MSNBC ran this interview with Chris Whalen, author of the new book INFLATED, which explains ‘why the American Dream was built on debt’. I noticed a screen flashed statistic during the interview, which I hadn’t seen before – ”US Unemployment Rate – Officially 9.8%. The Real Rate 17%”. That’s quite a thing to see coming from a reputable source like MSNBC.
Whalen points out that all the financial muscle at the disposal of The Fed, which was set up to protect the real economy from Wall Street instability/speculation, has been subverted so that now it is made solely available to benefit and support international speculation, while the real economy of jobs and businesses is sent to the wall with rising taxes and no access to bank loans. He looked good and sounded interesting. The Tea Party agenda is spilling out on CNBC as well as on FOX. How long til it starts knocking on the door in Europe?
The FT – http://www.ft.com/cms/s/0/cb0de316-fe5c-11df-abac-00144feab49a.html#ixzz174Yfhh9k
Friday’s figures showed that a broader measure of unemployment, which accounts for those marginally attached to the labour force, remained at 17 per cent, while 42.9 per cent, or 6.3m, of the idle workers in the US have been jobless for 27 weeks or more.