by Jeff Nielson, SilverGoldBull:
Today was a very significant day for precious metals, as the market simply rejected the monthly propaganda from the U.S. Bureau of Labor Statistics: its July “non-farm payrolls report”. However, I’ll discuss the developments for gold and silver later today in “This Week In Precious Metals”. For the moment I want to explain why the market rejected the lie which the U.S. propaganda machine attempted to pass off.
Regular readers will know that I have written frequently about the favorite Big Lie of the BLS, its utterly absurd/totally fraudulent “birth/death model”. This one lie fabricates more than 1 million imaginary jobs every year in the U.S. However, with people (like myself) drawing ever more attention to that one, blatant fraud; the BLS has needed to come up with new ways of lying-with-numbers. Thus it has increasingly turned to its second-favorite lie: “seasonal adjustments”.
This other Big Lie produces somewhere in excess of ½ million imaginary jobs each year (and possibly more than 1 million), including 300,000 – 400,000 imaginary jobs in the month of January alone. In other words, these two lies by themselves account for more than 100% of all U.S. “job gains” during the 3+ years of the supposed “U.S. economic recovery”. Thus (in the real world), the U.S. economy never stopped losing jobs.
