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Emergency Jobless Insurance Claims Surge By Most Ever In Prior Week

Tyler Durden's picture





 

The number you won't hear mentioned anywhere in the Mainstream Media: 327,729. That is how many people shifted to Emergency Unemployment Compensation programs in the last week alone, hitting an all time record high of 4.2 million! So as everyone is focused on the benign picture of initial claims in the last week which was "only" 474,000, the number of people rolling off continuing benefits has exploded and is now a stunning 592,579 only in the last two week. Look for this number to keep going into the stratosphere as the 6 month continuing claims cliff keeps getting hit by more and more people who are unemployed and keep looking not only for believable change, but actual jobs to go with it.

And here is the chart that the administration would love to keep under lock and seal: the cumulative number of people on Emergency Insurance. At this rate those collecting EUC will surpass those on continuing claims (5.5 million) within a month.


 


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Thu, 12/10/2009 - 10:26 | Link to Comment Gimp
Gimp's picture

I am sure the spinmasters are going to have to pull out every trick in the book to make this go away and/or look good.

Ministry of Propaganda do your magic! 

Kudlow where are you??  Spin baby spin.

 

Thu, 12/10/2009 - 12:08 | Link to Comment ATG
ATG's picture

Even K getting bearish.

 

http://www.shadowstats.com/

Thu, 12/10/2009 - 14:16 | Link to Comment Anonymous
Thu, 12/10/2009 - 15:16 | Link to Comment carbonmutant
carbonmutant's picture

Actually the current strategy is selective reporting of events on one hand and marginalize those that do report on the other.

Thu, 12/10/2009 - 16:00 | Link to Comment carbonmutant
carbonmutant's picture

repeat

Fri, 12/11/2009 - 04:47 | Link to Comment Spartacus
Spartacus's picture

Two questions which I am sure Tyler will be able to answer.This may be unrelated. BUT, I was wondering if someone give me a break-up off the profit that Goldman makes. Like , profits from trading and profit from investment banking, profit from stealing government money etc.

Well, billions of dollars as bonuses when millions of Americans have lost their shirts.

Well, frankly, the careless American lowerclass deserves this treatment. Look at the leaders you have chosen and the way they have been scandalised by the Banksters.Wuh!. Unbelievable. The bastards have the balls to give the money as bonus. the least they could have done is declared a good dividend. I am sure, there is a lot that has been hidden from the pubic.

MY 2nd QUESTION "Why the Government Of US of A so afraid of Goldman Sachs".

Any explanantion other than Fed being the private bank created by the crooks etc would do.

Thu, 12/10/2009 - 10:27 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:07 | Link to Comment Anonymous
Thu, 12/10/2009 - 10:27 | Link to Comment Anonymous
Thu, 12/10/2009 - 16:54 | Link to Comment Anonymous
Thu, 12/10/2009 - 10:28 | Link to Comment bs
bs's picture

For how long can you stay in the Extended Benefits program, and what's the next step after you no longer qualify for this?

 

 

Thu, 12/10/2009 - 10:32 | Link to Comment pbmatthews
pbmatthews's picture

For how long can you stay in the Extended Benefits program, and what's the next step after you no longer qualify for this?

 

Answer: You get a job for Americorps and a interest free home loan from Freddie or Fannie.

Thu, 12/10/2009 - 10:37 | Link to Comment bs
bs's picture

As much as I like your response, I'm still searching for reply giving me the answer. Not an American (your President caused be to be late for work today), so this is not common knowledge to me.

Thu, 12/10/2009 - 10:58 | Link to Comment palper
palper's picture

Depending on what state you live in it can go up to 99 weeks the last I heard. That includes using all the state benefits and all the federal ones. I believe they have extended the federal ones 3 times already.

Thu, 12/10/2009 - 11:19 | Link to Comment asdf
asdf's picture

ok, and what happens then? Let's say you're 55 and have been laid off as a whatsoever from General Motors. You just can't find a job even after 2 years. Is there something like a basic social net that provides you with food and a home or do you have to move under a bridge?

 

(I'm also from europe)

Thu, 12/10/2009 - 11:26 | Link to Comment docj
docj's picture

Contrary to Eurpoean folklore, we actually have a pretty comprehensive welfare/relief system in the US.  By-and-large, unless you're too mentally unstable to have enough sense to find your nearest government center (recognizing that to do so may require, maybe, a short bus ride) your chances of ending up "under a bridge" are, in reality, pretty small.

Do a quick look-up of "food-stamps", "WIC", "AFDC" and the like and you'll start to get the idea.

Then, there's always the "cash economy" - lots of people working in that one, and those ranks are only going to grow in the near term.

