Archive for September, 2012
2,000 U.S. Soldiers Killed In Action and 17,644 Wounded In Action in Afghanistan War
“Those who don’t know history are destined to repeat it.”
Edmund Burke
“Those who cannot remember the past are condemned to repeat it.”
George Santayana, Reason in Common Sense, The Life of Reason, Vol.1
Pete Seeger: Where Have All the Flowers Gone?
Suicide bomber kills 13, including 3 Nato troops
US military death toll hits 2,000 after shootout in Wardak Afghanistan
“Insider attacks” kill U.S. troops in Afghanistan
US Troop Deaths in Afghanistan Hit 2,000
US military death toll in Afghanistan reaches 2,000
US toll in Afghan war hits 2,000
NYT 2003 KIA In Afghanistan
Green-On-Blue Attacks In Afghanistan Can Have An Effect On When Troops Come Home
Inside The Taliban [National Geographic]
Afghanistan: War Without an End
Afghanistan -The Battle For Helmand : Documentary
U.S. Military Death Toll in Afghan War Reaches New Milestone
Operation Enduring Freedom (OEF)
| OPERATION ENDURING FREEDOM (OEF) U.S. CASUALTY STATUS |
| FATALITIES AS OF: September 27, 2012, 10 a.m. EDT |
| OEF U.S. Military Casualties | Total Deaths | KIA | Non-Hostile | WIA |
| Afghanistan Only*** | 1,996 | 1,657 | 339 | 17,644 |
Operation Enduring Freedom
http://icasualties.org/OEF/Index.aspx
Media Ignores Afghan War….
US military deaths in Afghanistan hit 2,000 after 11 years of war
By Patrick Quinn
“…KABUL – U.S. military deaths in the Afghan war have reached 2,000, a cold reminder of the human cost of an 11-year-old conflict that now garners little public interest at home as the United States prepares to withdraw most of its combat forces by the end of 2014.
The toll has climbed steadily in recent months with a spate of attacks by Afghan army and police — supposed allies — against American and NATO troops. That has raised troubling questions about whether countries in the U.S.-led coalition in Afghanistan will achieve their aim of helping the government in Kabul and its forces stand on their own after most foreign troops depart in little more than two years.
On Sunday, a U.S. official confirmed the latest death, saying that an international service member killed in an apparent insider attack by Afghan forces in the east of the country late Saturday was American. A civilian contractor with NATO and at least two Afghan soldiers also died in the attack, according to a coalition statement and Afghan provincial officials. The U.S. official spoke on condition of anonymity because the nationality of those killed had not been formally released. Names of the dead are usually released after their families or next-of-kin are notified, a process that can take several days. The nationality of the civilian was also not disclosed.
In addition to the 2,000 Americans killed since the Afghan war began on Oct. 7, 2001, at least 1,190 more coalition troops from other countries have also died, according to iCasualties.org, an independent organization that tracks the deaths.
According to the Afghanistan index kept by the Washington-based research centre Brookings Institution, about 40 per cent of the American deaths were caused by improvised explosive devices. The majority of those were after 2009, when President Barack Obama ordered a surge that sent in 33,000 additional troops to combat heightened Taliban activity. The surge brought the total number of American troops to 101,000, the peak for the entire war.
According to Brookings, hostile fire was the second most common cause of death, accounting for nearly 31 per cent of Americans killed.
Tracking deaths of Afghan civilians is much more difficult. According to the U.N., 13,431 civilians were killed in the Afghan conflict between 2007, when the U.N. began keeping statistics, and the end of August. Going back to the U.S.-led invasion in 2001, most estimates put the number of Afghan civilian deaths in the war at more than 20,000.
The number of American dead reflects an Associated Press count of those members of the armed services killed inside Afghanistan since the U.S.-led invasion began. Some other news organizations use a count that also includes those killed outside Afghanistan as part of Operation Enduring Freedom, the global anti-terror campaign led by then-President George W. Bush.
The 2001 invasion targeted al-Qaida and its Taliban allies shortly after the Sept. 11 attacks on the United States, which claimed nearly 3,000 lives.
Victory in Afghanistan seemed to come quickly. Kabul fell within weeks, and the hardline Taliban regime was toppled with few U.S. casualties.
But the Bush administration’s shift toward war with Iraq left the Western powers without enough resources on the ground, so by 2006 the Taliban had regrouped into a serious military threat.
Obama deployed more troops to Afghanistan, and casualties increased sharply in the last several years. But the American public grew weary of having its military in a perpetual state of conflict, especially after the withdrawal of American troops from Iraq at the end of last year. That war, which began with a U.S.-led invasion in 2003 to oust Saddam Hussein, cost the lives of nearly 4,500 U.S. troops, more than twice as many as have died in Afghanistan so far.
“The tally is modest by the standards of war historically, but every fatality is a tragedy and 11 years is too long,” said Michael O’Hanlon, a fellow at the Brookings. “All that is internalized, however, in an American public that has been watching this campaign for a long time. More newsworthy right now are the insider attacks and the sense of hopelessness they convey to many. “
Attacks by Afghan soldiers or police — or insurgents disguised in their uniforms — have killed 52 American and other NATO troops so far this year.
The so-called insider attacks are considered one of the most serious threats to the U.S. exit strategy from the country. In its latest incarnation, that strategy has focused on training Afghan forces to take over security nationwide — allowing most foreign troops to go home by the end of 2014.
Although Obama has pledged that most U.S. combat troops will leave by the end of 2014, American, NATO and allied troops are still dying in Afghanistan at a rate of one a day. …”
http://news.yahoo.com/us-military-deaths-afghanistan-hit-2-000-11-131020733.html
United States Forces casualties in the war in Afghanistan
“…As of September 30, 2012, there have been at least 2,000[1] U.S. military casualties in the war in Afghanistan and additional 118 fatalities in the broader Operation Enduring Freedom outside Afghanistan. 1,657 of these casualties inside Afghanistan have been the result of hostile action. 17,644 American servicemembers have been wounded in action during the war.[2] In addition there are 1,173 U.S. civilian contractor fatalities.[3]
At the end of May 2010, the number of American fatalities was reported to have reached 1,000.[4][5] By June 2011, the total number went up to 1,610. More than two-thirds of those deaths have occurred since the American military presence in Afghanistan was doubled under President Barack Obama in 2009.
The highest number of American fatalities recorded in a single incident occurred on August 6, 2011, in which a transport helicopter was shot down killing 30 Americans, including 22 Navy SEALs.[6][7]
Numbers of fatalities
As of September 27, 2012, the United States’ Department of Defense official statistics lists 1,996 servicemembers as having died in Afghanistan. Of these, 1,657 are due to hostile action and 339 non-hostile.[8]
In addition, another 116 soldiers are reported to have died as part of Operation Enduring Freedom (OEF); 48 are confirmed to have died in Africa, Southeast Asia or Cuba in support of OEF – Horn of Africa, OEF – Philippines, OEF – Trans Sahara, and in the detainment of prisoners in Guantanamo Bay, Cuba.[9] 40 fatalities incurred outside the war zone while supporting combat operations in Afghanistan, making a total of 1,797 United States servicemen killed in the war in Afghanistan. Of the 40, four died due to hostile action; a Marine and a civilian DoD employee killed by terrorist gunmen in Kuwait and two military airmen killed by a lone wolf terrorist in Germany.[10][5]
Many veterans have committed suicide as a result of physiological problems developed during their service. [11] More than 50000 up to the begin of 2012.
The iCasualties.org figure of 2,035 is higher than the Department of Defense’s officially stated figure, although according to the website all of the names listed at iCasualties.org have been confirmed by the Department of Defense.[12]
Casualties by month and year
All Fatalities
| U.S. fatalities by month | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Grand Total: 2,035 U.S. all fatalities in Afghanistan only Source: [1] Note: Table omits the deaths of 92 soldiers killed in support of operations in Afghanistan in other countries. Killed in action only
|
21 New or Higher Taxes Coming With Obamacare in 2013–Falling Off The Fiscal Cliff Into The Abyss of The Obama Recession And Fall–Reviving America–Reprieve–Videos
Thelma & Louise:Ending Scene
Fed Chairman warns of “massive fiscal cliff”
2012 Fiscal Cliff
Democrats’ Thelma and Louise Economics: Right Off the Cliff
Paul Ryan: We are driving our country off a cliff
CNBC: AMERICA’S FALLING OFF A FISCAL CLIFF!
Grover Norquist Discusses the Looming Fiscal Cliff and Importance Tax Reform
Obama Tax Promises
WORDS MATTER: Original Obama Un-narrated Documentary/Review (in his own words)
Paul Ryan: Hiding Spending Doesn’t Reduce Spending
Tax Bomb! Big Tax Hike Coming for Seniors and Savers
Jack Cafferty Discusses the Largest Tax Hike in History on CNN
List of Coming Tax Hikes on Fox Business
Barrasso: Obamacare Device Tax Crushes Jobs, Increases Health Costs
Barack Obama will raise Capital Gains Taxes…even if it means less tax revenue!!
Six Reasons Why the Capital Gains Tax Should Be Abolished
Debunking White House Pro-Tax Increase Propaganda
Coyote Fall
The Abyss – Favorite Scene
The Abyss – Deleted scene
Top Five Worst Obamacare Taxes Coming in 2013
Read more: http://atr.org/five-worst-obamacare-taxes-coming-a7217#ixzz27oTm8ayK
“…Of the twenty new or higher taxes in Obamacare, below are the five worst that will be foisted upon Americans for the first time on January 1, 2013:
The Obamacare Medical Device Tax – a $20 billion tax increase: Medical device manufacturers employ 409,000 people in 12,000 plants across the country. Obamacare imposes a new 2.3 percent excise tax on gross sales – even if the company does not earn a profit in a given year. In addition to killing small business jobs and impacting research and development budgets, this will increase the cost of your health care – making everything from pacemakers to prosthetics more expensive.
The Obamacare “Special Needs Kids Tax” – a $13 billion tax increase: The 30-35 million Americans who use a Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs will face a new government cap of $2,500 (currently the accounts are unlimited under federal law, though employers are allowed to set a cap).
There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are several million families with special needs children in the United States, and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This Obamacare tax provision will limit the options available to these families.
The Obamacare Surtax on Investment Income – a $123 billion tax increase: This is a new, 3.8 percentage point surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income:
| Capital Gains | Dividends | Other* | |
| 2012 | 15% | 15% | 35% |
| 2013+ (current law) | 23.8% | 43.4% | 43.4% |
The table above also incorporates the scheduled hike in the capital gains rate from 15 to 20 percent, and the scheduled hike in dividends rate from 15 to 39.6 percent.
The Obamacare “Haircut” for Medical Itemized Deductions – a $15.2 billion tax increase: Currently, those Americans facing high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). This tax increase imposes a threshold of 10 percent of AGI. By limiting this deduction, Obamacare widens the net of taxable income for the sickest Americans. This tax provision will most harm near retirees and those with modest incomes but high medical bills.
