We just got the latest look at jobless claims and once again, the numbers weren’t pretty. Initial claims came in at 631,000, above forecasts for a reading of 625,000. But the real news continues to be the fact that people who lose their jobs are not finding new work. Continuing jobless claims ramped up again to 6.662 million from 6.587 million a week earlier. That is a fresh all-time high.
In other news, Standard & Poor’s cut its outlook on the U.K.’s sovereign debt rating to “negative” from “stable.” That means the country’s AAA rating is at risk. Britain is drowning in debt due to falling tax revenue and surging spending on bailouts and other measures. Its deficit is on track to hit 12.4% of GDP this fiscal year. Hmm. Can you think of another country that sounds a lot like the U.K.?
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The US perhaps?
Sad, but we are doing it to ourselves.
Dear Mike, Where is the “warning shot” over our bow? I have been reading since the 1970’s about the imminent collapse of the dollar ( think Howard Ruff ). However, I feel in my bones that now the time is near. According to accounts of the situation that I have read from people that lived through it, the people of the Weimer Republic did not see the hyperinflation comming until it was apon them. I am not an economist. However, I can plainly see all around me the signs that all is not well. For most to believe that because “this is AMERICA it could not happen here” is all the more reason to prepair for it (hyperinflation) . Thanks Mike ! You folks at WEISS are the best ! Jim D.