Thu, 12/10/2009 - 11:41 | Link to Comment The Rock
The Rock's picture

unfortunately i know a lot of people who abuse the system in this "cash economy".  it's not just the poor but the wealthy who are not reporting all their earnings...

Thu, 12/10/2009 - 11:48 | Link to Comment docj
docj's picture

As do I - also on both ends of the spectrum.  In fact, more on the upper than the lower, truth be told (as they tend to have skills that can be marketed to people "under the table").

Thu, 12/10/2009 - 12:04 | Link to Comment asdf
asdf's picture

ok, thanks for the answer. I still haven't found the program that would pay my 55 year old unemployed worker his home, but I'll just believe you that it exists and noone has to end up under a bridge.

At first view, your welfare system seems even more complicated than ours because there are so many different programs.

Thu, 12/10/2009 - 11:04 | Link to Comment Anonymous
Thu, 12/10/2009 - 10:49 | Link to Comment Anonymous
Thu, 12/10/2009 - 10:58 | Link to Comment Anonymous
Thu, 12/10/2009 - 14:49 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:11 | Link to Comment Mr. Anonymous
Mr. Anonymous's picture

+1

Thu, 12/10/2009 - 11:25 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:43 | Link to Comment Anonymous
Thu, 12/10/2009 - 12:17 | Link to Comment nonclaim
nonclaim's picture

I don't want to sound offensive but ignorance of basic language skills is not style much less substance. That defense coming from someone claiming higher education is hypocritical at best (on top of the demonstrated ignorance). Be quiet and humble and use the free time to learn something useful.

Thu, 12/10/2009 - 13:37 | Link to Comment Unscarred
Unscarred's picture

Man, crazy to see these unemployment figures, huh?...

Thu, 12/10/2009 - 14:24 | Link to Comment Anonymous
Thu, 12/10/2009 - 16:56 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:54 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Thats not really fair guys, but I agree that many college degrees are worthless. What the frak does anyone "do" with a liberal arts degree these days?!? LOL

 

My advice is quite simple, you need to DO something. Sell crap you do not need on Ebay or craigslist, dumpster dive and sell on CL, use actual hands on skills (if you have any) etc.

ZHers don't have a lot of respect for hand-wringers here.

Thu, 12/10/2009 - 12:01 | Link to Comment docj
docj's picture

Spot on - lots of early 20-somethings out there who spent first-rate money (and accumulated the requisite debt) to attend a second-rate college to get a third-rate degree.

Look for "Cash for Sheepskin" proposal out of the Administration or CONgress before too long.

Thu, 12/10/2009 - 12:40 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:55 | Link to Comment Anonymous
Thu, 12/10/2009 - 12:10 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

" But how does that make you better than the fraudsters you complain about? Makes me want you to go down, too. I might just take yours while you are lying on the ground.."

 

Nevermind any suggestions from me. Clearly the "degree" has not increased your IQ. I seriously doubt you'll be taking anything from pbm, since you'll sink way before he ever does.

You want to do something? Go help yourself. Sell stuff. Your poor wife is supporting you all by herself? dude, you need to re-think your life.

Thu, 12/10/2009 - 13:49 | Link to Comment Unscarred
Unscarred's picture

Your poor wife is supporting you all by herself? dude, you need to re-think your life.

Nah, bro.  Dude is playing it just like he should be playing it.  If his wife is gonna take half in another 5 or 10 years down the road, she might as well put up the initial investment.

http://www.youtube.com/watch?v=SniOXFhwIZ8

Thu, 12/10/2009 - 17:57 | Link to Comment Ripped Chunk
Ripped Chunk's picture

Eddie!

Thu, 12/10/2009 - 17:31 | Link to Comment Ripped Chunk
Ripped Chunk's picture

This is pretty hilarious.  Talk about asking for it.

Fri, 12/11/2009 - 03:37 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:02 | Link to Comment Miyagi_san
Miyagi_san's picture

Move to India, They need phone tec's that speak english 

Thu, 12/10/2009 - 11:08 | Link to Comment Screwball
Screwball's picture

No shit!!!!!!!!!!!!!!!!  I don't think we talk to anyone in America anymore.  Make me want to puke.

Thu, 12/10/2009 - 11:18 | Link to Comment sondog
sondog's picture

I don't get this attitude. Do you think people aspire to doing telemarketing or phone support? I just wonder if it really is so bad for the economy? You know what America does well? Selling Americanism. Clothes, music, movies, celebrities, inventions (cars, planes, ipods, tvs)...

 

I could be wrong, just thinking aloud.

