• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

No Janet Yellen, The Economy Is Not "Getting Better"

Tyler Durden's picture




 

Submitted by Michael Snyder of The Economic Collapse blog,

On Tuesday, new Federal Reserve Chairman Janet Yellen went before Congress and confidently declared that "the economic recovery gained greater traction in the second half of last year" and that "substantial progress has been made in restoring the economy to health".  This resulted in glowing headlines throughout the mainstream media such as this one from USA Today: "Yellen: Economy is improving at moderate pace".  Sadly, tens of millions of Americans are going to believe what the mainstream media is telling them.  But it isn't the truth.  As you will see below, there are all sorts of signs that the economy is taking a turn for the worse.  And when the next great economic crisis does strike, most Americans will be completely and totally unprepared because they trusted our "leaders" when they told us that everything would be just fine.

It is amazing how deceived people can be.  Just consider the case of 56-year-old Brian Perry.  He is a former law clerk that has applied for nearly 1,500 jobs since 2008 without any success.  But he says that he is "optimistic" that he will get another job soon because he believes that the economy is recovering...

By his own count, Brian Perry has applied for nearly 1,500 jobs since being let go as a law clerk in 2008. The 56-year old Perry lives in Rhode Island, where the 9.1 percent unemployment rate is 2.5 percentage points above the national average.

 

Perry remains optimistic that a job is forthcoming. He thinks a more robust economy would create better opportunities for the long-term unemployed like him.

Let us certainly hope that Perry does find a new job soon.  But if he does, it won't be because we are experiencing an "economic recovery".  Just consider the following facts...

-In January, we were told that the U.S. economy "created" 113,000 new jobs.  But that figure was arrived at only after adding a massive seasonal adjustment.  In reality, the U.S. economy actually lost 2.87 million jobs in January.  During the past decade, the only time the U.S. economy has lost more jobs in January was during 2009.  At that time, the U.S. economy was suffering through the peak of the worst economic downturn since the Great Depression.

-Prominent retailers are closing hundreds of stores all over the United States.  Things have gotten so bad that some are calling this a "retail apocalypse"...

  • JC Penney, which lost $586 million in three months in 2013, is planning to close 33 stores in 19 states and lay off 2,000 people. JC Penney’s stock has lost 84 percent of its value since February 2012.
  • Sears has decided to shut down its flagship store in Downtown Chicago, and it has closed 300 stores in the United States since 2010. Stock analyst Brian Sozzi noted that Sear’s inventory levels have fallen by 23.7 percent since 2006. He also noted that Sears had $4.4 billion in cash and equivalents in 2005 but $609 million in cash and equivalents in 2012. Sozzi, who calls himself a guerrilla analyst, has a blog full of disturbing pictures of empty Sears stores.
  • Macy’s, one of the few retail success stories, is planning to close five stores and eliminate 2,500 jobs.
  • Radio Shack is preparing to close 500 stores, according to The Wall Street Journal.
  • Best Buy recently closed 50 stores and eliminated 950 jobs at stores in Canada.
  • Target announced plans to eliminate 475 jobs and not fill 700 empty positions to reduce costs.
  • Aeropostale is planning to close 175 stores.
  • Blockbuster has closed down all of its stores.

-McDonald's is reporting that sales at established U.S. locations were down 3.3 percent in January.

-In January, real disposable income in the U.S. experienced the largest year over year decline that we have seen since 1974.

-As I wrote about the other day, the number of "planned job cuts" in January was 12 percent higher than 12 months earlier, and it was actually 47 percent higher than in December.

-Only 35 percent of all Americans say that they are better off financially than they were a year ago.

-What is happening to the U.S. stock market right now very closely resembles what happened to the U.S. stock market just before the horrific stock market crash of 1929.  Just check out the chart in this article.

For dozens more statistics that show that the U.S. economy is not improving, please see this article and this article.

Meanwhile, things continue to unravel all around the rest of the globe as well.

