Trends in low wage America: 1.4 million waiter/bartender jobs gained while 1.4 million manufacturing jobs lost since 2007. Top 4 employment sectors pay $10 an hour or less.
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The media pundits are scratching their heads as to why two political outsiders are garnering all the attention. You want to know why? Both are addressing the low wage epidemic plaguing the country. Now we can debate their policies since both stand at the extreme opposite ends of the spectrum but their message is clear – the reason you are going broke is because of the way things are and the deep capture of the financial status quo. And when we look at data, the trend is unmistakable. For example, since 2007 we have lost 1.4 million manufacturing jobs. During this same period, we have added 1.4 million waiter/bartender jobs. It is really no surprise that our top 4 employment sectors in the US pay $10 an hour or less. Keep in mind that with talks of the minimum wage being pushed up to $15 an hour, all of these employment sectors will be impacted. We are still seeing a dramatic growth in low wage jobs across this country. It also doesn’t help that true inflation is hitting people directly in their slimmed down wallets.
The service economy
It shouldn’t come as a shock that we continue to expand on the service sector jobs since these are positions that can’t be outsourced. But how many college graduates can we have working at Chipotle or Starbucks? It would be one thing if these positions were staffed by older teenagers or those going to college to earn a little extra to pay the bills. It is another thing when graduates are working here in the millions trying to get by.
Since 2007 we’ve added 1.4 million waiter/bartender jobs while losing 1.4 million manufacturing jobs:
I’m not sure if this is the kind of job growth we are looking for. Yet this is another reason why wages overall are stagnant across this nation. We’ve gone into great detail regarding inflation since the BLS data continues to show only modest movement when in reality, people are dealing with big price changes in the things that matter like housing, cars, college, and healthcare.
The top 4 employment sectors in the US pay less than $10 per hour:
If the minimum wage is boosted to $15 per hour, it will impact all of these positions. Now keep in mind these are industries where profit margins are low. So guess what? Costs are likely going to rise. If we are truly talking about reform we need to address the crony capitalist movement with their entrenched interests with the banks.
The growth in waiter/bartender jobs has been excellent:
Is this really what we want to see? Not exactly especially since our manufacturing sector continues to come apart. These were skilled and higher paying jobs. They are now being replaced by jobs with no benefits and little pay.
We are also seeing signs creeping into the economy of a slowdown. Take a look at inventories:
Inventories are building up meaning businesses are miscalculating the true demand in the market. The last time inventories shot up this high was in 2008 leading into the Great Recession. Now that the stock market is slowing down to reality, there is likely to be an adjustment in the system.
Bartenders for manufacturing jobs. This isn’t really the idea of a recovery when people think about it.
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The 'Big Long' - Goldman Sachs And HSBC Buy 7.1 Tons Of Physical Gold
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
Summary
On August 6, 2015, Goldman Sachs (NYSE:GS) and HSBC (NYSE:HSBC) took delivery of a sum total of 7.1 tons of physical gold. No, I have not made any typographical errors. And no, I am not talking about electronic paper claims. I am talking about shiny yellow metal stuff that you can touch and feel.
The gold bars were not purchased for bank clients. They were purchased for the banks themselves. How do I know this? They are designated by the exchange as being for delivery to the bank's "house" accounts at COMEX, not to client accounts.
Goldman Sachs, alone, took 3.2 tons worth of physical gold bars. Yet, even as the firm builds its stockpile, Goldman tells clients not to do it. According to Goldman's Jeffrey Currie, the long-term
"In longer term, we definitely like playing this market on the short side. We think we are in a structural bear market, not only in gold, but across the commodity complex, as the individual commodity stories are reinforcing to one another, creating a negative feedback loop."
In spite of the antics in the paper-gold market, we know the physical market is on fire.Demand will exceed known supplies by at least 1,350 tons in 2015. More in 2016. But, that won't stop someone from setting up the paper market in order to buy from the physical market very cheaply. This is because the mysterious gold "supplier of last resort" will fill COMEX physical delivery demand, for the moment at least, no matter how high it rises, and no matter how low other supplies may be.>According to HSBC strategists, there has been a:"drift towards Fed tightening and the associated USD strength, low global inflationary pressure, weak gold demand from India and China and market positioning and momentum.This statement was made a few days before we all learned about the 61% increase in gold imports to India in the period, April to May. As one of the biggest players in the import market in India, how could have HSBC strategists not known about that? HSBC executives were certainly savvy enough to authorize this huge purchase of physical gold for the bank.