Thu, 12/10/2009 - 11:24 | Link to Comment Screwball
Screwball's picture

Right now I think many Americans aspire to do anything, even working on a support desk.  Things are tough out here and some of us are sick and tired of seeing our jobs shipped to low cost countries.

I worked for a forture 100 company and watched all the manufacuting jobs go away in the 90s due to NAFTA.  I lost my job because of it.  I went back to school and re-tooled my skills only to watch my white collar job go to India to the guys I had to train to begin with.  Now that job is gone.

I would gladly sit on a support desk and speak American to anyone that called in.  Anyone hiring, and right now I'm pretty cheap.

Thu, 12/10/2009 - 11:55 | Link to Comment sondog
sondog's picture

Hmm fair enough. I'm not in the US so I appreciate others insight from within. I guess one of the best industires that can't really be outsourced, doesn't require being priviledged, and isn't "menial" would be... real estate. Uh oh!

Thu, 12/10/2009 - 11:44 | Link to Comment trav777
trav777's picture

Well...the executive class has only grown.  They want THEIR children to have the few good jobs.  And go to the good schools.

What is the only sector of income that is going up?  Executive class income.  Rank and file is down.  And this generates corporate profits for which executives get bonused.  A reinforcing trend.

IOW, the entire system is built to LOCK YOU AND YOURS THE FUCK OUT.

In other countries, children of sufficient aptitude get to go to top schools.  If you perform poorly on the tests, you go elsewhere.  Yale and Harvard and Princeton have sufficient freshman class sizes to accept EVERY single National Merit Scholar (top 1/2 of 1%) between them, yet a Merit Scholarship plus $.50 will get you a dialtone these days.  The top schools are congested with the mediocre children of the legacy elites and those with connections to them.

President's daughter?  Stanford.  Really smart kid, nice scores good luck with everything.

They are forming a landed aristocracy right before our very eyes.

Thu, 12/10/2009 - 11:58 | Link to Comment Screwball
Screwball's picture

Well...the executive class has only grown.

The last company I worked for had one VP for every 10 employees.  Many of which we had no idea what they did, other than make a shitload of money.  The company was so top heavy it was ridiculous. Then they carped at us all day to save on fucking pens, pencils, and paper clips.  Then told us no raise, no bonus, but you need to put out more work cause we laid of 10 more people.

Me thinks we have way too many executives and not near enough worker bees. And don't get me started on how many of these executives were dumber than a turd.

Thu, 12/10/2009 - 13:09 | Link to Comment Anonymous
Thu, 12/10/2009 - 14:54 | Link to Comment Screwball
Screwball's picture

That's pretty much how it works.  The last place I worked, a manager had an average of 7 workers under hiim. Ours got promoted and we went 4 months and never missed him.  Of course he was replaced with another clueless ladder climbing sleuth, with no more of a clue than the guy who mowed the yard.

Fri, 12/11/2009 - 10:32 | Link to Comment Anonymous
Thu, 12/10/2009 - 12:12 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Son--its pretty bad, IMO. Have you read about the tent cities popping up all over the USA? That 1 in 8 are on foodstamps (Mish).

 

Yep--we're getting there.

Thu, 12/10/2009 - 10:29 | Link to Comment LoneStarHog
LoneStarHog's picture

No problem, as the unemployed and destitute still have a vote to ensure that the Messiah and his Congressional Critters will be reelected next November.

I might suggest to the Federal Elections Commission that they open new Polling Places under America's bridges, as people might find it difficult to make the trip to more remote locations.

Thu, 12/10/2009 - 11:18 | Link to Comment Mr. Anonymous
Mr. Anonymous's picture

Hardee har har . . .

Not.  O's poll numbers are off and there'll be a big change in the House (See: 2006 electoral tsunami).  Will it result in POLICY change? Probably not, since the American political system is utterly rancid. But possibly as,  if the evil Republicans can gain some inroads against the evil Democrats, they may be able to complicate matters for the evil Obama doing his bidding for the awesomely Evil Banksters.  That would be some progress, at least.

BTW, you forgot to invoke Acorn in your little riff.  See if you can work some CardCheck into the next one, too.

Hardee har har.

Thu, 12/10/2009 - 12:14 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Hard to say Lonestar, a lot of the same folks are gonna get real nasty, real desperate, real soon. I agree with Celente when he says we'll see a big rise in crime.

 

If Obama won't give it to them, they will take it.

 

 

 

Thu, 12/10/2009 - 17:09 | Link to Comment WaterWings
WaterWings's picture

That's when angry customers, realizing they weren't getting free coats, began throwing merchandise on the floor and grabbing clothes without paying for them, Nace said.