In previous articles, I have detailed how the reckless money printing by the Federal Reserve has inflated massive financial bubbles in emerging markets all over the planet.  Now that the Fed is "tapering", those bubbles are starting to burst and we are witnessing a tremendous amount of economic chaos.  Here are three more examples...

#1 Ghana:

Ghanaian Economist Dr. Theo Richardson says Ghana’s economy will crash by June this year if the Bank of Ghana continues with its kneejerk measures to rescue the cedi.

“The government is facing liquidity problems and if we don’t get the appropriate remedies to address the issues at hand the situation may worsen and by June the economy may crash,” Dr. Richardson said.

#2 Kazakhstan:

With only $24.5 billion left in FX reserves after valiantly defending major capital outflows since the Fed's Taper announcement, the Kazakhstan central bank has devalued the currency (Tenge) by 19% - its largest adjustment since 2009. At 185 KZT to the USD, this is the weakest the currency has ever been as the central bank cites weakness in the Russian Ruble and "speculation" against its currency as drivers of the outflows (which will be "exhausted" by this devaluation according to the bank). The new level will improve the country's competitiveness (they are potassium heavy) but one wonders whether, unless Yellen folds whether it will help the outflows at all.

#3 India:

In the wake of a global stock market sell-off driven by worries over slower growth in emerging markets, the head of India's central bank, Raghuram Rajan, criticized the U.S. Federal Reserve as it pressed on with plans to dial back its monthly bond purchases: "International monetary co-operation has broken down," said Rajan, who added that "the U.S. should worry about the effects of its polices on the rest of the world."

We have reached a "turning point" for the global financial system.  Things are beginning to fall apart both in the United States and all around the world.

But at least the dogs at the White House are eating well.  Just consider the following photo that was recently tweeted by Michelle Obama...

Dogs In The White House

0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 02/12/2014 - 23:37 | 4431042 Gankfest
Gankfest's picture

Earth to Yellen! Is anyone home...?

Wed, 02/12/2014 - 23:41 | 4431055 The Gooch
The Gooch's picture

Between that picture and Mr. Yellens, I am convinced of the reptilian/canine shapeshifter presence.

Wed, 02/12/2014 - 23:44 | 4431065 remain calm
remain calm's picture

We have come to a time in history where it is better to be a dog than a human. FU Obama.

Thu, 02/13/2014 - 00:05 | 4431120 AldousHuxley
AldousHuxley's picture

Old Yeller

 

when the dog gets too old, you've gotta take it out back and shoot it. Then get a young yeller.

Thu, 02/13/2014 - 01:03 | 4431253 erg
erg's picture

Her head is perfectly circular, like her logic. She's got pi oozing all over her.

Thu, 02/13/2014 - 01:26 | 4431300 Boris Alatovkrap
Boris Alatovkrap's picture

<-- Seed of Satan spawn chair woman

<-- Just is one more pretty face

Thu, 02/13/2014 - 01:47 | 4431307 J S Bach
J S Bach's picture

The bitch looks like E.T.  (Phooooooone Hooooooome.  City of Looooooondon.)

Thu, 02/13/2014 - 10:11 | 4431927 SamAdams
SamAdams's picture

The economy is absolutely stratospheric and Yellen is stunningly beautiful! 

I'm getting good at this, maybe I can get a job as a White House Souse?

Thu, 02/13/2014 - 05:28 | 4431547 BringOnTheAsteroid
BringOnTheAsteroid's picture

Maybe after a breweries worth of Vodka you'd call that a pretty face.

 

Thu, 02/13/2014 - 17:20 | 4433832 Boris Alatovkrap
Boris Alatovkrap's picture

Vodka is distill, not brew. Maybe you are think of lens of bottom of empty beer bottle is make ugly woman more attraction and beauty?