The Obamacare Medicare Payroll Tax Hike — an $86.8 billion tax increase: The Medicare payroll tax is currently 2.9 percent on all wages and self-employment profits. Under this tax hike, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8 percent rate instead. This is a direct marginal income tax hike on small business owners, who are liable for self-employment tax in most cases. The table below compares current law vs. the Obamacare Medicare Payroll Tax Hike:
| First $200,000 ($250,000 Married) Employer/Employee | All Remaining Wages Employer/Employee | |
| Current Law | 1.45%/1.45% 2.9% self-employed | 1.45%/1.45% 2.9% self-employed |
| Obamacare Tax Hike | 1.45%/1.45% 2.9% self-employed | 1.45%/2.35% 3.8% self-employed |
Click here to view PDF form.
Read more: http://atr.org/five-worst-obamacare-taxes-coming-a7217#ixzz27oSFilCe
Related Posts On Pronk Palisades
The Start of The Obama Recession–Real GDP Approaching Negative Growth Rates in Third and Fourth Quarters of 2012–Videos
Read Full Post | Make a Comment ( 1 so far )The Project–Muslim Brotherhood’s Plan To Infiltrate, Subvert and Overthrow The American Government And U.S. Constitution–Videos
GLENN BECK PRESENTS “THE PROJECT”, The Muslim Brotherhood “Project” DOCUMENTARY
GBR: You need to understand The Project PART 1
GBR: You need to understand The Project PART 2
GBTV The Blaze TV 9-26-12 The Project (FULL pt 1)
GBTV The Blaze TV 9-26-12 The Project (FULL pt 2)
Background Articles and Videos
Muslim Brotherhood in America: The Overview
http://muslimbrotherhoodinamerica.com/
Muslim Brotherhood in America, Part 2: ‘Civilization Jihad’ in America
Muslim Brotherhood in America, Part 3: Influence Operations Against Conservatives & the GOP
Muslim Brotherhood in America, Part 4: Suhail Khan, A Case Study in Influence Operations
Muslim Brotherhood in America, Part 5: The Organizations Islamists Are Using to Subvert the Right
Muslim Brotherhood in America, Part 6: Electing Islamist Republicans
Muslim Brotherhood in America, Part 7: Advancing the Islamists’ Agendas
Muslim Brotherhood in America, Part 8: Team Obama & the Islamists
Muslim Brotherhood in America, Part 9: Team Obama & the Islamist Agenda
Muslim Brotherhood in America, Part 10: What’s To Be Done?
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CAIR Launches National PSA Campaign–Videos
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Andrew McCarthy–The Grand Jihad: How Islam and the Left Sabotaged America–Videos
Andrew C. McCarthy–America’s War on Terror…or is It?–Videos
Stealth Jihad–Terror From Within–Videos
Steve Emerson–American Jihad: The Terrorist Living Among Us–Videos
Robert Spencer–Stealth Jihad–Videos
Robert Spencer–The Truth About Muhammad–Videos
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Obsession: Radical Islams War Against the West–Videos
An Affront and Threat To The American People–The Ground Zero Mosque–Remembering 9/11 and The Unknown Falling Man
Just Because You Can Build A Mosque At Ground Zero Does Not Mean You Should: The Two Faces of President Obama–Let Me Be Clear–I Am An Agent Provocateur!
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Gross Domestic Product (GDP)
- 2nd quarter 2012: 1.3 percent
- 1st quarter 2012: 2.0 percent
3XSQ: GDP dries up, revised down to 1.3%
GDP Show US Economy Slowed In Second Quarter, Unemployment Drops, Durable Goods Orders Plunge
United States Fiscal Cliff – Wiki Article
National Income and Product Accounts
Gross Domestic Product: Second Quarter 2012 (third estimate);
Corporate Profits: Second Quarter 2012 (revised estimate)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.3 percent in the second quarter of 2012
(that is, from the first quarter to the second quarter), according to the "third" estimate released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.7
percent (see "Revisions" on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, nonresidential fixed investment, and residential
fixed investment that were partly offset by negative contributions from private inventory investment and
state and local government spending. Imports, which are a subtraction in the calculation of GDP,
increased.
The deceleration in real GDP in the second quarter primarily reflected decelerations in PCE, in
nonresidential fixed investment, and in residential fixed investment that were partly offset by smaller
decreases in federal government spending and in state and local government spending and an
acceleration in exports.
Motor vehicle output added 0.20 percentage point to the second-quarter change in real GDP after
adding 0.72 percentage point to the first-quarter change. Final sales of computers subtracted 0.10
percentage point from the second-quarter change in real GDP after adding 0.02 percentage point to the
first-quarter change.
__________
FOOTNOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005)
dollars. Price indexes are chain-type measures.
This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release.
For information on revisions, see "Revisions to GDP, GDI, and Their Major Components."
__________
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.7 percent in the second quarter, 0.1 percentage point less than the second estimate; this index
increased 2.5 percent in the first quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 1.4 percent in the second quarter, compared with an increase of 2.4
percent in the first.
Real personal consumption expenditures increased 1.5 percent in the second quarter, compared
with an increase of 2.4 percent in the first. Durable goods decreased 0.2 percent, in contrast to an
increase of 11.5 percent. Nondurable goods increased 0.6 percent, compared with an increase of 1.6
percent. Services increased 2.1 percent, compared with an increase of 1.3 percent.
Real nonresidential fixed investment increased 3.6 percent in the second quarter, compared with
an increase of 7.5 percent in the first. Nonresidential structures increased 0.6 percent, compared with an
increase of 12.9 percent. Equipment and software increased 4.8 percent, compared with an increase of
5.4 percent. Real residential fixed investment increased 8.5 percent, compared with an increase of 20.5
percent.
Real exports of goods and services increased 5.3 percent in the second quarter, compared with an
increase of 4.4 percent in the first. Real imports of goods and services increased 2.8 percent, compared
with an increase of 3.1 percent.
Real federal government consumption expenditures and gross investment decreased 0.2 percent
in the second quarter, compared with a decrease of 4.2 percent in the first. National defense decreased
0.2 percent, compared with a decrease of 7.1 percent. Nondefense decreased 0.4 percent, in contrast to
an increase of 1.8 percent. Real state and local government consumption expenditures and gross
investment decreased 1.0 percent, compared with a decrease of 2.2 percent.
The change in real private inventories subtracted 0.46 percentage point from the second-quarter
change in real GDP, after subtracting 0.39 percentage point from the first-quarter change. Private
businesses increased inventories $41.4 billion in the second quarter, following increases of $56.9 billion
in the first quarter and $70.5 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 1.7
percent in the second quarter, compared with an increase of 2.4 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.0 percent in the second quarter, compared with an increase of 1.8 percent in the
first.
Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 2.1 percent in the second quarter, compared with an increase of
0.6 percent in the first. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which increased $27.4 billion in the second quarter after decreasing $44.1 billion in the first; in
the second quarter, receipts increased $3.5 billion, and payments decreased $24.0 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
2.8 percent, or $107.3 billion, in the second quarter to a level of $15,585.6 billion. In the first quarter,
current-dollar GDP increased 4.2 percent, or $157.3 billion.
Gross domestic income
Real gross domestic income (GDI), which measures the output of the economy as the costs
incurred and the incomes earned in the production of GDP, increased 0.2 percent in the second quarter,
compared with an increase of 3.8 percent in the first. For a given quarter, the estimates of GDP and GDI
may differ for a variety of reasons, including the incorporation of largely independent source data.
However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of
change.
Revisions
The "third" estimate of the second-quarter percent change in real GDP is 0.4 percentage point, or
$16.0 billion, less than the "second" estimate issued last month, primarily reflecting downward revisions
to private inventory investment, to personal consumption expenditures, and to exports.
Advance Estimate Second Estimate Third Estimate
(Percent change from preceding quarter)
Real GDP............................... 1.5 1.7 1.3
Current-dollar GDP..................... 3.1 3.3 2.8
Gross domestic purchases price index... 0.7 0.8 0.7
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $21.8 billion in the second quarter, in contrast to a decrease of
$53.0 billion in the first quarter. Current-production cash flow (net cash flow with inventory valuation
adjustment) -- the internal funds available to corporations for investment -- increased $6.0 billion in the
second quarter, in contrast to a decrease of $169.8 billion in the first.
Taxes on corporate income decreased $10.3 billion in the second quarter, in contrast to an
increase of $83.2 billion in the first. Profits after tax with inventory valuation and capital consumption
adjustments increased $31.9 billion in the second quarter, in contrast to a decrease of $136.2 billion in
the first. Dividends increased $20.4 billion, compared with an increase of $9.2 billion; current-
production undistributed profits increased $11.6 billion, in contrast to a decrease of $145.5 billion.
Domestic profits of financial corporations decreased $39.7 billion in the second quarter, compared
with a decrease of $12.3 billion in the first. Domestic profits of nonfinancial corporations increased
$27.8 billion in the second quarter, compared with an increase of $7.3 billion in the first. In the second
quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value
added increased. The increase in unit profits reflected an increase in unit prices and a decrease in unit
nonlabor costs that were partly offset by an increase in unit labor costs.
The rest-of-the-world component of profits increased $33.6 billion in the second quarter, in
contrast to a decrease of $48.0 billion in the first. This measure is calculated as (1) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by U.S. residents from
unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign
parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The second-quarter
increase was accounted for by an increase in receipts and a decrease in payments.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects depreciation-accounting practices used for federal income tax returns. According to this
measure, domestic profits of financial corporations decreased. The decrease in financial corporations
was primarily accounted for by a decrease in "other" financial industries. Domestic profits of
nonfinancial corporations increased, primarily reflecting increases in wholesale trade, in manufacturing,
and in information industries. Within manufacturing, the largest increases were in computer and
electronic products and in "other" durable goods.
Profits before tax decreased $16.3 billion in the second quarter, in contrast to an increase of
$188.1 billion in the first. The before-tax measure of profits does not reflect, as does profits from
current production, the capital consumption and inventory valuation adjustments. These adjustments
convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost
basis to the current-cost measures used in the national income and product accounts. The capital
consumption adjustment decreased $1.7 billion in the second quarter (from -$200.7 billion to -$202.4
billion), compared with a decrease of $230.3 billion in the first. The large decrease in the first-quarter
capital consumption adjustment mainly reflected the expiration of bonus depreciation claimed under the
Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The inventory
valuation adjustment increased $39.7 billion (from -$23.7 billion to $16.0 billion), in contrast to a
decrease of $10.8 billion.
* * *
BEA’s national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
* * *
Next release – October 26, 2012, at 8:30 A.M. EDT for:
Gross Domestic Product: Third Quarter 2012 (Advance Estimate)
http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
Q2 GDP SLASHED TO 1.3%
“…The third reading on Q2 GDP just came out and the report was ugly.