"Everybody was like, 'I still want my free stuff,' and that started the riot," he said. "It looks like (Hurricane) Katrina went through the store."

 

http://www.thegrio.com/2009/10/woman-creates-panic-in-store-after-winnin...

Thu, 12/10/2009 - 10:29 | Link to Comment Anonymous
Thu, 12/10/2009 - 10:36 | Link to Comment pbmatthews
pbmatthews's picture

Not sure about thee 18 to 32 age figure but it is true for All African Americans regardless of sex between 16 to 18...well actually its only 48.4%, but who is counting?

 

http://www.bls.gov/news.release/empsit.t02.htm

Fri, 12/11/2009 - 06:32 | Link to Comment Spartacus
Spartacus's picture

I have a suggestion. The 18 to 32 folks SHOULD keep themselves busy by INTERACTING amongst themselves. More the better.

Cheers.

THERE IS ONLY ONE WAY OUT,only one way. Close down the fucking banks. The hydra headed monsters.It is a zero-sum game. All the money the bastards make in the market makes YOU ALL poorer by the same amount. Think and act fast.

Because, they don't do anything productive to generate that money,you see. Use your brain.

Thu, 12/10/2009 - 10:29 | Link to Comment Careless Whisper
Careless Whisper's picture

How can businesses grow or even start when taxes are too high, and more important, banks aren't loaning money to businesses or individuals? What good are these banks if they won't make loans? I'm getting tired of people blaming the small banks for this problem -- that's bullshit. The policies coming out of Washington are totally misguided.

Thu, 12/10/2009 - 12:15 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

I can tell you no way, no how and my hiring anyone anytime soon with Obama and his minions causing all the lawlessness and uncertainty they are. 

Thu, 12/10/2009 - 12:31 | Link to Comment WaterWings
WaterWings's picture

Exactly. Small banks don't get bailouts. Their assets get gobbled up playing rigged musical chairs. This isn't capitalism, it's monopolistic consolidation.

Thu, 12/10/2009 - 18:08 | Link to Comment Ripped Chunk
Ripped Chunk's picture

Well, actually a few small banks got bailouts. 

 

http://money.cnn.com/news/specials/storysupplement/bankbailout/

Thu, 12/10/2009 - 10:29 | Link to Comment Anonymous
Thu, 12/10/2009 - 10:30 | Link to Comment Anonymous
Thu, 12/10/2009 - 10:30 | Link to Comment pbmatthews
pbmatthews's picture

Actually, the spinsters are waiting for the period when people have been unemployed so long that they have maxed out their initial unemployment benefits as well as all three extensions.

Then they will start to claim that this number too is falling---a result of the anointed one's brilliant economic policy and stewardship of the American economy.

Thu, 12/10/2009 - 10:39 | Link to Comment Shameful
Shameful's picture

That was pretty much my thought.  They would use the fact that most people don't know what comprises U3 to boondoggle the number into a "lower" unemployment figure.

Thu, 12/10/2009 - 10:30 | Link to Comment Anonymous
Thu, 12/10/2009 - 10:42 | Link to Comment pbmatthews
pbmatthews's picture

Good point...our President, Mr. Barry Soetoro has always claimed his economic policies would create or save millions of jobs.  Maybe you are correct that this is what he meant.

By the way, I think we collectively should call Barack the name he used in high school and probably used to get into college....Barry Soetoro.

Thu, 12/10/2009 - 12:03 | Link to Comment ATG
ATG's picture

you mean BS?

Thu, 12/10/2009 - 10:31 | Link to Comment Anonymous
Thu, 12/10/2009 - 10:36 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"327,729. That is how many people shifted to Emergency Unemployment Compensation programs in the last week alone, hitting an all time record high of 4.2 million! "

Rick Santeli on CNBC was just calling out these numbers, reading from a list (on live TV) the huge disparity between the adjusted and unadjusted numbers. He ended with the increased number of people moving to Emergency Unemployment Compensation.

Thu, 12/10/2009 - 10:36 | Link to Comment Gimp
Gimp's picture

Gerald Celente's predicitions may come true after all.

Thu, 12/10/2009 - 15:09 | Link to Comment Sqworl
Sqworl's picture

Jim Cramer + Eckhardt Tolle = Gerald Celente :)

Thu, 12/10/2009 - 10:44 | Link to Comment Dr Horace Manure
Dr Horace Manure's picture

And now we get another $1.8 trillion in debt.

Who makes printing presses?  That's where we need to invest.