Thu, 02/13/2014 - 07:22 | 4431622 Al Gorerhythm
Al Gorerhythm's picture

Is one more pretty face?! Well, not so much. That was a huge opening benchmark for Janet to set herself. Wait to you see her when it is fully realized that she is just a tootless old hag with nothing to offer other than lots of happy talk. I like the way it was depicted in The Blues Brothers; "You're gonna look pretty funny trying to eat corn on the cob WITH NO FUCKING TEETH!"

Thu, 02/13/2014 - 08:13 | 4431667 new game
new game's picture

telling the yeller from the mountain top YELL er to reality(check); THE GREAT WHOOOSH IS COMING!

we are talking countries not banks.  you will need to backstop trillion in overnite flows(weekend event).

some serious stress for that ol yeller ticker. hope you are up for the job. street slang just for you(yeller)

SHIT STORM A BREWIN JUST FOR YOU AND YOUR ILK AT THE BOARD...

Thu, 02/13/2014 - 01:38 | 4431323 A Nanny Moose
A Nanny Moose's picture

She looks like a Spaceball.

Thu, 02/13/2014 - 03:24 | 4431453 CheapBastard
CheapBastard's picture

Southland home sales tumble in January, price increases slow

http://www.latimes.com/business/money/la-fi-mo-home-prices-20140212,0,12...

Thu, 02/13/2014 - 08:56 | 4431739 new game
new game's picture

echo bubble burst soon. keep your powder dry.

anyone from Tx report home market in dallas/ft worth.

thinking of moving that way soooon.

Thu, 02/13/2014 - 09:41 | 4431817 Blano
Blano's picture

I can look into that for ya, but one things for sure, DFW is being overrun with house flipping seminars lately.

Thu, 02/13/2014 - 09:51 | 4431859 auntiesocial
auntiesocial's picture

I just googled Yellen Sex Tape... hey, you never know when you may get a hit...

Thu, 02/13/2014 - 10:21 | 4431958 chdwlch1
chdwlch1's picture

Old Yellen...love it!

Thu, 02/13/2014 - 08:08 | 4431660 jbvtme
jbvtme's picture

better to be a dog or just look like one???

Thu, 02/13/2014 - 00:36 | 4431194 wee-weed up
wee-weed up's picture

Hey, she's an Obozo appointee...

So she's gonna kiss his ass and spout his lies!

Thu, 02/13/2014 - 01:27 | 4431305 Boris Alatovkrap
Boris Alatovkrap's picture

FUBAMA - military acronym for country so badly mess up cannot is longer recognize

Wed, 02/12/2014 - 23:51 | 4431090 Callz d Ballz
Callz d Ballz's picture

Shhhhh, gimps asleep...

Thu, 02/13/2014 - 01:30 | 4431306 -NaN-
-NaN-'s picture

.... Well I guess your gonna have to wake him up wont you.

 

Thu, 02/13/2014 - 02:00 | 4431354 EmmittFitzhume
EmmittFitzhume's picture

It's all good!! Granny is looking after the money!

Thu, 02/13/2014 - 02:04 | 4431355 EmmittFitzhume
EmmittFitzhume's picture

Granny

Thu, 02/13/2014 - 08:21 | 4431675 myne
myne's picture

I've been saying for a while she's a patsy.

Didn't take long.

Thu, 02/13/2014 - 12:46 | 4432571 Dixie Rect
Dixie Rect's picture

Maybe if she took her spaceship helment off...oh.. wait..that's her hair. Nevermind.

Wed, 02/12/2014 - 23:35 | 4431045 IridiumRebel
IridiumRebel's picture

People are awakening in droves. For every shithead who believes that shitbox, 3-4 more are saying Bullshit!

Thu, 02/13/2014 - 00:19 | 4431153 DeadFred
DeadFred's picture

Exactly, they may be braindead followers of the exalted boobtube but they aren't getting fooled by the talking heads. The only ones I've talked to who think things are getting better are top 10%ers and for them it IS getting better.