The headline growth number was revised down to 1.3 percent on an annualized basis.
Economists expected the number to be unchanged at 1.7 percent.
“As we recently noted, you’ll need to watch the rear-view mirror to see the recession come into focus,” wrote ECRI’s Lakshman Achuthan in an email to Business Insider.
“The “third” estimate of the second-quarter percent change in real GDP is 0.4 percentage point, or $16.0 billion, less than the “second” estimate issued last month, primarily reflecting downward revisions to private inventory investment, to personal consumption expenditures, and to exports,” wrote the Bureau of Economic Analysis.
The personal consumption component was revised down to 1.5 percent. Economists were expecting it to be unchanged at 1.7 percent. …”
From the Bureau of Economic Analysis: ————————
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.3 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter), according to the “third” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent.
The GDP estimate released today is based on more complete source data
than were available for the “second” estimate issued last month. In the second estimate, the increase in real GDP was 1.7 percent (see “Revisions” on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, nonresidential fixed investment, and residential fixed investment that were partly offset by negative contributions from private inventory investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP in the second quarter primarily reflected decelerations in PCE, in nonresidential fixed investment, and in residential fixed investment that were partly offset by smaller decreases in federal government spending and in state and local government spending and an acceleration in exports.
Motor vehicle output added 0.20 percentage point to the second-quarter change in real GDP after adding 0.72 percentage point to the first-quarter change. Final sales of computers subtracted 0.10 percentage point from the second-quarter change in real GDP after adding 0.02 percentage point to the first-quarter change.
Read more: http://www.businessinsider.com/final-q3-gdp-2012-9#ixzz27hA9f7Cd
U.S. GDP Revised Down to 1.3 Percent in Q2
“…U.S. Real gross domestic product increased at an annual rate of 1.3 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter), according to the “third” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent.
The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, nonresidential fixed investment, and residential fixed investment that were partly offset by negative contributions from private inventory investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP in the second quarter primarily reflected decelerations in PCE, in nonresidential fixed investment, and in residential fixed investment that were partly offset by smaller decreases in federal government spending and in state and local government spending and an acceleration in exports.
Motor vehicle output added 0.20 percentage point to the second-quarter change in real GDP after adding 0.72 percentage point to the first-quarter change. Final sales of computers subtracted 0.10 percentage point from the second-quarter change in real GDP after adding 0.02 percentage point to the first-quarter change.
Real personal consumption expenditures increased 1.5 percent in the second quarter, compared with an increase of 2.4 percent in the first. Durable goods decreased 0.2 percent, in contrast to an increase of 11.5 percent. Nondurable goods increased 0.6 percent, compared with an increase of 1.6 percent. Services increased 2.1 percent, compared with an increase of 1.3 percent.
Real nonresidential fixed investment increased 3.6 percent in the second quarter, compared with an increase of 7.5 percent in the first. Nonresidential structures increased 0.6 percent, compared with an increase of 12.9 percent. Equipment and software increased 4.8 percent, compared with an increase of 5.4 percent. Real residential fixed investment increased 8.5 percent, compared with an increase of 20.5 percent.
Real exports of goods and services increased 5.3 percent in the second quarter, compared with an increase of 4.4 percent in the first. Real imports of goods and services increased 2.8 percent, compared with an increase of 3.1 percent.
Real federal government consumption expenditures and gross investment decreased 0.2 percent in the second quarter, compared with a decrease of 4.2 percent in the first. National defense decreased 0.2 percent, compared with a decrease of 7.1 percent. Nondefense decreased 0.4 percent, in contrast to an increase of 1.8 percent. Real state and local government consumption expenditures and gross investment decreased 1.0 percent, compared with a decrease of 2.2 percent.
The change in real private inventories subtracted 0.46 percentage point from the second-quarter change in real GDP, after subtracting 0.39 percentage point from the first-quarter change. Private businesses increased inventories $41.4 billion in the second quarter, following increases of $56.9 billion in the first quarter and $70.5 billion in the fourth. …”
http://www.tradingeconomics.com/united-states/gdp-growth
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Read Full Post | Make a Comment ( None so far )Murray N. Rothbard–A History of Money and Banking in the United States–Videos
A History of Money and Banking in the United States (Part 1, 1/4) by Murray N. Rothbard
A History of Money and Banking in the United States (Part 1, 2/4) by Murray N. Rothbard
A History of Money and Banking in the United States (Part 1, 3/4) by Murray N. Rothbard
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A History of Money and Banking in the United States (Part 2, 2/2) by Murray N. Rothbard
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A History of Money and Banking in the United States (Part 4, 1/2) by Murray N. Rothbard
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A History of Money and Banking in the United States (Part 5, 1/2) by Murray N. Rothbard
A History of Money and Banking in the United States (Part 5, 2/2) by Murray N. Rothbard
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Larry Kudlow On The Failure Of Obama’s Keynesian Fiscal Policy–Videos
Larry Kudlow: If Keynesian taxing and spending was going to work it would have already worked
[youdtube=http://www.youtube.com/watch?v=Z0B3dWOno90]
Larry Kudlow: If Keynesian taxing and spending was going to work it would have already worked Part 2
Rep. Kevin Brady on CNBC’s Kudlow Report 8-31-12
Background Articles and Videos
Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus
Eight Reasons Why Big Government Hurts Economic Growth
Free Markets and Small Government Produce Prosperity
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Glenn Beck says Obama Planned Embassy Attacks American people being set up !
Glenn Beck’s The Blaze Panel discuss anti-American violence in Libya.
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Finally The Truth Muslim Protests About NATO Drone Strikes, Backing Saudi Jihadists
Obama’s kill list revealed
Should Obama Continue Drone Attacks In Pakistan? – Hamad Mir
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America’s War Drones Kill Over 800 Civilians – 200 Children – Casualties Of War???
If A Foreign Drone Killed Your 16 yr Old Family Member….Tell Me, How Would You Feel?
Obama Drone Strikes Are ‘Mass Murder’ – Jeremy Scahill
Jeremy Scahill: ‘Sad Day for America’
YouTube videos of US unmanned drone attacks in Afghanistan- RT 100105
Are US Drone Attacks Justified? Obama Legal Adviser Koh Says Yes
The Seven Deadly Sins of John Brennan
BY MICAH ZENKO |SEPTEMBER 18, 2012
“…3. We don’t kill civilians.
Stephanopoulos: “Do you stand by the statement you have made in the past that, as effective as they have been, they have not killed a single civilian? That seems hard to believe.”
Brennan: “What I said was that over a period of time before my public remarks that we had no information about a single civilian, a noncombatant being killed. Unfortunately, in war, there are casualties, including among the civilian population.… And unfortunately, sometimes you have to take life to save lives.” (This Week with George Stephanopoulos, April 29, 2012)
In his public comments, Brennan is clear that the Obama administration endorses a drone-first eliminationist strategy for dealing with al Qaeda — and any “military-age males” nearby. This requires a tremendous amount of killing. In June 2011, Brennan claimed: “There hasn’t been a single collateral death because of the exceptional proficiency, precision of the capabilities we’ve been able to develop.” He later, however, provided a statement to the New York Times that the newspaper said “adjusted the wording of his earlier comment”: “Fortunately, for more than a year, due to our discretion and precision, the U.S. government has not found credible evidence of collateral deaths resulting from U.S. counterterrorism operations outside of Afghanistan or Iraq.”
Brennan did not clarify what constituted “credible evidence,” but as Justin Elliott and I myselfquickly pointed out, there were many public reports — from Pakistani and Yemeni reporters and anonymous administration officials — of civilians killed by U.S. drone strikes. Either Brennan did not receive the same reports of civilian casualties as other administration officials did (an implausible notion), he lacks Internet access to read these anonymous comments (equally implausible because Brennan closely responds to critics of targeted killings in his following media appearances), or he was lying. Regardless, his belief in the infallibility of the find-fix-finish cycle defies an understanding of the inherent flaws and limitations of even the most precise uses of lethal force. …”
“…4. Yemenis love U.S. drone strikes.
“Contrary to conventional wisdom, we see little evidence that [drone strikes] are generating widespread anti-American sentiment or recruits for AQAP. In fact, we see the opposite: Our Yemeni partners are more eager to work with us.… In short, targeted strikes against the most senior and most dangerous AQAP terrorists are not the problem –they are part of the solution.” (“U.S. Policy Toward Yemen,” speech, Aug. 8, 2012)
Based on his education and deployments with the CIA, Brennan is said to have a deep knowledge of the Middle East; he speaks Arabic; and he enjoys contact with many senior officials in foreign intelligence and interior ministries — which explains his de facto role as White House liaison to Yemen. As Brennan says, “I find the Arab world a fascinating place.”
Although he might have unique insights into the Arab mind, actual Yemenis and journalists reporting from the country (see here,here, and here) say that Yemenis hatedrones strikes. There is also a strong correlation between targeted killings in Yemen since December 2009 — primarily conducted by U.S. drones — and increased anger toward the United States and sympathy or allegianceto AQAP. In 2010, the Obama administration described AQAP as “several hundred al Qaeda members”; two years later, it increased to “more than a thousand members.” Now, AQAP has a “few thousand members.” After a drone strike reportedly killed 13 civilians in early September, Yemeni activist Nasr Abdullah noted: “I would not be surprised if a hundred tribesmen joined the lines of al Qaeda as a result of the latest drone mistake.” Let’s hope Brennan and Abdullah can agree to disagree. …”
“…6. Drones are just a part of U.S. counterterrorism strategy.
“[Obama] has insisted that our policy emphasize governance and development as much as security and focus on a clear goal to facilitate a democratic transition while helping Yemen advance political, economic, and security reforms so it can support its citizens and counter AQAP.… This year alone, U.S. assistance to Yemen is more than $337 million. Over half this money, $178 million, is for political transition, humanitarian assistance, and development. Let me repeat that. More than half of the assistance we provide to Yemen is for political transition, humanitarian assistance, and development.… Any suggestion that our policy toward Yemen is dominated by our security and counterterrorism efforts is simply not true.” (“U.S. Policy Toward Yemen,” speech, Aug. 8, 2012)
There are a couple of problems with Brennan’s math. First, he excludes the vast costs of maintaining the manned and unmanned aerial platforms, nearby naval assets, and U.S. military targeters and trainers stationed in growing numbers at the al-Anad Air Base. It also does not include the covert aid funneled to members of President Abd Rabbuh Mansur al-Hadi’s regime and others who support U.S. interests in Yemen. Former President Ali Abdullah Saleh carefully manipulated the presence of suspected international terrorists within his country in order to maintain Western support crucial for his survival, and he reportedlyreceived hundreds of millions of dollars in covert assistance. Some Yemeni officials, analysts, and journalists such as Sam Kimball now claim that under Hadi, “the Yemeni government is fully aware of a number of al Qaeda cells — and their existence is tolerated and their crimes covered up.”
