By Reginald Kaigler (DEMCAD)
Mike Riddell, a fund manager at M&G Investments in London, seems to be experiencing what a lot of money people are starting to experience: REALITY.
"The last month has been a horror show for the U.S. economy, with economic data falling off a cliff..."
That's because it is falling off a cliff. The stimulus money has run out and the money printing has fail to save the economy. But it has succeeded in pumping inflation. The Japanese disaster is finally catching up with us. Japanese auto exports collapsed by almost 70%. Riddell writes,
"It seems that almost every bit of data about the health of the US economy has disappointed expectations recently,"
Let's see, pending home sales dropped by 11.6 percent in April. That's right! Over 11% in the middle of the Spring. Wholly rusted metal, Batman! Riddell continues,
"US house prices have fallen by more than 5 percent year on year, pending home sales have collapsed and existing home sales disappointed, the trend of improving jobless claims has arrested, first quarter GDP wasn’t revised upwards by the 0.4 percent forecast,"
In the week ending May 21, initial jobless claims hit 424,000. That's 10,000 more than the previous week and well above pre-2008 depression numbers. And yes, I used the D word. There is no recovery without a sizable increase in employment. The only people who are experiencing a recovery are the crooks on Wall Street. But now the market is being hit. So let's see if Michael Ruppert's economic collapse prediction comes true. He said July, by the latest.
April Japanese Car Exports Collapse, Down 68%
U.S. Pending Home Sales Show Steep Drop In April
Horror for US Economy as Data Falls off Cliff
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT