Selasa, 10 September 2013

....Fed and Elite vs. Americans and the World..?? The Federal Reserve doesn't care about you. It doesn't care about the American people; it only serves the tiny number of Americans in the highest circles of the corporate and political elite. While there's no question that the Fed has been devoted to propping up markets for the corporate and political elite, central bankers were under the assumption the Fed was committed to working with them to tackle a global issue.....>>

Alternate Unemployment Charts

The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.
The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment.
Unemployment Data Series   subcription required(Subscription required.)  View  Download Excel CSV File   Last Updated: September 6th, 2013

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Fed and Elite vs. Americans and the World
By Adam English | Tuesday, September 10th, 2013
Let's get something straight here, considering it came as a bit of a 
shock to the politicians and central bankers from 20 major economic powers...
The Federal Reserve doesn't care about you.
It doesn't care about the American people; it only serves the tiny number of 
Americans in the highest circles of the corporate and political elite.
While there's no question that the Fed has been devoted to propping up 
markets for the corporate and political elite, central bankers were under the 
assumption the Fed was committed to working with them to tackle a global issue.
You can imagine their surprise, then, as the Fed has clarified its position
 in recent weeks...
The divide became even more apparent as the G-20 meeting was 
wrapping up.
This drab communique was released after the two-day forum:
Our central banks have committed that future changes to
monetary policy settings will continue to be carefully calibrated
and clearly communicated. We reiterate that excess volatility of 
financial flows and disorderly movements in exchange rates
can have adverse implications for economic and financial stability, 
as observed recently in some emerging markets.