Prolonged Gold Backwardation Has Never Happened in Monetary History-James Turk
Renowned gold expert James Turk says prolonged gold backwardation like we are seeing now, where the spot price is higher than the future price, has never happened before. Turk contends, “No, never, and I am a student of monetary history as well, and I have never seen it happen like this in monetary history. Typically, when a backwardation would occur under the classic gold standard, for example, the banks that would have fractional reserve banking would go under. There would be a banking collapse. So, typically, if there was a backwardation, it would only last for a few days as it did in 1999 and in 2008. So, we have an unusual situation where we have heavy government involvement where they are trying to keep the gold price under wraps so they can maintain this policy of zero interest rates. They are thinking they are going to jumpstart the economy, but the economy is not being jumpstarted. All it’s doing is deferring the ultimate collapse and the governments’ ability to repay all the debt that they owe.”
Turk, a best-selling author who co-wrote a book called “The Money Bubble,” says what is happening now is nothing short of an historic bubble getting ready to pop. Turk explains, “In other words, just as we look back to the South Sea bubble and the Mississippi bubble, people are going to look back to today and say this is the money bubble. People are using what they think is money, but what they are using is really a money substitute. That’s the theme of the book that John Rubino and I wrote. We have lost sight as to what money truly is. It is a physical asset without counter-party risk and that is gold and silver.”
Turk thinks this bubble will end like all bubbles. Turk predicts, “This money bubble is going to pop. It has to because there is just too much debt in the world. That debt has to be reconciled and, ultimately, when you are reconciling debt, it gets back to the point about collateral on the balance sheets. There is just not enough good collateral to support all of this paper money circulating out there.”
It comes as no surprise that Turk thinks the premier collateral is gold. Turk goes on to say, “That’s what you are going to want, and that is ultimately what’s going to reemerge in global commerce. . . . It’s ultimately going to go back to gold.”
Benjamin Fulford – August 11, 2015: More arrests needed as Western megabanks are now stealing depositors’ money
(Before It's News)
Benjamin Fulford – August 11, 2015: More arrests needed as Western megabanks are now stealing depositors’ money
JP Morgan and other Western mega-banks have already begun stealing depositors’ money, according to sources at the Asian Development Bank and an American millionaire who reported his own funds were stolen. The development bank source said a man who had $4 million on deposit with JP Morgan contacted him to say the bank had refused to allow him to withdraw his money. Instead the man was offered a “365 day bank guarantee.”
In other words, the bank would not give him his money but offered to tell other banks that he had money. Many of the largest Western banks are now keeping themselves from going bankrupt by offering “guarantees” to each other, the source said. The American millionaire, based in Washington State, said more than $100 million of his money had also been stolen outright.
A Japanese financier also told this writer that Citibank had stolen more than $10 million of his money he deposited at their branch in Tokyo. A Japanese female acquaintance said she had too had $50,000 stolen from her account at the branch of an American owned bank in Tokyo. The banks were not available for comment at the time of this writing but it is clear from this anecdotal and also from public evidence (like derivatives holdings and market manipulation) that most Western mega-banks are no longer functioning properly.
The US military and agencies are on the case and criminal investigations are ongoing, according to Pentagon sources.
However, the Pentagon sources say the Pentagon has been unable to bankrupt the UNITED STATES OF AMERICA Corporation and restore the Republic of the United States of America because of objections from the Chinese. The Chinese are saying that if the Federal Reserve Board Washington DC subsidiary declared bankruptcy, all of their over $3 trillion in hard earned US dollars would become worthless.
If that was the case the Chinese would stop supporting the internationally traded US dollar and thus stop subsidizing all US military activities outside of the continental United States.
What all this means is that some sort of transition will have to be, and is being, aranged.
In the meantime, pressure from the military rank and files, especially from the Colonels, means that the leadership of US Joint Chiefs of Staff will be completely overhauled at the end of September. The incoming leadership group is ready to take serious action and start a major round up of Khazarian gangsters in Washington DC, New York and elsewhere. The Israeli Military and Intelligence community is preparing to take similar action in Israel, according to Mossad sources.
