Friday, June 1, 2012
Unemployment Rising? Really?
By Reginald Kaigler (DEMCAD)
The Labor Department declared that unemployment rose in May 2012 and I couldn't care less. They've been under-counting unemployment by making jobless people out of the labor force for over two years. But as the media reports the official unemployment number rising to 8.2%, manufacturing in the United Kingdom is falling. Even U.S. manufacturing is slowing down.
Manufacturing sector growth wanes in May: ISM
The Head of World Bank (Robert Zoellick) is carrying a more alarming tone.
"‘Events in Greece could trigger financial fright in Spain, Italy and across the eurozone. The summer of 2012 offers an eerie echo of 2008. If Greece leaves the eurozone, the contagion is impossible to predict, just as Lehman had unexpected consequences."
Let me be more direct! Get your house in order! No one knows just how bad this is going to get!
'Beware a rerun of the Great Panic of 2008': Head of World Bank warns Europe is heading for 'danger zone' as world markets suffer bleakest day of the year so far