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In layman's terms, most of the group of 20 nations doesn't want any
 meaningful changes to worldwide central bank policies. They have no
 interest in rocking a boat that has risen on a tide of easy money faster 
than it could sink from its own unresolved problems.  
But the Fed isn't going to play along with the global central bank 
rigging scheme — at least, not the way it has been and the way 
the rest of the world wants.
As Dennis Lockhart, president of the Atlanta Fed, put it after the 
late-August meeting of central bankers in Jackson Hole, Wyoming: 
"You have to remember that we are a legal creature of Congress and that 
we only have a mandate to concern ourselves with the interest of the 
United States." 
That is absolutely true, though it has hardly been the case so far.
QE International
The Fed's balance sheet has expanded to a whopping $3.65 trillion 
by injecting easy money into the markets and banks. And a disturbing
 amount of the easy money the Fed created directly funded overseas
Shortly after the Lehman Brothers collapse, the Fed pumped 
billions into the U.S. branches of foreign banks.
As Eurozone banks were struggling to roll over $2 trillion of debts 
 denominated in U.S. dollars back in 2011, the Fed came to the rescue
 yet again. While the cut-rate currency swaps from central banks
 included Britain, Japan, Canada, and Switzerland, a lion's share of the
 effort came from the Fed in the form of hundreds of billions poured 
from the U.S. central bank into European banks to prevent a foreign 
credit crunch. 
In total, $7.7 trillion was loaned to mega-banks from 2007 to 
2009, according to documents uncovered by Bloomberg News through
 a Freedom of Information Act request in 2011.
A vast majority was essentially off the books for a reason: The Fed didn't 
want to disclose the massive amount of support it was giving to mega-banks, 
and it didn't want anyone to know the scope of its intervention overseas.
In mid-December 2011, Sen. Lindsey Graham told reporters that Ben 
Bernanke himself said the Fed did not have "the intention or the 
uthority" to bail out Europe. The very same week, Helicopter Ben flew 
to Europe and increased the size of these credit swap lines by about 
$52 billion.
The Fed didn't want to disclose that it was engaged in a secret 
campaign to prop up international banks and financial institutions and 
hand Americans the bill.
Estimates peg the total support given by the Fed to the ECB and foreign 
banks at $1.1 trillion.
Trickle Down Markets
Of course, none of this includes how the private market used money 
from the Fed.
As money from the Fed magically appears from nowhere and is 
pumped into global mega-banks and institutional investors, it starts freely 
flowing around the globe...
One of the problems with dumping a whole lot of cash into anemic markets
 is that they can only absorb so much before risk gets completely out of 
hand. So big investors and banks started spreading it around overseas, 
and a whole lot of private capital has been injected into foreign markets 
in recent years.
The Institute of International Finance, essentially a global banking club, 
has been keeping track of the trend.
With the Fed breaking ranks with other central banks and discussing an 
end to QE, net private capital flows to emerging markets in 2014 is going 
to drop to the lowest level since 2009.
Back in 2009, developed market to emerging market capital flow only 
totaled $649 billion. Since then, it has grown to $1.2 trillion.
As bank lending declined, a massive increase in portfolio investment — 
mostly through bonds — kicked in. 
EM capital inflow chart
Brazil, India, and Indonesia were some of the largest beneficiaries as the 
trickle-down effect between markets turned into a deluge.
If the Fed tapers and interest rates rise, money will undoubtedly pull out
 of emerging markets.
The mere suggestion that the U.S. might taper QE was followed by a 20% 
collapse in the Indian rupee. The Brazilian real and Indonesian rupiah were
 hit very hard as well. The dropping currencies drove up local prices, 
resulting in slowing economies.
No wonder the G-20 is trying to keep the Fed pumping money. They are 
as hopelessly dependent on it to create the illusion of healthy economies,
just as the mega-banks have been.
They are ultimately dependent on growth leveraged by you and me,
the American taxpayer.
Lockhart also has some advice for the rest of the world: "Other countries
simply have to take that as a reality and adjust to us, if that's something
important for their economies."
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Devoted to America, Not Americans  
While the Fed has committed itself to a domestic focus, and plans on
 abandoning its unlawful international support, it will undoubtedly 
continue to ignore Americans. Just look at how the labor market has
 been shaped under the Fed's policies...
Since the recession officially began in December 2007, there are
 5.8 million fewer full-time jobs and 2.8 million more part-time jobs. 
An all-time high of 8.2 million Americans are working part-time 
positions and want full-time jobs, but cannot find one.
The jobs report releases on Friday just adds fuel to this fire: 169,000 jobs
 were added, and the unemployment rate officially fell to 7.3%... 
yet nearly twice as many people — 312,000 Americans — dropped off 
of official figures.
The number of people with jobs actually fell 115,000 in August. The proportion
 of the U.S. population that had a job in August was 58.6%, the same as six 
months ago.
Virtually all of the gains in the stock markets have gone to institutional
 investors; retail investors never fully returned.
Instead of prompting the Fed to reevaluate how it is helping Americans, the 
gains in stock markets and recent job reports are just going to reinforce the
 status quo. It will also be used as false proof that the economy is slowly 
getting better for hard-hit Americans.
If the BLS and Fed referred to a far more accurate unemployment estimate 
that included all unemployed, marginally attached workers plus those who 
work part-time for economic reasons, more than 1 in 8 Americans are not 
being helped by the Fed's obscenely expensive programs.
Add in long-term discouraged workers for an even better estimate 
(as does) and nearly 1 of 4 Americans is unemployed: 
shadowstats alt
unemployment chart Aug 2013
Lockhart was absolutely correct when he said that the Fed is a legal
 creature of Congress, and it is mandated to exclusively serve the interests
 of the United States.
But let's be clear on one thing: He is talking about the United States 
government, not the citizens of the United States.
The Fed has clarified its position, and the evidence supports it: The Fed is 
only in place to serve the elite Americans who run mega-banks and large 
Only the people benefiting from cronyism and the revolving door have 
any sway.
For a couple years there, the interests of the Fed's masters aligned 
with the G-20, and so member nations enjoyed the perks of unprecedented
 intervention by the world's most influential financial institution...
Now they will have to fend on their own like the vast majority of 
Americans. The mercenary nature of the "powers that be" are apparent 
once again.
On behalf of the struggling masses the U.S. government technically 
represents, let me be the first to welcome the member nations of the 
G-20 to the Outside.
Take Care,
Adam English
Adam English
Adam's editorial talents and analysis drew the attention of senior editors at Outsider Club, which he joined in mid-2012. While he has acquired years of hands-on experience in the editorial room by working side by side with ex-brokers, options floor traders, and financial advisors, he is acutely aware of the challenges faced by retail investors after starting at the ground floor in the financial publishing field. For more on Adam, check out his editor's page
Outside the Numbers
  • 144% – Growth of corporate profits since the bottom of the recession in September 2008.
  • 4.27% - Real wage growth since September 2008, adjusted by chained CPI and average hours worked.
  • 51% - Growth of corporate profits since December 2008.
  • -1.25% - Real hourly wage growth since December 2008, adjusted by chained CPI and average hours worked.
  • 7.3% - The official BLS unemployment rate.
  • 17.3% – Unemployed plus marginally attached workers and those employed part-time for economic reasons.
  • 23% - Unemployed, marginally attached workers, employed part-time for economic reasons and discouraged workers.
  • 25% - Deficit between the 169,000 average jobs added per month over the last 3 years in the U.S. and the 225,000 jobs needed to maintain a steady number of working Americans.
  • 76% Percentage of Americans living paycheck to paycheck.
  • 46% – Percentage of Americans with less than $800 saved.
  • 22% - Percentage of Americans with nothing saved at all.

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