Thu, 02/13/2014 - 01:32 | 4431313 Boris Alatovkrap
Boris Alatovkrap's picture

When Boris is see photo of Obama canine poodle sit at State Dinner, is know Marie Antoinette moment is soon approach. Sociopath in White House is disconnect from all thing reality.

Thu, 02/13/2014 - 11:54 | 4432332 rosiescenario
rosiescenario's picture

My first thought, too.

 

Only a complete narcissistic psychopath would permit the dissemination of such a photo at a time when food stamp usage is at an all time high.

Thu, 02/13/2014 - 17:18 | 4433818 Boris Alatovkrap
Boris Alatovkrap's picture

Let them to eat stamps!

Thu, 02/13/2014 - 17:20 | 4433830 fonzannoon
fonzannoon's picture

just not the forever stamps

Fri, 02/14/2014 - 01:41 | 4435539 Boris Alatovkrap
Boris Alatovkrap's picture

You are know AmeriKa is screw when "food stamp" is re-marketing as "forever stamp"!

Thu, 02/13/2014 - 12:46 | 4432585 Dixie Rect
Dixie Rect's picture

Bled....mylinky pizdook in white house

Wed, 02/12/2014 - 23:36 | 4431046 NoDebt
NoDebt's picture

Just what I need.  One more article telling me what I already know- the "real world economy", if there even is such a thing, is fucked.

I care only about the value of paper assets and how much money central banks are going to give me to buy them.

Wed, 02/12/2014 - 23:41 | 4431059 TuPhat
TuPhat's picture

They look like well behaved dogs.  I think their masters believe they are our masters as well.

Wed, 02/12/2014 - 23:43 | 4431063 dexter_morgan
dexter_morgan's picture

How can it be we are in the situation we're in......dunno.......

http://www.youtube.com/watch?v=ndshbH3qZ6Y&list=PLa8S4GilqogSviCmzIY1jzX...

Wed, 02/12/2014 - 23:45 | 4431067 Onthebeach
Onthebeach's picture

I always had my suspicians about Bernanke ... but has anyone checked to see if Yellen has a power cord?

Wed, 02/12/2014 - 23:49 | 4431077 akak
akak's picture

God, that face looks like a William Banzai product all by itself.

Thu, 02/13/2014 - 00:02 | 4431115 WillyGroper
WillyGroper's picture

I was thinkin a geriatric Buster Brown. 

;)

Thu, 02/13/2014 - 00:18 | 4431147 playnstocks
playnstocks's picture

Cecil Turtle is more like it..

Thu, 02/13/2014 - 00:19 | 4431157 akak
Thu, 02/13/2014 - 02:05 | 4431359 Theosebes Goodfellow
Theosebes Goodfellow's picture

Holy crap! What is she smoking? I swear, I need Yellin to teach me how to kick that hopium gong around. High-dee, high-dee, high-dee, ho!

Thu, 02/13/2014 - 05:24 | 4431541 The Dunce
The Dunce's picture

Yellen's a babe.  I love her haircut.  Bitches.

Thu, 02/13/2014 - 05:32 | 4431550 Jadr
Jadr's picture

Of course, another shitty post by you like you make on every article in which you try to pimp your blog.  Can the zh just ban this tool already?

Thu, 02/13/2014 - 09:47 | 4431842 superflex
superflex's picture

Multiple accounts are not allowed, tool.

 

Thu, 02/13/2014 - 00:24 | 4431171 Intoxicologist
Intoxicologist's picture

<-- Red Herring

<--Redhorse Sucker Fish

Wed, 02/12/2014 - 23:49 | 4431081 LMAOLORI
LMAOLORI's picture

 

 

Should the Obama's really be preaching about income inequality when they waste money like this?

 

First Lady’s Dress estimated to be worth more than year’s income at Poverty Line
Thu, 02/13/2014 - 03:17 | 4431445 Blankenstein
Blankenstein's picture

She must have thought it was worth it because it was so slimming

 

 

Do NOT follow this link or you will be banned from the site!