Thu, 12/10/2009 - 10:49 | Link to Comment SWRichmond
SWRichmond's picture

The amount was no doubt chosen as being just enough to get past the mid-term elections, so there's your projection for FY '10 deficit.

Thu, 12/10/2009 - 10:54 | Link to Comment trillion_dollar...
trillion_dollar_deficit's picture

Cut them some slack man. Spending fiat money is hard. That figure is only twice as high as they were anticipating back in the Spring.

Thu, 12/10/2009 - 12:17 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

I think of Brewsters Millions whenever I hear about this stuff, except I see a bunch of Congressional and state, local idiots spending as fast as they can.

 

What a joke.

Thu, 12/10/2009 - 12:33 | Link to Comment WaterWings
WaterWings's picture

Haha! I thought of Brewster's too. It's so hard to spend all this moneeeeeey.

Thu, 12/10/2009 - 11:12 | Link to Comment Master Bates
Master Bates's picture

They don't actually PRINT the money.  They just click and clack a few zeroes out on the keyboard and add it to your bank account.  Well, not YOUR bank account, but the bank accounts at Goldman, JPM, and BAC

Thu, 12/10/2009 - 10:46 | Link to Comment Anonymous
Thu, 12/10/2009 - 10:49 | Link to Comment docj
docj's picture

More great news for the bulls, of course.

Going long on torches, pitchforks and ammo is going to serve me well, methinks.

Thu, 12/10/2009 - 10:50 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:29 | Link to Comment Mr. Anonymous
Mr. Anonymous's picture

You pulled a Godwin violation  AND a government/media conflation all in under 25 words?

Now THAT is impressive.

Congratulations!  You deserve a Glen Beck provocateur of the day award!

Thu, 12/10/2009 - 14:35 | Link to Comment faustian bargain
faustian bargain's picture

Hm. 40 minutes after the post, and it only provoked you. Maybe you're reading the wrong blog.

Thu, 12/10/2009 - 18:11 | Link to Comment Ripped Chunk
Ripped Chunk's picture

 +1

Mr. A needs to pack in

Thu, 12/10/2009 - 10:54 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:03 | Link to Comment Anonymous
Thu, 12/10/2009 - 12:00 | Link to Comment Screwball
Screwball's picture

We need more rants from Mr. Santelli.  Fuck the rest of those pump monkeys.

Thu, 12/10/2009 - 13:17 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:03 | Link to Comment SDRII
SDRII's picture

Note that those on exftended benefits only reflect those states that are reporting (about 14 at present).

Down near the bottom of the Bloom article is this nugget:

"Workers in 50 of 53 states and territories are eligible to receive the government’s latest 13-week extension and not all are reporting the data yet. Seven additional states began reporting the figures, bringing the total to 14"

Thu, 12/10/2009 - 11:03 | Link to Comment ptoemmes
ptoemmes's picture

/sarc on

So, eventually, when all that can lose their job have and more than six months has passed from that time the initial job claims will go to zero and all will be well.

/sarc off

Pete

Thu, 12/10/2009 - 11:05 | Link to Comment Anonymous
Thu, 12/10/2009 - 12:06 | Link to Comment ATG
ATG's picture

bingo

Thu, 12/10/2009 - 11:06 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:11 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:12 | Link to Comment Anonymous
Fri, 12/11/2009 - 07:56 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:17 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:21 | Link to Comment RSDallas
RSDallas's picture

This report shows an increase of 204,703 in the NSA number of 664,865.  Seems to be HUGE.  Is it right to interpret the 664,865 as a REAL number of job losses for the month?? 

If so, could this large number be a result of the bogus figures released last week, like maybe a CYA??  Will this number cause the SA number to increase in the next report????  Right or wrong?

Anyway, does this large increase in the NSA number have any significance to it?

Thu, 12/10/2009 - 11:34 | Link to Comment GoldmanBaggins
GoldmanBaggins's picture

Most Americans are used to working. Being able to find a job when they need one. Even if it means relocating. Our families have become far flung over the last 20 years. Now with little local familial support for the millions of unemployed and underemployed family units will disintegrate. We will be left with very bitter, damaged individuals. This will cause the unrest that leviathan fears. It will be interesting and sad to see how this plays out.

Thu, 12/10/2009 - 14:42 | Link to Comment Winisk
Winisk's picture

Big picture viewpoint there.  It's the details such as this that make the unraveling so unnerving.  The social and psychological damage of this failed experiment in economic engineering have yet to fully manifest itself.  The disintegration of the family unit has been an unfortunate side effect of affluence.  It used to be families stayed together out of necessity.  Separation from family is difficult.  Divorce is brutal.  And this during the 'best of times'.  The emotional wreckage will likely accelerate in a prolonged downturn with the frayed nerves and social isolation that will ensue.  The social fabric has been stretched so thin that there is very little margin of error anymore.  Scary indeed.