Finally, Brennan’s boasts that U.S. civilian and military assistance is evenly split is nothing new. Between 2007 and 2011, U.S. (overt) aid to Yemen was $642 million: $326 million in security assistance primarily for counterterrorism and border security, and $316 million in civilian assistance for development and humanitarian work. If this alleged 50-50 foreign aid to Yemen strategy led to the collapse of the Saleh regime, widespread anti-American sentiment, and the tripling of al Qaeda, why would it work this time around?”
http://www.foreignpolicy.com/articles/2012/09/18/the_seven_deadly_sins_of_john_brennan?page=0,2
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Fed risks political fallout from QE3
By Robin Harding and James Politi in Washington
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The US Federal Reserve was always going to catch a few political bullets if it launched an aggressive new easing only eight weeks before a presidential election.
Mitt Romney, the Republican candidate, duly opened fire on Friday after the Fed began an open-ended third round of quantitative easing (QE3), under which it will buy $40bn of mortgage-backed securities a month.
In some of the most aggressive comments he has made on the Fed, Mr Romney said QE3 was nothing but a “sugar high”, and would fail to get the economy moving.
“Recognise that, as the Federal Reserve keeps on trying to stimulate the economy by printing more money, that there’s a cost to that,” said Mr Romney in remarks at a fundraiser.
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The US Federal Reserve was always going to catch a few political bullets if it launched an aggressive new easing only eight weeks before a presidential election.
Mitt Romney, the Republican candidate, duly opened fire on Friday after the Fed began an open-ended third round of quantitative easing (QE3), under which it will buy $40bn of mortgage-backed securities a month.
In some of the most aggressive comments he has made on the Fed, Mr Romney said QE3 was nothing but a “sugar high”, and would fail to get the economy moving.
“Recognise that, as the Federal Reserve keeps on trying to stimulate the economy by printing more money, that there’s a cost to that,” said Mr Romney in remarks at a fundraiser.
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Some conservative economists think the Fed is over-interpreting the employment side of the dual mandate – and by lowering interest rates and making it easier for the US to finance debt in the bond markets, this removes the pressure from Congress to strike a deal on deficit reduction.
The most visible effort to clip the Fed’s wings is a bill introduced in the House of Representatives by Kevin Brady, a Republican from Texas, who is vice-chair of the Joint Economic Committee of Congress. His bill would limit the central bank’s mandate to inflation, not employment, and restrict its monetary policy operations to short-term Treasury securities.
Were his bill now law, Mr Brady told the Financial Times, “the Fed would not be able to embark on this third round of quantitative easing”. He said the bill had taken off faster than he had hoped and already had 48 co-sponsors in Congress. “Everyone, whether they agree or not, believes it is the right time to have this discussion.”
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But while Mr Romney has criticised QE3, it would be a huge leap to eliminate the employment mandate once in office. “I think you can do a lot without changes to the Federal Reserve Act,” says Prof Swagel. “Romney will probably look to appoint the next Fed chair as someone who is aligned with his views.”
That is the most realistic political consequence of the Fed’s actions: that when Mr Bernanke’s term expires at the end of January 2014, a new chairman is appointed who opposes them.
Once settled in the White House, however, even Mr Romney would have to consider whether a tight monetary policy was actually in his interest, given that re-election would probably depend on delivering strong economic growth.
Whether QE3 has any lasting political consequences for the Fed will probably depend on how well it works. “It puts critics of the Fed in a difficult position,” said John Makin, a resident scholar at the American Enterprise Institute in Washington, who called the programme of open-ended easing a “bold experiment”.
The Fed is trying to bring down high unemployment and, while the experiment is in progress, critics will struggle to make headway. If the experiment fails, however, and inflation rises sharply before unemployment comes down, the Fed may find itself hard-pressed to resist the proposals of Mr Brady and his colleagues. …”
http://www.ft.com/cms/s/0/b7de9070-fe77-11e1-8028-00144feabdc0.html#axzz26f3NWTyR
Marc Faber: If I Were Bernanke, I Would Resign
“…Central bankers are “counterfeit money printers” and Federal Reserve Chairman Ben Bernanke should resign for messing up the U.S. economy so badly, Marc Faber, author of the Gloom, Doom and Boom, told CNBC on Friday.
He said Bernanke was one of the main proponents of an ultra-expansionist economic monetary policy that was to blame for the latest financial crisis.
“If I had messed up as badly as Bernanke I would for sure resign. The mandate of the Fed to boost asset prices and thereby create wealth is ludicrous — it doesn’t work that way. It’s a temporary boost followed by a crash,” Faber said.
Faber, who rose to prominence after predicting the 1987 financial crash report and dubbed “Dr Doom” for his negative predictions, said: “This unlimited QE (quantitative easing) , buying mortgage-backed securities (MBS) and continuing operation twist has the implication of simply having asset prices go up and the money flows down to the Mayfair economy,” Faber said.
A Mayfair economy is one which benefits the wealthier and better off in society. Faber said this latest round of QE would not help the “man on the street”.
“QE helps rich people whose asset prices go up and whose net worth then increases but it doesn’t flow to the man on the street who is faced with higher costs of living with price rises. You just have a small economy that is booming but the majority of the economy is damaged by QE,” he said.
Bernanke announced on Thursday that the Fed would buy $40 billion a month in MBS, giving the impression that this time around there would be no time limit to the program, which would only stop once a sustained uptick in employment is visible.
“The money printers are responsible for this crisis. If we continue with this expansionist monetary policy we won’t be facing a fiscal cliff it will be a fiscal grand canyon,” he added.
Mike Konczal, fellow at the Roosevelt Institute disagreed claiming that this latest round of QE — aggressive as it was — would expand the scope of Federal Reserve policy and was “great for main street”. Crucially, he said, it tackles the issue of employment which would underpin future wealth.
“If anything, monetary policy has been too tight in recent years. We’ve seen a collapse in GDP growth, no wage growth and huge rises in unemployment. Wealth is collapsing because of a collapse in the housing market and prolonged, mass unemployment ,” Konczal said.
Faber poured scorn on the notion that QE helps the economy, declaring that commentators like Konczal would have said the same in 2001 when low interest rates led to the biggest housing bubble in the United States. That in turn led to the financial crisis of 2008.
“If we have an economic crisis in the Western world it’s because the government makes up 50 percent or more of the economy. This is a cancer that is taking away people’s freedom,” he said.
http://www.cnbc.com/id/49029923
Helicopter Bernanke’s economy influx of money will rescue Obama, not you, here’s why
by Jim Picht
“…Federal Reserve Chairman Ben Bernanke’s decision to engage in a third round of “quantitative easing” (QE3) drew immediate celebration from Wall Street, but it was also met by a reduction in America’s credit rating. Ratings firm Egan-Jones reduced its rating of U.S. government debt from “AA” to “AA-,” claiming that the $40 billion-per-month money infusion announced by the Fed will badly hurt the economy.
Bernanke got his nickname, “Helicopter Ben,” for comments like this: “The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost.”
He goes on to argue, in the words of Milton Friedman before him, that a “helicopter drop” of money might be made into the economy to avoid deflation.
That is, during a recession when there’s a threat of deflation, the government should just drop bales of money on the population to help prevent a depression.
The primary threat facing the economy right now isn’t deflation, and quantitative easing isn’t exactly a helicopter drop, but it is, in the words of critics, a sugar rush.
If the problem with our economy were simply insufficient aggregate demand, sugar would be nutritious food, but it’s not. Short term interest rates are already low, and the Fed risks pushing long-term rates low enough that people will simply start keeping their money under the mattress. Not only is the Fed’s monetization likely to be ineffective, it’s likely to result in economic stagnation.
The Fed is not producing “as many U.S. dollars as it wishes at no cost.” There is a very real cost. Our fiscal situation is a disaster, inflation is pressing onto the economy, and business costs are set to rise. This will have a negative impact on jobs, and real wages will decline. This open-ended quantitative easing will make the situation worse and worse.
If the Fed were to drop millions of carats of diamonds from helicopters, diamond rings would be found in cereal boxes, not jewelry stores. If the streets were paved with gold, gold would be as cheap as asphalt. If we continue to dump massive amounts of money into the economy, money will be worth less than the paper (or electrons) it’s printed on.
The stock market responded to QE3 with enthusiasm. A big reason for that is that this signals Bernanke’s determination to keep interest rates low (close to zero). With bond returns in the basement, investors have no place to go but stocks.
Sugar rushes always end in a crash. Everyone knows that QE3 is a stop-gap measure. Bernanke considers it necessary because President Obama’s economic policies aren’t working to break us out of a sluggish jobs market and the slowest recovery in memory.
But neither did QE1 and QE2. QE3 will fail.
Its purpose is to put money into the hands of lenders, then small businesses, but business owners realize that the bill on our current economic policies will be coming due sooner rather than later, and they’re not likely to run out and borrow money with the uncertainties of the Affordable Care Act, the debt ceiling, and tax hikes (only for the wealthy, but that, oddly enough, includes a lot of small businesses) looming ahead.
Eventually Bernanke or his successor will have to change course. The money supply will have to be reduced, interest rates will rise, and investors will flee from stocks into bonds. As the stock market declines, the fizzy, buoyant feeling from the wealth effect created by the rising market will go as flat as last week’s champagne. As you and other Americans see your wealth decline, you’ll cut back on major purchases, and the economy will take another body blow.
Bernanke is a very, very smart man, and he knows better than most of us what’s at stake here. Why, then, this economic bandaid? Cynics argue that he’s caved to pressure from Democrats like Senator Charles Schumer (D-NY) to give Obama enough breathing room for reelection.
Stagnation is fine in six months, but not before November.
That explanation is too dismissive of Bernanke, whose history gives plenty of evidence that he’s both honest and is reacting in a way he sees as correct. More likely, he sees economic disaster ahead, and he’s simply run out of tools he can use to stop it. Like anyone else in serious trouble and without options, he’s kicking the can down the road, hoping against hope that a miracle will come along before disaster strikes.
That this might help Obama and the Democrats is just a side effect, not the goal of the policy. Anyway, given the lack of success of QE1 and QE2, the policy may not give the Democrats as large a boost as they expect.
The truth is that both Obama and Bernanke are running out of options. A $16 trillion debt has left the federal government with no fiscal flexibility at all, and the Fed’s usual tools to manipulate money through interest rates are useless with those rates close to zero. QE3 isn’t a new hope for the economy; it’s a clear sign of desperation.
After the sugar rush wears off, then what? Bernanke will be left with nothing. That thought should give everyone in Washington pause. If they were rational, it might even prompt some serious thinking outside the current stimulus-QE-bailout box before that box turns into a prison, but the odds on that look worse by the day.
