Labor market breadth is near record lows. Looking at all of the different economic indicators it shows the economy has not been improving. The Fed is doing away with another indicator, which has indicated a recession each time. A new study is out showing that the economy has never truly recovered and we are still in the great recession. China is now dumping foreign reserves. Rand Paul is speaking out against civil asset forfeiture and how it violates the foundation of the constitution Michael Savage wants to know if we are on the verge of a civil breakdown. Why is Prince Harry invited to Google’s secret meeting. Maduro stopped a coup d’etat in his country, he reports that the US funded it. The deep state who controls the new organization not just in this country but in many have been pushing the NK threat. Tillerson and Lavrov met and they are pushing to work together to calm the situation down. Rybakov says the US is not ready for talks, its not NK that is the problem. Russia wants a working relationship with Libya. The US is threatening Russia because they understand that Russia and China are unwinding the empire building that has taken place in the middle east. Russia and China are now countering the deep state.
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Current News – 08.07.2017
- Tom Keene created an indicator that tells us the breadth of the market a large percentage of the non-farm payroll growth has been a result of lower paying industries, such as food and drinking places – or as they would put it, more bartenders
- While a job is a job, the composition and strength of gains is quite important, as it gives us an understanding of aggregate health.
- If total growth is strong, but is the result of only a few sectors, the breadth of the overall market is weak. This typically provides us with a signal on where the overall market is heading
- This brings me to an indicator that I built out over the past year – labor market breadth – which seeks to measure the aggregate health of the labor market by looking at its sub-components.
- Following Friday’s employment report of 209k new jobs, beating estimates of 183k, labor market breadth fell to an un-smoothed cycle low, as shown below. So while the headline number was strong, it’s aggregate sub-components continue to slow, which is not indicative of strength.
We can see this by sharp decreases in total job growth of retail trade
And information, which is not affected by the retail giant.
As well as arts, entertainment, and recreation.
And health care, which has slowed materially over the past four months.
- In total, the current breadth of the labor market is indicating that wages and salaries will move lower over the next 6 months, as shown below.
- The Federal Reserve announced Monday that it was no longer releasing its so-called labor market conditions index, its in-house tool to gauge the momentum of the labor market.
- “We decided to stop updating the [labor market conditions index] because we believe it no longer provides a good summary of change in U.S. labor market conditions,”
- Here is the most important chart I have seen in some months now. The chart shows the ‘new normal’ post-2007 crisis in terms of per capita real GDP for the U.S.
- The Great Recession was unprecedented in terms of severity of its impact and duration of that impact for any period since 1947.
- The Great Recession is the only period in the U.S. modern history when the long term (trend) path of real GDP per capita shifted permanently below historical trend.
- The Great Recession is the only period in the U.S. modern history when the long term trend growth in GDP per capita substantially and permanently fell below historical trend.
- As the result, as the Roosevelt Institute research note states, ” output remains a full 15 percent below the pre-2007 trend line, a gap that is getting wider, not narrower, over time”.
- , the research note presents evidence on structural decline in labor productivity growth, alongside the evidence that this decline is inconsistent with pre-2007 trends:
- On the net, the effects of the Great Recession in terms of potential output, actual output growth trends, labor productivity and wages appear to be permanent in nature.
- In other words, the New Normal of post-2007 ‘recovery’ implies permanently lower output and income.
- “Innocent until proven guilty” is the bedrock of American jurisprudence. Civil asset forfeiture, a legal process in which the government confiscates your property without a guilty verdict, turns that justice on its head.
- Unfortunately, the Trump administration is moving in the wrong direction on this issue — Attorney General Jeff Sessions wants to increase civil forfeitures. Sessions reversed a 2015 ban on adoptive seizures, which occur when state law enforcement officers circumvent state limitations on civil forfeiture by turning seized property over to federal officials for forfeiture in exchange for up to 80 percent of the proceeds of the forfeited property. The Department of Justice has perversely incentivized police to turn civil forfeiture into an industry by allowing police to keep most of the proceeds from forfeiture. In 2014 alone, the federal government took more cash and property from Americans than did burglars.
- A major problem with civil forfeiture is that it does not reflect the fundamental presumption of innocence that is vital to our nation’s criminal justice system. The Fifth Amendment protects Americans from being deprived of their property without due process of law, yet civil forfeiture allows the government to take an individual’s property without first proving guilt. To add insult to injury, as Justice Clarence Thomas recently wrote, “These forfeiture operations frequently target the poor and other groups least able to defend their interests in forfeiture proceedings.”
- Civil forfeiture must be reined in,
- We should not let criminals keep the profits of their crimes, but we must also uphold the fundamental idea that the government should not be able to deprive Americans of their right to property before proving guilt.
- On Friday, Michael Savage — conservative talk show host and Berkeley Ph.D. in nutritional ethnomedicine — referenced Nathaniel West’s classic 1939 novel about the burning of Los Angeles, The Day of the Locust, to describe what will occur in the USA should Trump be brought down by his assorted “Globalist” enemies.