Thu, 12/10/2009 - 11:40 | Link to Comment Anonymous
Thu, 12/10/2009 - 11:49 | Link to Comment B9K9
B9K9's picture

You won't hear about this in the MSM because the continued existence of both the government & media are irrevocably wed to fractional reserve banking. Another bubble simply must be blown if for nothing more than temporary hiring of the unemployed.

To those who might think this is something unique to our current times & predictament, wrong; it is as old as the ages. In fact, some attribute the seeds of the French revolution to being sown by John Law, and our own fight for independence indirectly linked to those events and others more directly resulting from the actions of London bankers.

Since ZH is such an excellent platform for intelligent & knowledgeable voices, there are two documents that represent absolutley essential reading for those who wish to really understand what is presently occurring.

And, btw, these aren't some crazy, conspiracy minded tales; for those who follow my posts, it's just human nature. The desire to access/possess "money", even if it is only printed receipts ie fiat currency, is insatiable. Rothbard himself discusses the emergence of central banking as a result of these impulses at the gov't level. Thus, we get people today demanding their "Obama bucks" aka "more pie".

These stories never end well, and neither will ours.

* The Case Against the Fed - Murray Rothbard

http://mises.org/story/3480

* A short history of paper-money and banking in the United States - William M. Gouge

http://books.google.com/books?id=DY31PchVv8QC&oe=UTF-8

Here's a short excerpt written in 1815!

In most disquisitions upon the noxious tendency of Banks, much stress has been laid upon the injuries they have a power to inflict, by excessive loans and consequent bankruptcy, and by creating and circulating a permanent excess of currency. Could these two evils be avoided, many believe that Banks would be innoxious.

I regret to differ. I am not of those who imagine that Banks incorporated with a liberal capital, will ever endanger their solvency by extending their loans; nor of those who believe that Banks controlled bv specie payment, can circulate a permanent excess of paper. And yet, I think I can perceive a portentous power that they exercise over commercial enterprize.

I am of opinion that they can circulate a temporary excess of paper, which, from time to time, finds a corrective, in a run upon the Banks for specie ; that this temporary excess is succeeded by a temporary deficiency, one extreme invariably tending to another ; that the consequences of this alternate excess and deficiency are, in the former case to impart an undue excitement, and in the latter an undue depression to commercial enterprize ; that the effect of the former is to create an unnatural facility in procuring money, and to enhance unnaturally the price of commodities; while that of the latter is to produce an artificial scarcity, and to cheapen prices artificially ; that the victims of these vibrations are the great body of merchants, whose capital and average deposits cannot always command discounts; that the gainers are a few intelligent and shrewd and shrewd capitalists, the magnitude of whose deposits commands enormous discounts at all times, and who, being behind the curtain, know when to buy and when to sell.

I am of opinion that these vibrations inflict evils which close not with mercantile speculation ; that they tend to unhinge and disorder the regular routine of commerce, and introduce at one moment a spirit of wild and daring speculation, and at another, a prostration of confidence, and stagnation of business : that these feelings are transferred from the counting-house to the fire-side ; that the visionary profits of one day stimulate extravagance, and the positive losses of another engender spleen, irritation, restlessness, a spirit of gambling and domestic inquietude....,

Thu, 12/10/2009 - 12:37 | Link to Comment WaterWings
WaterWings's picture

Great post.

Thu, 12/10/2009 - 15:01 | Link to Comment ThreeTrees
ThreeTrees's picture

Here here!

Thu, 12/10/2009 - 11:49 | Link to Comment Anonymous
Thu, 12/10/2009 - 12:06 | Link to Comment bokapita
bokapita's picture

For a foreigner, could someone please explain if these EUC numbers are included in the U6 figures that are published by the BLS each month?

Thank you, someone.

Thu, 12/10/2009 - 12:18 | Link to Comment Anonymous
Thu, 12/10/2009 - 12:55 | Link to Comment GoldmanBaggins
GoldmanBaggins's picture

You are Anonymous yet you have a motto??

Thu, 12/10/2009 - 14:03 | Link to Comment Anonymous
Thu, 12/10/2009 - 18:24 | Link to Comment Ripped Chunk
Ripped Chunk's picture

A shallow grave in the NJ Meadowlands is better.