Read more: Helicopter Bernanke’s economy influx of money will rescue Obama, not you, here’s why | Washington Times Communities Follow us: @wtcommunities on Twitter
Peter Schiff’s take on QE3: Operation Screw! The Fed goes All-In! (Got Operation Weimar FreeFall?)
The geniuses at the Federal Reserve have concocted a bold new plan to revive the U.S. economy — print a bunch of money, loan it to Americans at super low interest rates so they can speculate on rising real estate prices, extract the appreciated equity and spend it on consumer goods. In other words, build an economy of real estate, by real estate, and for real estate. The only problem is we’ve been there and done that. The last time it almost destroyed the U.S.economy. I guess almost isn’t quite good enough for the Fed, so now it’s determined to finish the job.
These actions will destroy Americans’ savings and hurt people on fixed incomes. To protect yourself, I recommend a strategy of foreign equities, commodities, and gold and silver. To buy gold and silver, contact my company Euro Pacific Precious Metals at 888-GOLD-160, or visit http://www.europacmetals.com. For your stock portfolio, contact my brokerage firm Euro Pacific Capital at 888-727-7922, or visit http://www.europac.net. …”
Background Articles and Videos
Quantitative Easing Explained
Ben Bernanke Press Conference and Comments on QE3
Money, Banking & The Federal Reserve
The Creature From Jekyll Island (by G. Edward Griffin)
97% Owned – Monetary Reform documentary – Directors Cut
The Money Masters ~ Full Movie
“…The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole…Their secret is that they have annexed from governments, monarchies, and republics the power to create the world’s money…” THE MONEY MASTERS is a 3 1/2 hour non-fiction, historical documentary that traces the origins of the political power structure that rules our nation and the world today. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth. With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned ”central” bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation, including America, has fallen prey to this cabal of international central bankers. Segments: The Problem; The Money Changers; Roman Empire; The Goldsmiths of Medieval England; Tally Sticks; The Bank of England; The Rise of the Rothschilds; The American Revolution; The Bank of North America; The Constitutional Convention; First Bank of the U.S.; Napoleon’s Rise to Power; Death of the First Bank of the U.S. / War of 1812; Waterloo; Second Bank of the U.S.; Andrew Jackson; Fort Knox; World Central Bank …”
The Secret of Oz – Winner, Best Docu of 2010 v.1.09.11
This version finally cuts several bogus quotes which have festered in the monetary reform literature for decades.
The world economy is doomed to spiral downwards until we do 2 things: outlaw government borrowing; 2. outlaw fractional reserve lending. Banks should only be allowed to lend out money they actually have and nations do not have to run up a “National Debt”. Remember: It’s not what backs the money, it’s who controls its quantity.
The Ascent of Money: A Financial History of The World by Niall Ferguson Epsd. 1-5 (Full Documentary)
Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it’s the sinews of war. To revolutionaries, it’s the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. What’s more, he reveals financial history as the essential backstory behind all history.
Through Ferguson’s expert lens familiar historical landmarks appear in a new and sharper financial focus. Suddenly, the civilization of the Renaissance looks very different: a boom in the market for art and architecture made possible when Italian bankers adopted Arabic mathematics. The rise of the Dutch republic is reinterpreted as the triumph of the world’s first modern bond market over insolvent Habsburg absolutism. And the origins of the French Revolution are traced back to a stock market bubble caused by a convicted Scot murderer.
With the clarity and verve for which he is known, Ferguson elucidates key financial institutions and concepts by showing where they came from. What is money? What do banks do? What’s the difference between a stock and a bond? Why buy insurance or real estate? And what exactly does a hedge fund do?
This is history for the present. Ferguson travels to post-Katrina New Orleans to ask why the free market can’t provide adequate protection against catastrophe. He delves into the origins of the subprime mortgage crisis.
Perhaps most important, The Ascent of Money documents how a new financial revolution is propelling the world’s biggest countries, India and China, from poverty to wealth in the space of a single generation—an economic transformation unprecedented in human history.
Yet the central lesson of the financial history is that sooner or later every bubble bursts—sooner or later the bearish sellers outnumber the bullish buyers, sooner or later greed flips into fear. And that’s why, whether you’re scraping by or rolling in it, there’s never been a better time to understand the ascent of money.
Read Full Post | Make a Comment ( None so far )368,000 Americans Leave Labor Force in August–Resulting in a Decline in The U-3 Unemployment Rate From 8.3% To 8.1% With Only 96,000 Jobs Created–43 Months With Unemployment Rate Above 8%–Videos
$16,000,000,000,000 ($16 Trillion)
Dismal August Jobs Report: Only 96K Jobs Added
Fox News: Labor Participation is the Lowest in a Generation
Employment Data Show Low Labor-Force Rate for Men
Mixing Oil and Water w/Lindsay Hall and Stephen Leeb!
Rep. Paul Ryan responds to the dismal August jobs report
America Is Not Working! – Obamanation! Unemployment Rate 8.1% Because workforce Shrunk!
1 in 7 American Either Unemployed Or Underemployed – U6 Rate At 14.7%
US Adds Only 96,000 Jobs in August
Obama Losing Jobs
A Look at the August Jobs Report
Bernanke Expresses Concern About U.S. Jobs Market – Quantitative easing #3?
Vice Chairman Brady Questions BLS Commissioner at JEC Hearing on the Employment Situation
Vice Chairman Brady Questions Commissioner Hall about Labor Force Participation Rate at JEC Hearing
[youtbe=http://www.youtube.com/watch?v=HnS1qpKo6Cw]
Rep. Brady Questions BLS Commissioner on the Need for Private Sector Job Growth
Employment Level–142.101 Million
Labor Force Statistics from the Current Population Survey
Series Id: LNS12000000
Seasonally Adjusted
Series title: (Seas) Employment Level
Labor force status: Employed
Type of data: Number in thousands
Age: 16 years and over
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2001 | 137778 | 137612 | 137783 | 137299 | 137092 | 136873 | 137071 | 136241 | 136846 | 136392 | 136238 | 136047 | |
| 2002 | 135701 | 136438 | 136177 | 136126 | 136539 | 136415 | 136413 | 136705 | 137302 | 137008 | 136521 | 136426 | |
| 2003 | 137417(1) | 137482 | 137434 | 137633 | 137544 | 137790 | 137474 | 137549 | 137609 | 137984 | 138424 | 138411 | |
| 2004 | 138472(1) | 138542 | 138453 | 138680 | 138852 | 139174 | 139556 | 139573 | 139487 | 139732 | 140231 | 140125 | |
| 2005 | 140245(1) | 140385 | 140654 | 141254 | 141609 | 141714 | 142026 | 142434 | 142401 | 142548 | 142499 | 142752 | |
| 2006 | 143150(1) | 143457 | 143741 | 143761 | 144089 | 144353 | 144202 | 144625 | 144815 | 145314 | 145534 | 145970 | |
| 2007 | 146028(1) | 146057 | 146320 | 145586 | 145903 | 146063 | 145905 | 145682 | 146244 | 145946 | 146595 | 146273 | |
| 2008 | 146397(1) | 146157 | 146108 | 146130 | 145929 | 145738 | 145530 | 145196 | 145059 | 144792 | 144078 | 143328 | |
| 2009 | 142187(1) | 141660 | 140754 | 140654 | 140294 | 140003 | 139891 | 139458 | 138775 | 138401 | 138607 | 137968 | |
| 2010 | 138500(1) | 138665 | 138836 | 139306 | 139340 | 139137 | 139139 | 139338 | 139344 | 139072 | 138937 | 139220 | |
| 2011 | 139330(1) | 139551 | 139764 | 139628 | 139808 | 139385 | 139450 | 139754 | 140107 | 140297 | 140614 | 140790 | |
| 2012 | 141637(1) | 142065 | 142034 | 141865 | 142287 | 142415 | 142220 | 142101 | |||||
| 1 : Data affected by changes in population controls. | |||||||||||||
Civilian Labor Force Level–154.645 Million
Series Id: LNS11000000
Seasonally Adjusted
Series title: (Seas) Civilian Labor Force Level
Labor force status: Civilian labor force
Type of data: Number in thousands
Age: 16 years and over
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2001 | 143800 | 143701 | 143924 | 143569 | 143318 | 143357 | 143654 | 143284 | 143989 | 144086 | 144240 | 144305 | |
| 2002 | 143883 | 144653 | 144481 | 144725 | 144938 | 144808 | 144803 | 145009 | 145552 | 145314 | 145041 | 145066 | |
| 2003 | 145937(1) | 146100 | 146022 | 146474 | 146500 | 147056 | 146485 | 146445 | 146530 | 146716 | 147000 | 146729 | |
| 2004 | 146842(1) | 146709 | 146944 | 146850 | 147065 | 147460 | 147692 | 147564 | 147415 | 147793 | 148162 | 148059 | |
| 2005 | 148029(1) | 148364 | 148391 | 148926 | 149261 | 149238 | 149432 | 149779 | 149954 | 150001 | 150065 | 150030 | |
| 2006 | 150214(1) | 150641 | 150813 | 150881 | 151069 | 151354 | 151377 | 151716 | 151662 | 152041 | 152406 | 152732 | |
| 2007 | 153144(1) | 152983 | 153051 | 152435 | 152670 | 153041 | 153054 | 152749 | 153414 | 153183 | 153835 | 153918 | |
| 2008 | 154075(1) | 153648 | 153925 | 153761 | 154325 | 154316 | 154480 | 154646 | 154559 | 154875 | 154622 | 154626 | |
| 2009 | 154236(1) | 154521 | 154143 | 154450 | 154800 | 154730 | 154538 | 154319 | 153786 | 153822 | 153833 | 153091 | |
| 2010 | 153454(1) | 153704 | 153964 | 154528 | 154216 | 153653 | 153748 | 154073 | 153918 | 153709 | 154041 | 153613 | |
