a an economic impossibility except in this fairyland of Keynesian economics it it can't work but when it comes to you know we have to sell aha they're gonna try and sell

Three trillion dollars worth of bonds this in this quarter and you can't be offering people negative interest rates and expect to sell three trillion of them moving on to the main page Gold down a little bit silver up a little so

The gold silver ratio has fallen from it was a what over 115 for a little while and it's down at 112 and a half roughly but look at this world faces rare inflationary depression says Keynes scholar well actually they're not that

Rare there is an inflationary depression at the end of all hyperinflations because you create more currency and more currency in the end prices go up and up and up and there's more and more and there's

More currency until the day that there isn't any more currency and that happens very suddenly it's the day that they just sort of throw currency in this street the day that they started sweeping it in together 'he's the day

That it no longer is respected as a store of value when people lose confidence in it it's over with for the currency because the currency is a confidence game a confidence game which the you know the word con yessuh is from

The root of it is confidence game that's what a con is so the currency is a confidence game it requires our confidence in it for it to work you know I have a post-it note I don't know when I was going to use it but here's a

Million smiley face books you want to sell me your house for this that's what our currency is it's a bunch of numbers on it with pictures of dead guys down here the EU forecasts recession of historic proportions this year so

They're expecting this to turn into a recession this year of historic proportions the Bank of England sees the worst slump in 300 years so these people are all starting to catch up with what is really going on I mean they had these

Fears but they wouldn't say it before I'm sure they were thinking it but they wouldn't say it now they're saying it because they're getting people prepared for what's coming I want to welcome the 741 new subscribers just remember to go

Back and hit that notification bell we always appreciate a thumbs up and if you're new go to slash free book and download a copy of my book I think you're gonna like it the chart of the day this is actually charts of

The day bullion star in April Perth Mint monthly gold coin sales surged to one hundred and twenty thousand five hundred ounces the highest monthly total in at least eight years these dramatic bullying coin sales

Figures were on the back of unprecedented global demand for physical investment in precious metals amid wider market turmoil and now I want to show you something here there's a something called capitulation and that's and after

A capitulation there's a market reversal but if you look at like the average of these sales it was in a downward trend all the way from 2013 that was the previous peak that he's talking about until early to mid last year and then

There was this increase and we've gotten to these record highs but this pattern repeats around the world here's the u.s. mints gold coin sales and this is probably more than 90% Gold Eagles and what you see here is this same downward

Trend this goes back to 2010 and when they went there were a lot of eagles being sold and so the downward trend and it actually ended in December of 2019 with one of the lowest months January always has a big bump in it or usually

But I don't know why February was so low then we have this upward rise but you'll notice that this is January February March so April is not know this is January February March April April is only up

Here and that's largely dude I mean this would be off the charts if it wasn't due to the global health problem that were that the countries are having around the world I don't want to mention it because of potential YouTube algorithms and so

With those health problems the US Mint some of the mints were temporarily shutting down with silver you see a little bit of a different dynamic here people actually was smart because people

Picked up silver at very very low prices here but then you see this capitulation and nothing in December that was probably because they were already minting 20 20 coins and released them all in 2020 but you see this climb and

Then almost nothing in April here and that's because of the shutdowns but if they hadn't done that I think you would be seeing some record sales right now throwback Thursdays this was an interview that I did with Ron Paul and I

Did this interview while he was running for president and you know I packed up this I packed up the company van full of camera equipment and stuff and Cameron and I drove up there and now Cameron he who puts up the news he is to be a

Production sound mixer and he has 67 filmed films feature films and television series to his credit he also had in his company three other sound mixers working for him so at any given moment they might be doing three feature

Films and a television series and they were house mixers at Sony Studios and at Concord new horizon films one of his sound mixers did a party of five which was and he got nominated for an Emmy so anyway Cameron and I drove up there I

Was sick as a dog I I could barely even think and I got there we had made it a I was up to San Francisco Ron Paul was the keynote speaker at a conference and we had contacted his office made an appointment to interview him I rented a

Suite I got it all set up like a studio lit it I had bought cameras off of ebay myself I was not I worked the cameras Cameron being a sound guy operated the sound and we sat down and we did this interview with Ron Paul and there was a

Comment that I got on it that this guy said that he learned more in this 40-minute video than he learned in his four years of college getting his degree in economics and and but I was so sick that

I just couldn't think I drank a bunch of cough syrup and so I had asked Ron Paul a question and then just let him go for five minutes or so and the reason I let him go for five minutes was simply because I was going what am I gonna ask

Him next what am I gonna ask him next anyway it came out great but then I had an editor that I just before I had my producer director editor Dan Rubik who just knows me and just automatically knows what to do I had this editor that

I used to have to fight with and it was like pulling teeth to get what I wanted and the video came out a week after he dropped out of the race if it had come out before he dropped out this video would have gone huge anyway it's worth a

Watch viewer feedback this is from the video war with China is it a possibility and we took a poll is it a possibility and 35 percent of you said yes 30 percent of you said no and 37 percent of you said we're already in it and you

Know what I agree we are already in it thank you very much for responding to the the poll Taylor says hi Mike I went to the supermarket today every week I get the same pack of muffins two weeks ago they were a buck 49 last week they

Were a buck 99 this week they're 349 they have more than doubled in price in the last three weeks I've seen this across a lot of items in the grocery store and this is the in deflation that I was talking about in deflation is

Inflation and deflation at the same time not not deflation or disinflation this inflation is lower in lower levels of inflation as time goes on in deflation a mixture of inflation and deflation the things you need like food are going to

Get more expensive but watch what happens to the price of your house in the coming year just watch meme of the day this was hilarious

We couldn't resist somebody made this mike maloney whenever somebody says money instead of currency I think he means from currency I want to thank you very much for watching we'll see you next time

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