Thu, 12/10/2009 - 14:24 | Link to Comment Anonymous
Thu, 12/10/2009 - 15:58 | Link to Comment DiverCity
DiverCity's picture

Yours is a truly confused post.  In fact, I think you're "hearing" what you want to hear in some of the complaints on ZH.  There are plenty on here who are in dire financial staits with no "cash" to speak of.  What you seem not to understand is that most of the posters here are cognizant of who has caused and continues to cause the deep and intractable problems lurking beneath the surface:  to wit, the banksters and their enabling fascist minions in government.   The insiders ain't losing money brother.  They're making it by fraud.  I don't look for "excess material gain," whatever that is.  Rather, I look for a country with an economy that my children and grandchildren can "succeed" in, even if they don't go to the finest schools and don't desire "excess financial gain."  You're a bitter little shit, but you're aiming that at the wrong targets.

Thu, 12/10/2009 - 20:42 | Link to Comment Anonymous
Thu, 12/10/2009 - 12:24 | Link to Comment Let them all fail
Let them all fail's picture

Gotta love the seasonal adjustment cutting unemployment claims from 664k to 474k, does seasonal adjustment mean that someone spilled some cumin and oregano all over the official papers and they couldn't read the actual number, so they just made up a "seasonally adjusted" number that sounded nice?

Thu, 12/10/2009 - 12:47 | Link to Comment Pat C
Pat C's picture

This graph is unbelievable.  ZH, Tyler Durden who ever you are you gotta get this out to MSM somehow.  We are intentionally being misled.

Thu, 12/10/2009 - 12:51 | Link to Comment alexdg
alexdg's picture

Rick Santelli is bashing the media for printing the news backwards and is talking about the numbers being flawed and mentioning the brutal surge in emergency jobless claims.

 

Cudos for him!

Thu, 12/10/2009 - 13:09 | Link to Comment Screwball
Screwball's picture

What show was that on?  I would like to watch the clip.

Thu, 12/10/2009 - 12:55 | Link to Comment Anonymous
Thu, 12/10/2009 - 12:56 | Link to Comment Anonymous
Thu, 12/10/2009 - 13:00 | Link to Comment Anonymous
Thu, 12/10/2009 - 13:54 | Link to Comment AnonymousMonetarist
AnonymousMonetarist's picture

 

'In ancient rome
There was a poem
About a dog
Who found two bones
He picked at one
He licked the other
He went in circles
He dropped dead

Then if you got it you don’t want it
Seems to be the rule of thumb
Don’t be tricked by what you see
You got two ways to go

Freedom of choice
Is what you got
Freedom from choice
Is what you want

'
-Devo

'There is no fate but what we make for ourselves.'
-Kyle Reese

'Progress is impossible without change; and those who cannot change their minds cannot change anything. It's your place in the world, it's your life. Go on and do all you can with it, and make it the life you want to live.' 
-George Bernard Shaw

'Failure is success turned inside out.'
-Unknown

'When the student is ready the teacher will arrive.'
-Zen proverb

'To be mindful is a discontinuous process, our senses allow us a glimpse at the perfect form (truth) but that view can often be distorted by the flickering fire of perception that illuminates the shapes we perceive to believe.'
-Anonymous Monetarist

Have learned nothing from my successes for success has nothing to teach.

Failure though has schooled me well. Embracing, accepting and ultimately searching for failure has allowed me to be and accept that I am the luckiest of fools.

Not diminished by failure but rather, shall we say, contained, I am a Black Swan, mindful of my nature to go to extremes, thankful in the wisdom that, while most certainly still under development,keeps me balanced.

Back in the day at the University of Illinois had a classical civ teacher who used to dress up as the Oracle at Delphi every Friday and predict the winner of the upcoming Fighting Illini football game.

The class was huge, about 800 or so students, but this instructor was marvelous, able to connect with you even though he was but a speck on the stage. 

One day he said something that I really did not 'hear' until many years later.

He told a story of a Victorious General that was returning to Rome. To honor the General, the Emperor held a gala where throngs of adoring citizens regaled the champion as he was paraded through the city centre with all the pomp and pageantry that could be afforded. The General stood alone in the chariot receiving the adulation of his countryman, alone save for one individual that was placed next to the General. This individual had been assigned a task by the Emperor. His job was to as, the General basked in his glory, whisper into the General's ear every secret, every failing, every unknown known - or in the words of a famous Louisiana politician, every dead girl and live boy - every bit of dirt the Emperor had on the war hero.

The purpose was to make sure that the General's perspective remained, shall we say, balanced.

That is why whenever I feel good about myself I tell myself to go f@&# myself.

There are a lot of folks that we read about nowadays that very much need to get a memo like that.

