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International Forecaster May 2009 (#6) - Gold, Silver, Economy + More

By: Bob Chapman, The International Forecaster

-- Posted Wednesday, 20 May 2009 | | Source:

The following are some snippets from the most recent issue of the International Forecaster.  For the full 30 page issue, please see subscription information below.



The excuses coming out of Wall Street and Washington are truly mind-boggling. We wonder how the public swallows them. One of the latest is that for one-week applications for jobless benefits had fallen. That is good, but we’d need a number of weeks of reduction for the fall to be meaningful. Anything to keep the market from falling. This has been followed by a long line of liars telling us we had bottomed out in the economy. The same litany we’ve been hearing for 22 months. Unemployment is a lagging indicator thus; the increases have yet to end. The latest bogus unemployment figures are 8.9% short term, including the birth/death ratio. That is phantom jobs created by the government supposedly by small and medium sized companies. That 8.9% supposedly matched up with the worst of the 1974 recession. That is not true, because the formula in 1974 was far different than today’s monstrous lies. The 1974 figures did not include the birth/death ratio, those working reduced hours and those in part-time employment seeking full-time jobs, which now makes up 2.6% of the workforce. Then there is the 1% plus that is discouraged and have left the workforce and probably won’t return.


Once unemployment has bottomed it could take a year or more before employers begin to rehire. They have to be sure increased demand exists and that the economy is recovering.


Today job losses are not only blue-collar, but white-collar as well. Due to free trade, globalization, offshoring and outsourcing those jobs won’t come back. They could return if Congress passed legislation implementing tariffs on goods and services. All those manufacturing jobs will never return unless Congress acts. If they do not act the economy is permanently doomed. Presently as many white-collar jobs as blue-collar are being lost. Mechanics cannot easily work in healthcare and the wages are a little more than one-third of what they were earning.


In 16 months the government admits that 5.7 million jobs have been lost. In the previous 8 years we lost over 5 million. Just to show you how serious this is, in 8/1981 to 12/1982, we lost 2.8 million jobs. In 3/2000 to 5/2002 we lost 2.2 million. Over 9 years we have lost 10.7 million jobs “officially.” We’ll never know what the real figure was. Can you imagine all the lost wages that left America to pay people in China, India and Mexico, etc.?


In addition, we haven’t even addressed the new people entering the workforce. Students with degrees who owe $60,000 or more for their education and cannot get jobs, because elitist transnational corporations have shipped their jobs to low wage countries. You are witnessing mass suicide of an entire country - up until now the leading country in the world.


We are looking at layoffs as far as the eye can see and that means no recovery and at the very best a flat no growth economy.


Americans, professionals and investors have to eventually come to grips with officially sanctioned bogus accounting. That includes FASB rule changes to accommodate Washington, bank and Wall Street. Then there are the Credit Value Adjustments used to elevate corporate earnings statements. This is when banks write down credit losses, then claim they can now be bought back and booked as gains, as the SEC looks the other way. These are losses claimed as gains. This is fraud, yet, nothing is done about it. This has been rife at the SEC since its inception. The big illuminist firms are left alone. The SEC pursues small and medium securities firms and brokers and newsletter writers. The SEC is an integral part of the elitist Wall Street cabal, part of a major criminal enterprise.


Is it any wonder investors and retirees are disturbed? Home equity is down 30% to 40%, savings accounts are big losers due to inflation and pension funds are off 35% to 50%. Where does one go to protect their assets? They go to gold and silver coins, bars and shares. You do not buy certificates, nor do you buy the ETFs, SLV and GLD. In all cases you may never get your metal. Who knows whether these entities have the metal they are supposed to have. If they do they may be lending it to other parties, so that they can suppress the gold and silver prices. Eventually it will be found that they do not have what they say they have. This could be another giant fraud. A good question to ask is; why has Dubai asked for their gold to be delivered from London and Germany from the US? The answer is they do not trust them anymore. In addition the gold and silver inventories at the Comex continue to shrink, yet they show no change in inventory. How can that be? If you play Comex take delivery. The only safe place to be is in coins, bullion and shares. Let the exposure of the frauds begin.


The present administration has set a new and unfamiliar course for America. The demands of labor unions now supercede these of debt holders. This move will haunt the American capital markets far into the future. Centuries of legal precedent have been overturned by executive fiat. Bond buyers will be very careful what they buy in the future and how long they hold the bonds. The sanctity of contract no longer exists. There no longer is a rule of law. The law is what the President says it is. We can imagine the negative affect this is going to have on investment by foreigners in the US as well as foreigners further holding of dollars. Capital will now feel unsafe in America and you can expect capital to flee such a capricious government. America is no longer the safest harbor for capital. This capital will now begin to move elsewhere and into gold.


For Americans this trend set over the last eight years is ominous. It will spill over into everyday life. Boy Scouts being trained to pursue terrorists with weapons as Hitler did with the Hitler Youth. The tearing up of legal contracts. Removing children from their parents because they won’t use failed medical treatments. Removing people from their homes so banks can steal them. Forced inoculation of all in government initiated flu epidemics. The federalization of police. The refusal to rid our nation of 30 million illegal aliens. Limits on safety and travel. The control of assets of Americans worldwide with eventual currency controls. The continued nationalization in banking, brokerage, insurance and manufacturing and the concentration into monopolies similar to the experience of fascist Germany and Italy in the 1930s and 40s. Do not think it can’t happen here – it can and is already happening.


By this fall America will be headed for a currency crisis, perhaps much sooner. The dollar’s rally ended months ago at 89.50 on the USDX. It closed recently at 82.51. The latest upward blip was on short covering. Get set for another downward move. This is what happens when you have bogus rallies created by de-leveraging. It is only a matter of time before the Treasury and the Feb become completely isolated from foreign investment and then they will only have the printing presses left. That means your money and your assets will have fallen in value 60% to 95%, except for the only true money, gold and silver.




      052009 (6)_IF

P. O. Box 510518, Punta Gorda, FL 33951-0518

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