Also, although the arrests promised for August 8th did not take place in the dramatic and sweeping manner demanded by the rank and file military, there has been a lot of progress made. The Pentagon promises “the guns of August” will produce results.
For example, “after months of pressure” from the agencies and the Pentagon, the Justice Department and FBI have started a criminal investigation of Hillary Clinton. Despite a misleading headline, this has even been reported in the Khazarian mob controlled Washington Post.
http://www.washingtonpost.com/news/morning-mix/wp/2015/07/24/report...
That is why suddenly there is talk of Vice-President Joe Biden running for President, according to Pentagon sources.
The US Military, the Drug Enforcement Agency and the FBI are also hunting for the fugitive Mexican drug lord “El Chapo” because they want to use his testimony to take down the Bush drug mob. It is now a sure bet that most of the Bush family is going to jail.
The US government is expected to be shut down after September due to a lack of funding. This will be used as an opportunity to clean out more of the garbage in Washington DC, according to the Pentagon sources. For example, the Department of Homeland Security will probably be dismantled although its essential functions (like the Coast guard) will continue.
Any government agencies or officials found to be obstructing the ongoing investigations of the Khazarian mob will also be removed from power, the sources continue.
The revelations of baby parts being sold by Planned Parenthood is part of the offensive against the Eugenics supporting, Nazi faction of the Khazarian mob. That offensive will lead to new revelations in September and October, the sources promise.
The Khazarian mob is also coming under heavy fire in the US and Israel for its big push inside the US to promote a war with Iran. US acting-President Barack Obama was told to read the riot act to the AIPAC lobby in the US. He did so in a meeting with two of their leaders and, the following day, he read a speech given to him by the Pentagon.
There he said “As President of the United States, it would be an abrogation of my constitutional duty”, to obey Israel and attack Iran. He also said “Israel would bear the brunt of a US military strike on Iran”. What this meant, according to a Pentagon source, is that “Israel would be defenseless and friendless and without help from the Department of Defense.”
This is one of the reasons why the Israeli intelligence and military community is finally waking up to the fact they, and many of their countrymen, have been brainwashed by religious Zealots bent on starting World War 3. Israel is going to have to cleanse itself of Armageddon plotting religious Zionist fanatics if it wants to remain a viable entity.
Otherwise they will find themselves friendless and alone. Also, their so-called Samson option of threatening to take the world down with them has now been neutralized, according to White Dragon Society sources.
Heavy pressure is now being put on Turkey as well as Israel to end their ISIS campaign in Syria and Iraq. Russia’s Putin has threatened both countries with military action if they continue their ISIS mass murder campaign. The US military has quietly informed the Turks and Israelis they will not act to stop Russia if it takes on ISIS. That is why negotiations involving Russia, Iran, Pakistan, Turkey, Saudi Arabia, Israel, the US military etc. have taken on new urgency.
There has also been a lot going on with China in recent days. The Chinese economy has begun to grind to a halt. The massive steel and concrete construction boom is starting to produce un-needed roads and empty cities. This means China will now have to change its business model and that will mean it will have to take at least a step backwards before moving forwards again.
The Chinese are also starting to lose ground diplomatically. The Vietnamese are negotiating a free trade deal with the EU to offset excessive dependence on the Chinese economy. The Vietnamese are also considering buying the French Mistral ships whose sale to Russia has been cancelled.
The defection of Ling Wangchen, the brother of Ling Jihua, aide to former Chinese President Hu Jintao, has been a coup for the US intelligence community, according to the Pentagon sources. The US now has deep inside knowledge of the highest levels of power in the Chinese regime. This defection is the result of current President Xi Jinping’s crackdown on corruption and rivals. Xi has created many enemies and has, as a result, has experienced six assassination attempts, Chinese sources say.
The Russians are also now aligning themselves more with the WDS Western alliance to avoid leaving China holding all the cards of world power.
The Chinese regime, for its part, is now retrenching and trying to show a friendlier face. All construction in disputed areas of the South China Sea has been stopped. In addition, the Chinese are negotiating a visit by Pope Francis. Chinese secret society sources and Rothschild family sources are both saying there may be a Chinese move to adopt “Christianity with Chinese characteristics” as the official religion of China.
This would be done in harmony with Confucianism, Buddhism, Taoism and other Chinese traditional belief systems. The Chinese are also aiming for harmonious relations with the rest of the world.