For as we collectively double down on a lost decade to avoid a lost generation our inability to allow folks to be schooled by failure will ultimately ensure that success will only be achieved ideologically and not literally. 

Failure to liquidate the insolvent banksters, failure to implement real insurance, and more importantly entitlement, reform, failure to end the madness of foreign adventurism, is a failure of the tough over the easy and the truth over the specious.

Notwithstanding the claim of that silly television show, most folks do not lie. They are good, reasonable and honest. That is why the Big Lie works. It is so very difficult for them to process that the truths that they hold to be most dear are lies told to them by liars. They just can't grasp the delusion that those in a place of power and privilege have been captured by, a mindset that feeds them the pablum narrative that the ends justify the means. 

The cold hard fact of our age is that the bankrupt ideology of the rich that had greatly succeeded in drafting the inner monologue of regular folks so that they would vote against their self-interests is colliding head-on with a Mr. Market that is a bit pissed off that we've inflated it out of the business cycle for the last quarter century.

Reality is the tail risk and payback is a bitch.

I am a fierce social liberal (and fiscal conservative.)

Mr. President you are losing my faith and you are losing my vote.

And Barry, if you're losin' me, you are down deep in the hole my friend. 

The time will come when you will have to make a choice Mr. Dunham, will you be schooled and do the right thing or will you just ask for a bigger shovel?

Choose wrong and a demagogue like the Manchurian Mountain Mama might just have a shot of taking you on and winning.

If Palin gets in even the most avowed liberal would award Incurious George the Nobel Prize in comparison.

 

Thu, 12/10/2009 - 14:08 | Link to Comment Anonymous
Thu, 12/10/2009 - 14:27 | Link to Comment AnonymousMonetarist
AnonymousMonetarist's picture

Fired up and ready to go ...

Follow the white rabbit.

Thu, 12/10/2009 - 14:37 | Link to Comment faustian bargain
faustian bargain's picture

Unsurprisingly, NPR reported only the spin number this morning, along with some extra cheerleading.

Thu, 12/10/2009 - 18:30 | Link to Comment Anonymous
Thu, 12/10/2009 - 21:50 | Link to Comment Anonymous
Thu, 12/10/2009 - 22:45 | Link to Comment Anonymous
Fri, 12/11/2009 - 00:43 | Link to Comment Anonymous
Fri, 12/11/2009 - 02:25 | Link to Comment Anonymous
Fri, 12/11/2009 - 07:13 | Link to Comment Spartacus
Spartacus's picture

WHy there are so many Anonymous ones here.

 

Anyways, Folks, have faith in "Timmy The Dog", "Berny The Banana Bugger" and all the loonies.

IF the Banks fail, heaven wil fall. It is better that you folks move under a bridge rather than the bastards lose their bonuses. Am I clear!

Heaven will come crashing down on all of you. The motherfuckers are doing "God's work". Didn't you listen to the "Head Of Hydra'. So just keep quite and get raped.Yeh!

Fri, 12/11/2009 - 11:26 | Link to Comment Anonymous
Wed, 02/23/2011 - 03:50 | Link to Comment shawnlee
shawnlee's picture

No problem, as the unemployed and destitute still have a vote to ensure that the Messiah and his Congressional Critters will be reelected next November.

I might suggest to the Federal Elections Commission that they open new Polling Places under America's bridges, as people might find it difficult to make the trip to more remote locations.

persuade me.

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Tue, 03/22/2011 - 04:05 | Link to Comment shawnlee
shawnlee's picture

Heaven will come crashing down on all of you. The motherfuckers are doing "God's work". Didn't you listen to the "Head Of Hydra'. So just keep quite and get raped.Yeh! luminox watches - panerai watches

Tue, 05/31/2011 - 00:56 | Link to Comment kummar
kummar's picture

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Thu, 06/09/2011 - 17:20 | Link to Comment sun1
sun1's picture

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Mon, 06/13/2011 - 18:58 | Link to Comment sun1
sun1's picture

f we want our markets to be strong, we need to do what is good for the banks. At the moment, that means keeping the Dollar as weak as possible. pos a vac

Wed, 06/15/2011 - 06:53 | Link to Comment messlia
messlia's picture

i think its easy to get the jobless insurance claim fro mthe Govt. there is no big hurdle in it. What you say??

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Sun, 06/26/2011 - 12:02 | Link to Comment sun
sun's picture

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Wed, 08/17/2011 - 04:49 | Link to Comment newdeals2
newdeals2's picture

Look for this number to keep going into the stratosphere as the 6 month continuing claims cliff keeps getting hit by more and more people who are unemployed and keep looking not only for believable change, but actual jobs to go with it. custom binders

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