People will “resort to mob violence” when they “are finally aware of the fact that they’ve been tricked by their society, and that no matter how hard they work as middle class people” they are denied.”That is what’s going to happen in this country,” Savage said. “You have not yet seen mob violence in this country. You’ve seen some mob violence instigated by George Soros’ mobs. … But you haven’t seen the thing I’m telling you is coming in this country. You haven’t seen the ‘Day of the Locust’ yet.”
- Prince Harry attended a summit in Italy this weekend at one of Sicily’s most exclusive resorts, alongside tech billionaires and pop stars. The lavish event, held in the utmost secrecy, was hosted by Google.
- The prince’s attendance at the £1,500-per-night (US$1,960) Verdura Resort was not publicized on the royal circular, where the royal family’s schedule is normally set out for the public.
- The event, dubbed ‘Davos by the sea’ after the similarly secretive annual summit in Switzerland, was hosted by super-rich Google founders Larry Page and Sergey Brin.
- The reason for Harry’s attendance is not clear, but it is known that his brother William has an interest in online bullying and mental health, which could explain why an event populated by tech tycoons would be of interest.
- At least two fighters have been killed and eight others captured after a group of armed men in military uniforms stormed a Venezuelan army base, president Nicolas Maduro announced, calling the attack an act of “terrorism.”
- At 4:30am, a group of 20 armed men stormed the Paramacay military base in the city of Valencia. The insurgents managed to reach the weapons depot before the alarm alerted the troops, sparking a fierce gun battle.
- Maduro announced on state television, claiming that the attack was “paid for by Miami and Colombia,” where large Venezuelan expat communities reside.
- North Korea completely rejects the UN Security Council resolution with new sanctions as a violation of its sovereignty, according to a statement by the country’s government published by the Korean Central News Agency (KCNA).
- “First of all, we condemn and completely reject the sanctions resolution of the UN Security Council, concocted by the United States and hostile forces, as a gross violation of our republic’s sovereignty,” the statement said.
- During the bilateral meeting in the Philippines, Lavrov and Tillerson discussed the situation around North Korea, the Russian Foreign Ministry said.
- Lavrov “noted the unacceptability of the escalation of tensions resulting from the US military buildup in the area of the Korean Peninsula,” the statement addedLavrov reminded of common Russian-Chinese initiative for the Korean settlement, saying that it contains support for the Russian proposal to develop a roadmap of gradual restoration of trust and building conditions to resume the six-party talks.
- “We agreed to promote the concept in practice, including in the United Nations,” Lavrov said.
- “But now the United States is not ready for direct dialogue [with North Korea]. Or it is theoretically ready, but, as I understand, puts forward conditions that are beyond all limits for the other party. Accordingly, the other party, apparently, as I understand it, concludes for itself that this pressure can be stopped only by opposing to it a certain factor of force,” Ryabkov
- He added that a mediator could be needed to establish dialogue between Pyongyang and Washington.
- “In fact, the question is how to find the point where the interests and capabilities of Pyongyang and Washington come together. Given all the contrasts between the political cultures and approaches to the situations these two players have, it won’t work without their mutual consent. Mediation is possible,” Ryabkov said.He reminded that there were positive examples of US-North Korea dialogue within different formats, including the six-way talks between Russia, North Korea, the United States, Japan, China and South Korea in 2000s.
- US European Command has announced today that they are deploying a number of A-10 Thunderbolts, along with a crew of 270 Air Force personnel, into the tiny Baltic nation of Estonia, a move they say is meant to “assure” allies.
- The A-10 Thunderbolts are commonly used for bombing ground targets, and have been used often in both Iraq and Afghanistan. In addition to these planes, an MC-130J Commando II, a spy plane, is expected to be deployed with them.
- McMaster characterized it as a “sophisticated campaign of subversion and disinformation and propaganda that is going every day in an effort to break apart Europe and that pit political groups against each other … to sow dissension and conspiracy theories.” He did not elaborate on specific actions Russia took with respect to its interference in the US election, but criticized Russia’s role in escalating the Syrian civil war and its support for Iran’s objectives in the Middle East.
- The Russian Government has plans to reinstate certain ties with Libya.
- “We plan to resign the contracts signed during Muammar Gaddafi’s rule. This includes the previous agreements in the transport sector, construction of railways, energy, electrification and a number of others,” Dengov said.
- Since the death of Gaddafi, Russia has lost billions of dollars worth of contracts in Libya.
- In 2008, Russian Railways signed a €2.2 billion contract to construct the 550-kilometer Sirte-Benghazi rail line. There were also oil and gas deals, in addition to electrification and peaceful nuclear development negotiations.
- The United Nations supports the Tripoli government and General Haftar is supported by the Libyan National Army and a number of countries including Egypt and the United Arab Emirates.