| 2011 | 153250(1) | 153302 | 153392 | 153420 | 153700 | 153409 | 153358 | 153674 | 154004 | 154057 | 153937 | 153887 | |
| 2012 | 154395(1) | 154871 | 154707 | 154365 | 155007 | 155163 | 155013 | 154645 | |||||
| 1 : Data affected by changes in population controls. | |||||||||||||
Labor Force Participation Rated–63.5%
Series Id: LNS11300000
Seasonally Adjusted
Series title: (Seas) Labor Force Participation Rate
Labor force status: Civilian labor force participation rate
Type of data: Percent or rate
Age: 16 years and over
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2001 | 67.2 | 67.1 | 67.2 | 66.9 | 66.7 | 66.7 | 66.8 | 66.5 | 66.8 | 66.7 | 66.7 | 66.7 | |
| 2002 | 66.5 | 66.8 | 66.6 | 66.7 | 66.7 | 66.6 | 66.5 | 66.6 | 66.7 | 66.6 | 66.4 | 66.3 | |
| 2003 | 66.4 | 66.4 | 66.3 | 66.4 | 66.4 | 66.5 | 66.2 | 66.1 | 66.1 | 66.1 | 66.1 | 65.9 | |
| 2004 | 66.1 | 66.0 | 66.0 | 65.9 | 66.0 | 66.1 | 66.1 | 66.0 | 65.8 | 65.9 | 66.0 | 65.9 | |
| 2005 | 65.8 | 65.9 | 65.9 | 66.1 | 66.1 | 66.1 | 66.1 | 66.2 | 66.1 | 66.1 | 66.0 | 66.0 | |
| 2006 | 66.0 | 66.1 | 66.2 | 66.1 | 66.1 | 66.2 | 66.1 | 66.2 | 66.1 | 66.2 | 66.3 | 66.4 | |
| 2007 | 66.4 | 66.3 | 66.2 | 65.9 | 66.0 | 66.0 | 66.0 | 65.8 | 66.0 | 65.8 | 66.0 | 66.0 | |
| 2008 | 66.2 | 66.0 | 66.1 | 65.9 | 66.1 | 66.1 | 66.1 | 66.1 | 65.9 | 66.0 | 65.8 | 65.8 | |
| 2009 | 65.7 | 65.8 | 65.6 | 65.6 | 65.7 | 65.7 | 65.5 | 65.4 | 65.1 | 65.0 | 65.0 | 64.6 | |
| 2010 | 64.8 | 64.9 | 64.9 | 65.1 | 64.9 | 64.6 | 64.6 | 64.7 | 64.6 | 64.4 | 64.5 | 64.3 | |
| 2011 | 64.2 | 64.2 | 64.2 | 64.2 | 64.2 | 64.1 | 64.0 | 64.1 | 64.1 | 64.1 | 64.0 | 64.0 | |
| 2012 | 63.7 | 63.9 | 63.8 | 63.6 | 63.8 | 63.8 | 63.7 | 63.5 |
Unemployment Level-12.544 Million
Series Id: LNS13000000
Seasonally Adjusted
Series title: (Seas) Unemployment Level
Labor force status: Unemployed
Type of data: Number in thousands
Age: 16 years and over
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2001 | 6023 | 6089 | 6141 | 6271 | 6226 | 6484 | 6583 | 7042 | 7142 | 7694 | 8003 | 8258 | |
| 2002 | 8182 | 8215 | 8304 | 8599 | 8399 | 8393 | 8390 | 8304 | 8251 | 8307 | 8520 | 8640 | |
| 2003 | 8520 | 8618 | 8588 | 8842 | 8957 | 9266 | 9011 | 8896 | 8921 | 8732 | 8576 | 8317 | |
| 2004 | 8370 | 8167 | 8491 | 8170 | 8212 | 8286 | 8136 | 7990 | 7927 | 8061 | 7932 | 7934 | |
| 2005 | 7784 | 7980 | 7737 | 7672 | 7651 | 7524 | 7406 | 7345 | 7553 | 7453 | 7566 | 7279 | |
| 2006 | 7064 | 7184 | 7072 | 7120 | 6980 | 7001 | 7175 | 7091 | 6847 | 6727 | 6872 | 6762 | |
| 2007 | 7116 | 6927 | 6731 | 6850 | 6766 | 6979 | 7149 | 7067 | 7170 | 7237 | 7240 | 7645 | |
| 2008 | 7678 | 7491 | 7816 | 7631 | 8395 | 8578 | 8950 | 9450 | 9501 | 10083 | 10544 | 11299 | |
| 2009 | 12049 | 12860 | 13389 | 13796 | 14505 | 14727 | 14646 | 14861 | 15012 | 15421 | 15227 | 15124 | |
| 2010 | 14953 | 15039 | 15128 | 15221 | 14876 | 14517 | 14609 | 14735 | 14574 | 14636 | 15104 | 14393 | |
| 2011 | 13919 | 13751 | 13628 | 13792 | 13892 | 14024 | 13908 | 13920 | 13897 | 13759 | 13323 | 13097 | |
| 2012 | 12758 | 12806 | 12673 | 12500 | 12720 | 12749 | 12794 | 12544 |
Unemployment Rate U-3–8.1%
Series Id: LNS14000000
Seasonally Adjusted
Series title: (Seas) Unemployment Rate
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 years and over
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Annual |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2001 | 4.2 | 4.2 | 4.3 | 4.4 | 4.3 | 4.5 | 4.6 | 4.9 | 5.0 | 5.3 | 5.5 | 5.7 | |
| 2002 | 5.7 | 5.7 | 5.7 | 5.9 | 5.8 | 5.8 | 5.8 | 5.7 | 5.7 | 5.7 | 5.9 | 6.0 | |
| 2003 | 5.8 | 5.9 | 5.9 | 6.0 | 6.1 | 6.3 | 6.2 | 6.1 | 6.1 | 6.0 | 5.8 | 5.7 | |
| 2004 | 5.7 | 5.6 | 5.8 | 5.6 | 5.6 | 5.6 | 5.5 | 5.4 | 5.4 | 5.5 | 5.4 | 5.4 | |
| 2005 | 5.3 | 5.4 | 5.2 | 5.2 | 5.1 | 5.0 | 5.0 | 4.9 | 5.0 | 5.0 | 5.0 | 4.9 | |
| 2006 | 4.7 | 4.8 | 4.7 | 4.7 | 4.6 | 4.6 | 4.7 | 4.7 | 4.5 | 4.4 | 4.5 | 4.4 | |
| 2007 | 4.6 | 4.5 | 4.4 | 4.5 | 4.4 | 4.6 | 4.7 | 4.6 | 4.7 | 4.7 | 4.7 | 5.0 | |
| 2008 | 5.0 | 4.9 | 5.1 | 5.0 | 5.4 | 5.6 | 5.8 | 6.1 | 6.1 | 6.5 | 6.8 | 7.3 | |
| 2009 | 7.8 | 8.3 | 8.7 | 8.9 | 9.4 | 9.5 | 9.5 | 9.6 | 9.8 | 10.0 | 9.9 | 9.9 | |
| 2010 | 9.7 | 9.8 | 9.8 | 9.9 | 9.6 | 9.4 | 9.5 | 9.6 | 9.5 | 9.5 | 9.8 | 9.4 | |
| 2011 | 9.1 | 9.0 | 8.9 | 9.0 | 9.0 | 9.1 | 9.1 | 9.1 | 9.0 | 8.9 | 8.7 | 8.5 | |
| 2012 | 8.3 | 8.3 | 8.2 | 8.1 | 8.2 | 8.2 | 8.3 | 8.1 |
Employment Situation Summary
Transmission of material in this release is embargoed USDL-12-1796
until 8:30 a.m. (EDT) Friday, September 7, 2012
Technical information:
Household data: (202) 691-6378 * cpsinfo@bls.gov * www.bls.gov/cps
Establishment data: (202) 691-6555 * cesinfo@bls.gov * www.bls.gov/ces
Media contact: (202) 691-5902 * PressOffice@bls.gov
THE EMPLOYMENT SITUATION -- AUGUST 2012
Total nonfarm payroll employment rose by 96,000 in August, and the unemployment
rate edged down to 8.1 percent, the U.S. Bureau of Labor Statistics reported today.
Employment increased in food services and drinking places, in professional and
technical services, and in health care.
Household Survey Data
The unemployment rate edged down in August to 8.1 percent. Since the beginning of
this year, the rate has held in a narrow range of 8.1 to 8.3 percent. The number of
unemployed persons, at 12.5 million, was little changed in August. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (7.6 percent),
adult women (7.3 percent), teenagers (24.6 percent), whites (7.2 percent), blacks
(14.1 percent), and Hispanics (10.2 percent) showed little or no change in August.
The jobless rate for Asians was 5.9 percent (not seasonally adjusted), little
changed from a year earlier. (See tables A-1, A-2, and A-3.)
In August, the number of long-term unemployed (those jobless for 27 weeks or more)
was little changed at 5.0 million. These individuals accounted for 40.0 percent of
the unemployed. (See table A-12.)
Both the civilian labor force (154.6 million) and the labor force participation rate
(63.5 percent) declined in August. The employment-population ratio, at 58.3 percent,
was little changed. (See table A-1.)
The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers) was little changed at 8.0 million in August. These
individuals were working part time because their hours had been cut back or because
they were unable to find a full-time job. (See table A-8.)
In August, 2.6 million persons were marginally attached to the labor force,
essentially unchanged from a year earlier. (These data are not seasonally adjusted.)
These individuals were not in the labor force, wanted and were available for work,
and had looked for a job sometime in the prior 12 months. They were not counted as
unemployed because they had not searched for work in the 4 weeks preceding the survey.
(See table A-16.)
Among the marginally attached, there were 844,000 discouraged workers in August, a
decline of 133,000 from a year earlier. (These data are not seasonally adjusted.)
Discouraged workers are persons not currently looking for work because they believe
no jobs are available for them. The remaining 1.7 million persons marginally attached
to the labor force in August had not searched for work in the 4 weeks preceding the
survey for reasons such as school attendance or family responsibilities. (See
table A-16.)
Establishment Survey Data
Total nonfarm payroll employment rose by 96,000 in August. Since the beginning of
this year, employment growth has averaged 139,000 per month, compared with an average
monthly gain of 153,000 in 2011. In August, employment rose in food services and
drinking places, in professional and technical services, and in health care. (See
table B-1.)
Employment in food services and drinking places increased by 28,000 in August and by
298,000 over the past 12 months.
Employment in professional and technical services rose in August (+27,000). Job gains
occurred in computer systems design and related services (+11,000) and management and
technical consulting services (+9,000).
Health care employment rose by 17,000 in August. Ambulatory health care services and
hospitals added 14,000 and 6,000 jobs, respectively. From June through August, job
growth in health care averaged 15,000 per month, compared with an average monthly
gain of 28,000 in the prior 12 months.
Utilities employment increased in August (+9,000). The increase reflects the return
of utility workers who were off payrolls in July due to a labor-management dispute.
Within financial activities, finance and insurance added 11,000 jobs in August.
Employment in wholesale trade continued to trend up. Employment in temporary help
services changed little over the month and has shown little movement, on net, since
February.
Manufacturing employment edged down in August (-15,000). A decline in motor vehicles
and parts (-8,000) partially offset a gain in July. Auto manufacturers laid off fewer
workers for factory retooling than usual in July, and fewer workers than usual were
recalled in August.
Employment in other major industries, including mining and logging, construction,
retail trade, transportation and warehousing, information, and government, showed
little change over the month.
The average workweek for all employees on private nonfarm payrolls was unchanged at
34.4 hours in August. The manufacturing workweek declined by 0.2 hour to 40.5 hours,
and factory overtime was unchanged at 3.2 hours. The average workweek for production
and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours.
(See tables B-2 and B-7.)
In August, average hourly earnings for all employees on private nonfarm payrolls edged
down by 1 cent to $23.52. Over the past 12 months, average hourly earnings rose by
1.7 percent. In August, average hourly earnings of private-sector production and
nonsupervisory employees edged down by 1 cent to $19.75. (See tables B-3 and B-8.)
______________
The Employment Situation for September is scheduled to be released on Friday,
October 5, 2012, at 8:30 a.m. (EDT).
_______________________________________________________________________________
US economy adds 96K jobs, rate falls to 8.1 pct.
US economy adds 96K jobs; unemployment rate falls to 8.1 pct. as more people end job searches
By Christopher s Rugaber, AP Economics Writer | Associated Press
“…
WASHINGTON (AP) — U.S. employers added 96,000 jobs last month, a weak figure that could slow the momentum President Barack Obama hoped to gain from his speech Thursday night to the Democratic National Convention.
The unemployment rate fell to 8.1 percent from 8.3 percent in July. But that was only because more people gave up looking for jobs. People who are out of work are counted as unemployed only if they’re looking for a job.
The government also said Friday that 41,000 fewer jobs were created in July and June than first estimated. The economy has added just 139,000 jobs a month since the start of the year, below 2011′s average of 153,000.
Cash-short governments were a key reason the job market was weaker in June and July than first estimated. Federal, state and local governments cut 39,000 jobs in those months — above the earlier estimate of 18,000. In previous recoveries, governments have typically added jobs, not shed them.
Friday’s report was discouraging throughout. Hourly pay fell, manufacturers cut the most jobs in two years and the number of people in the work force dropped to its lowest level in 31 years.
Stocks ticked higher in the first hour of trading, as investors anticipate the Federal Reserve will unveil a new bond-buying program at its meeting next week to try to lift the economy. The goal of the bond purchases would be to lower long-term interest rates to encourage borrowing and spending.
“This weak jobs report is going to feed into (the Fed’s) argument that the economy is growing at a sub-par pace,” said John Silvia, chief economist at Wells Fargo.
The report provided fodder for both presidential candidates. Soon after the report was issued, Republican nominee Mitt Romney pointed to 43 straight months in which unemployment has now exceeded 8 percent.
“President Obama just hasn’t lived up to his promises, and his policies haven’t worked,” Romney said in a statement.
At the same time, August marked the 30th straight month of private-sector job gains. Alan Krueger, the White House’s top economist, noted that 4.6 million private sector jobs have been created in that time.
Friday’s jobs report is among the most politically consequential of the campaign. It arrives as the presidential race enters the final two months before Election Day. Jobs are the core issue, and the report could sway some undecided voters.
There will be two additional employment reports before the election. But by then, more Americans will have made up their minds.
In his speech Thursday night, Obama acknowledged incomplete progress in repairing the still-struggling economy and asked voters to remain patient.
“The truth is, it will take more than a few years for us to solve challenges that have built up over the decades,” Obama said.
Jim O’Sullivan, chief U.S. economist at High Frequency Economics, noted that hiring has improved slightly in the past two months. Job gains averaged 119,000 in July and August, up from an average monthly gain of 67,000 in the April-June quarter.
“There’s no sign of momentum fading,” he said. “That said, it’s not much better. … What you’re left with is an economy that’s still growing, but pretty modestly.”
In addition to those who’ve given up looking for work, many young Americans are avoiding the job market by remaining in school. All told, the proportion of the adult population that’s either working or looking for work fell to 63.5 percent.
That’s the lowest level in 31 years for the so-called labor force participation rate. The rate peaked at 67.3 percent in early 2000.
Paul Ashworth, chief U.S. economist at Capital Economics, says labor force participation is on a long-term slide.
“You’ve got the aging of the baby boom generation,” Ashworth notes. “That has been greatly compounded by the effects of the recession and the slow recovery. People are just losing patience” and dropping out of the labor force.
In two or three years, though, Ashworth expects a stronger economy will encourage more Americans to seek work and will push the participation rate up. But the higher participation rates won’t last once baby boomer retirements pick up, causing more people to leave the work force, he predicts.
More than 12.5 million people were unemployed last month. But when discouraged workers and those who have part-time jobs but would prefer full-time work are included, more than 23 million Americans are under-employed. And the “under-employment” rate is 14.7 percent.
At its meeting on Wednesday and Thursday, the Fed is expected to consider a range of options to try to help the economy. Besides bond buying, the Fed is also considering whether to extend the timetable for any increase in record-low short-term interest rates. The Fed’s current plan is to maintain record-low rates until at least late 2014.
Anthony Chan, chief economist at Chase Wealth Management, says further Fed action would likely send stock prices up, making consumers feel wealthier and more willing to spend.
Average hourly wages dipped a penny in August to $23.52 and are only slightly ahead of inflation in the past year.
The average work week was unchanged in August after being revised downward in July to 34.4 hours. And the number of temporary jobs fell for the first time in five months. Both figures suggest that companies are seeing less demand for their services and need fewer workers.
Many of the jobs were in lower-paying industries such as retail, which added 6,100 jobs, and hotels, restaurants and other leisure industries, which gained 34,000. Higher-paying manufacturing jobs fell by 15,000, the most in two years.
The manufacturing losses might have been skewed by seasonal distortions. More than half the job losses were in the auto industry. Fewer automakers shut down plants this summer to capitalize on greater demand for cars and trucks. As a result, fewer workers were temporarily laid off in July, and so fewer were called back to work in August.
The weak pace of hiring is the latest sign that businesses are reluctant to make big investments or add more workers. Europe’s financial crisis has pushed the region’s economy to the edge of recession. And a set of tax hikes and spending cuts scheduled to take effect at the beginning of the year have created uncertainty about future growth.
No president since Franklin D. Roosevelt during the Great Depression has been re-elected with a jobless rate over 8 percent. This year’s election will likely turn on whether voters see the economy as improving or remaining stagnant or getting worse under Obama. …”
http://finance.yahoo.com/news/us-economy-adds-96k-jobs-123111662.html
Payrolls in U.S. Increased Less Than Forecast in August
By Shobhana Chandra
“…The jobless rate fell from 8.3 percent as 368,000 Americans left the labor force. Unemployment was forecast to hold at 8.3 percent, according to the survey median. Estimates in the Bloomberg survey ranged from 8.1 percent to 8.4 percent.
Factory payrolls decreased by 15,000, compared with a survey forecast for a 10,000 increase, after a 23,000 gain in the previous month. Automakers cut 7,500 jobs last month.
Fewer Shutdowns
The figures reflected the reversal of a July increase that was propelled by fewer shutdowns at automakers for annual retooling related to the new model year. Still, carmakers may continue to add workers. Chrysler Group LLC, Ford Motor Co., General Motors Co. (GM), Toyota Motor Corp. and Honda Motor Co. reported U.S. auto sales in August that rose more than analysts estimated as new models attracted buyers.
Employment at service-providers increased 119,000. Construction companies added 1,000 workers and retailers took on 6,100 employees. Government payrolls decreased by 7,000. The number of temporary workers decreased almost 5,000.
Average hourly earnings were little changed, and up 1.7 percent from August 2011, today’s report showed. The 12-month change matched the smallest gain since record-keeping began in 2007.
The participation rate, which indicates the share of working-age people in the labor force, fell to 63.5 percent, the lowest since September 1981, from 63.7 percent.
Sounding Alarms
Companies from Intel Corp. to FedEx Corp. are sounding alarms on the outlook for the world’s largest economy as global growth cools.
Intel, the world’s largest semiconductor maker, today slashed its third-quarter sales prediction amid declining demand for personal computers from corporate customers. FedEx this week projected its first decline in quarterly earnings in almost three years as slowing growth hurt demand for the express packages that provide most of its sales.
Payroll gains slowed from an average 226,000 in the first quarter to 73,000 in the April to June period, before picking up in July. The U.S. has managed to recover 4.1 million of the 8.8 million jobs lost as a result of the 18-month recession that ended in June 2009.
The unemployment rate, derived from a separate Labor Department survey of households, has exceeded 8 percent since February 2009, the longest stretch in monthly records going back to 1948. …”
Record 88,921,000 Americans ‘Not in Labor Force’—119,000 Fewer Employed in August Than July
“…The number of Americans whom the U.S. Department of Labor counted as “not in the civilian labor force” in August hit a record high of 88,921,000.
The Labor Department counts a person as not in the civilian labor force if they are at least 16 years old, are not in the military or an institution such as a prison, mental hospital or nursing home, and have not actively looked for a job in the last four weeks. The department counts a person as in “the civilian labor force” if they are at least 16, are not in the military or an institution such as a prison, mental hospital or nursing home, and either do have a job or have actively looked for one in the last four weeks.
In July, there were 155,013,000 in the U.S. civilian labor force. In August that dropped to 154,645,000—meaning that on net 368,000 people simply dropped out of the labor force last month and did not even look for a job.
There were also 119,000 fewer Americans employed in August than there were in July. In July, according to the Bureau of Labor Statistics, there were 142,220,000 Americans working. But, in August, there were only 142,101,000 Americans working.
Despite the fact that fewer Americans were employed in August than July, the unemployment rate ticked down from 8.3 in July to 8.1. That is because so many people dropped out of the labor force and stopped looking for work. The unemployment rate is the percentage of people in the labor force (meaning they had a job or were actively looking for one) who did not have a job.
The Bureau of Labor Statistic also reported that in August the labor force participation rate (the percentage of the people in the civilian non-institutionalized population who either had a job or were actively looking for one) dropped to a 30-year low of 63.5 percent, down from 63.7 percent in July. The last time the labor force participation rate was as low as 63.5 percent was in September 1981. …”
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| SUPPLEMENTAL NUTRITION ASSISTANCE PROGRAM: NUMBER OF PERSONS PARTICIPATING | |||||
| (Data as of August 30, 2012) | |||||
| Percent Change | |||||
| State / | June | May | June | June 2012 vs | |
| Territory | 2011 | 2012 | 2012 | May 2012 | Jun 2011 |
| Preliminary | Initial | ||||
| Alabama | 887,777 | 906,884 | 908,345 | 0.2% | 2.3% |
| Alaska | 91,501 | 94,749 | 94,298 | -0.5% | 3.1% |
| Arizona | 1,083,451 | 1,110,833 | 1,116,483 | 0.5% | 3.0% |
| Arkansas | 484,651 | 497,114 | 500,190 | 0.6% | 3.2% |
| California | 3,739,233 | 3,980,231 | 4,011,628 | 0.8% | 7.3% |
| Colorado | 464,498 | 493,638 | 494,316 | 0.1% | 6.4% |
| Connecticut | 383,390 | 400,203 | 404,164 | 1.0% | 5.4% |
| Delaware | 137,963 | 148,467 | 148,295 | -0.1% | 7.5% |
| District of Columbia | 136,347 | 140,187 | 141,266 | 0.8% | 3.6% |
| Florida | 3,117,913 | 3,384,489 | 3,419,492 | 1.0% | 9.7% |
| Georgia | 1,818,580 | 1,923,169 | 1,936,525 | 0.7% | 6.5% |
| Guam | 41,029 | 43,277 | 43,824 | 1.3% | 6.8% |
| Hawaii | 162,426 | 177,887 | 179,700 | 1.0% | 10.6% |
| Idaho | 233,699 | 233,077 | 231,059 | -0.9% | -1.1% |
| Illinois | 1,818,182 | 1,852,926 | 1,874,051 | 1.1% | 3.1% |
| Indiana | 882,664 | 904,686 | 908,458 | 0.4% | 2.9% |
| Iowa | 386,153 | 410,761 | 412,889 | 0.5% | 6.9% |
| Kansas | 299,944 | 304,240 | 307,886 | 1.2% | 2.6% |
| Kentucky | 831,476 | 847,901 | 853,820 | 0.7% | 2.7% |
| Louisiana | 897,846 | 890,253 | 901,586 | 1.3% | 0.4% |
| Maine | 251,630 | 254,363 | 253,903 | -0.2% | 0.9% |
| Maryland | 681,949 | 712,757 | 719,507 | 0.9% | 5.5% |
| Massachusetts | 832,768 | 868,872 | 873,891 | 0.6% | 4.9% |
| Michigan | 1,924,272 | 1,813,788 | 1,806,925 | -0.4% | -6.1% |
| Minnesota | 526,376 | 542,735 | 541,858 | -0.2% | 2.9% |
| Mississippi | 630,250 | 654,029 | 659,191 | 0.8% | 4.6% |
| Missouri | 949,136 | 944,058 | 943,835 | 0.0% | -0.6% |
| Montana | 126,521 | 126,351 | 126,048 | -0.2% | -0.4% |
| Nebraska | 174,936 | 176,177 | 175,930 | -0.1% | 0.6% |
| Nevada | 340,195 | 355,713 | 355,349 | -0.1% | 4.5% |
| New Hampshire | 114,468 | 117,749 | 117,734 | 0.0% | 2.9% |
| New Jersey | 770,909 | 824,550 | 829,584 | 0.6% | 7.6% |
| New Mexico | 419,750 | 438,911 | 440,267 | 0.3% | 4.9% |
| New York | 3,035,825 | 3,082,995 | 3,095,534 | 0.4% | 2.0% |
| North Carolina | 1,608,560 | 1,653,436 | 1,674,350 | 1.3% | 4.1% |
| North Dakota | 60,451 | 58,379 | 58,243 | -0.2% | -3.7% |
| Ohio | 1,767,340 | 1,803,697 | 1,790,955 | -0.7% | 1.3% |
| Oklahoma | 612,078 | 606,710 | 610,448 | 0.6% | -0.3% |
| Oregon | 776,972 | 819,469 | 823,852 | 0.5% | 6.0% |
| Pennsylvania | 1,735,414 | 1,806,592 | 1,795,920 | -0.6% | 3.5% |
| Rhode Island | 163,608 | 173,639 | 174,069 | 0.2% | 6.4% |
| South Carolina | 847,467 | 869,916 | 872,149 | 0.3% | 2.9% |
| South Dakota | 102,748 | 103,349 | 103,914 | 0.5% | 1.1% |
| Tennessee | 1,289,963 | 1,334,012 | 1,342,885 | 0.7% | 4.1% |
| Texas | 4,003,570 | 3,967,242 | 3,951,184 | -0.4% | -1.3% |
| Utah | 284,001 | 279,523 | 275,698 | -1.4% | -2.9% |
| Vermont | 93,058 | 96,805 | 96,854 | 0.1% | 4.1% |
| Virginia | 871,823 | 914,236 | 917,816 | 0.4% | 5.3% |
| Virgin Islands | 22,981 | 25,040 | 25,317 | 1.1% | 10.2% |
| Washington | 1,066,531 | 1,115,696 | 1,115,286 | 0.0% | 4.6% |
| West Virginia | 345,169 | 341,384 | 341,853 | 0.1% | -1.0% |
| Wisconsin | 818,564 | 835,789 | 837,565 | 0.2% | 2.3% |
| Wyoming | 35,921 | 33,827 | 34,184 | 1.1% | -4.8% |
| TOTAL | 45,183,927 | 46,496,761 | 46,670,373 | 0.4% | 3.3% |
| 1] Data includes disaster assistance. | Link to: | SNAP Disaster Response | |||
| The following areas receive Nutrition Assistance Grants which provide benefits analogous to the Supplemental Nutrition Assistance Program: Puerto Rico, American Samoa, and the Northern Marianas. | |||||
| May and June 2012 data are preliminary and are subject to significant revision. | |||||
http://www.fns.usda.gov/pd/29SNAPcurrPP.htm
Food-Stamp Use Climbs to Record, Reviving Campaign Issue
“…Food-stamp use reached a record 46.7 million people in June, the government said, as Democrats prepare to nominate President Barack Obama for a second term with the economy as a chief issue in the campaign.
Participation was up 0.4 percent from May and 3.3 percent higher than a year earlier and has remained greater than 46 million all year as the unemployment rate stayed higher than 8 percent. New jobless numbers will be released Sept. 7.
“Too many middle-class families who have fallen on hard times are still struggling,” Agriculture Secretary Tom Vilsack said in an e-mailed statement today. “Our goal is to get these families the temporary assistance they need so they are able to get through these tough times and back on their feet as soon as possible.”
Food-stamp spending, which more than doubled in four years to a record $75.7 billion in the fiscal year ended Sept. 30, 2011, is the U.S. Department of Agriulture’s biggest annual expense. Republicans in Congress have criticized the cost of the program, and the House budget plan approved in April sponsored by Representative Paul Ryan of Wisconsin, the party’s vice- presidential nominee, would cut expenses by $33 billion over 10 years.
Cuts Planned
“We need a new direction,” Amanda Henneberg, a spokeswoman for Republican presidential nominee Mitt Romney, said in an e-mail. “Democrats are desperately trying to convince voters that they are better off than they were four years ago. But the opposite is true,” as evidenced by the food- stamp numbers, she said.
Reductions to the program have also emerged as a point of contention in debate over a farm bill to replace current law that expires Sept. 30. The U.S. Senate in June passed a plan that would lower expenditures by $4 billion over 10 years, while the House Agriculture Committee the following month backed a $16 billion cut.
During the Republican primary campaign, then-candidate Newt Gingrich labeled Obama as “the best food-stamp president in American history.” When the National Association for the Advancement of Colored People called his statements “inaccurate” and “divisive,” Gingrich dismissed the complaints as a smear from “modern liberals” who are “off the deep end.”
Food-stamp enrollment is rising partly because the USDA is pushing higher participation too aggressively, giving government money to people who may not need or want it, U.S. Senator Jeff Sessions said in a telephone interview.
‘Government Incompetence’
“This administration has been hawking food stamps,” said the Alabama Republican, who has called for lower spending on the program. “Every additional dollar in this program is borrowed money,” he said. “It’s one more example of government incompetence.”
Today’s report shows the two most populous states, California and Texas, had the most recipients. California was tops with 4.012 million, a 0.8 percent gain from the previous month and 7.3 percent more than the previous year. Texas was in second place, while down 0.4 percent from the previous month and 1.4 percent lower than a year earlier.
Louisiana and North Carolina, where Democrats are meeting this week to nominate Obama, had the biggest monthly gains in enrollment, 1.3 percent. Enrollment fell the most in Utah, down 1.4 percent from May, followed by Idaho and Ohio.
Spending on what’s officially called the Supplemental Nutrition Assistance Program totaled $6.21 billion in June, 0.4 percent higher than the previous month and 2.8 percent more than a year earlier. The record is $6.26 billion spent in September 2011. …”
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Press TV-On the Edge with Max Keiser-Global Banking Cartel-08-10-2010 (Part 2)
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Bernanke signals Fed ready to act
By Robin Harding in Jackson Hole
“…Ben Bernanke sent a clear signal that the US Federal Reserve was ready to do more to support the US economy, saying that its condition was “far from satisfactory”.
Speaking at the Fed’s annual gathering in Jackson Hole, Wyoming, Mr Bernanke offered no direct promise of further intervention. But by spelling out the feeble state of the economy, the Fed’s intention to be forceful and its range of policy tools, he raised expectations of action in September.
“Taking due account of the uncertainties and limits of its policy tools, the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labour market conditions,” said the Fed chairman on Friday.
The clearest hint that Mr Bernanke is ready to do more came from his disappointment with the economy’s progress. He noted some recovery over the past few years but said that improvement in the labour market has been “painfully slow”.
He said “unless the economy begins to grow more quickly than it has recently, the unemployment rate is likely to remain far above levels consistent with maximum employment for some time”.
Much of the speech was taken up with a review of the Fed’s actions since the financial crisis. Mr Bernanke argued that large-scale asset purchases aimed at driving down long-term interest rates – known as quantitative easing, or QE – have worked.
“A balanced reading of the evidence supports the conclusion that central bank securities purchases have provided meaningful support to the economic recovery while mitigating deflationary risks,” he said.
Mr Bernanke reviewed four possible costs of additional asset purchases. He said they could damage the function of securities markets, raise inflation expectations, undermine financial stability or cause the Fed to make financial losses. He said those costs were uncertain, but concluded: “At the same time, the costs of non-traditional policies, when considered carefully, appear manageable, implying that we should not rule out the further use of such policies if economic conditions warrant.”
Paul Dales of Capital Economics in London, arguing that Mr Bernanke had paved the way for a third wave of quantitative easing, said: “The speech comes across as a staunch defence of the effectiveness of unconventional monetary policy.”
By midday, the S&P had rebounded from a drop after Mr Bernanke’s comments, and closed up 0.5 per cent. The 10-year Treasury note rose, pushing its yield 5 basis points lower to 1.58 per cent, as markets decided Mr Bernanke’s comments did signal further easing.
Mr Bernanke argued that the Fed’s forecasts of future interest rates – it anticipates rates staying low at least until late 2014 – illustrated its resolve in supporting a recovery.
In one possible hint of future policy, he said that the current late-2014 date “is broadly consistent with prescriptions coming from a range of standard benchmarks”, but that “a number of considerations also argue for planning to keep rates low for a longer time than implied by policy rules developed during more normal periods”. …”
http://www.ft.com/cms/s/0/540b1fe0-f374-11e1-9c6c-00144feabdc0.html#axzz25JoVb4VM
Background Articles and Videos
G. Edward Griffin The Dangerous Servant A Discourse on Government
Meltdown (pt 1-4) The Secret History of the Global Financial Collapse 2010
Meltdown (pt 2-4) The Secret History of the Global Financial Collapse 2010
Meltdown (pt 3-4) The Secret History of the Global Financial Collapse 2010
Meltdown (pt 4-4) The Secret History of the Global Financial Collapse 2010
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