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Eric King:  “Dr. Roberts, there is so much propaganda out there from the mainstream media, particularly with the market recently hitting new all-time highs.”


Dr. Roberts:  “Well, Eric, Friday’s jobs report is part of that propaganda.  Already they are saying, ‘Oh my goodness, we had 2.8% economic growth in the 3rd quarter and so the Fed will probably start tapering.’  It’s all nonsense....


Continue reading the Dr. Paul Craig Roberts interview below...




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“First of all, almost a full percentage point of the 2.8% growth rate is unwanted inventory accumulation.  They count this as economic growth -- the buildup in inventories.  Well, inventories buildup because nobody is buying the stuff.  So, as nobody buys what they are trying to sell, the growth rate goes up (laughter ensues).


The real growth number would be approximately 1.9%, but we also know that number reflects optimistic or faulty measures of inflation.  If you use the statistician John Williams’ measurements for inflation, the real growth rate last quarter was close to zero.


Now, let’s look at the jobs they claim to have.  They gave the figure of 200,000 jobs, which was much higher than Wall Street had expected.  These are the same kinds of jobs they have been ‘creating’ for 10 years or even longer.  What are these jobs?  They are 44,000 retail clerks.  These are largely part-time jobs with no benefits.  They are 30,000 waitresses and bartenders.  They are 23,000 education and health services.  Then, there were 15,000 administrative and waste services jobs.


Now, when you have this kind of job creation for 10-to-15-years, which is all we’ve had, you are turning into a third world country.  This is the profile for a third world labor force.  The question is, did they really have 200,000 jobs created?  The answer is, no. 


They use the Birth/Death Model in order to generate these supposed jobs.  Well, when that model was created it was during the time of a growing economy, with more startups than failures.  That’s not been the case since the collapse in 2008.  We’ve not had the startups, but we’ve had continuing failures.  So, these ‘jobs’ they claim to have created are just ‘phantom jobs.’  They are not real.  But as you said, the mainstream media trumpets all of this and just continues as a propaganda machine for the government.


The media just reports the 7.3% unemployment, or U3 number.  That’s the only one the media ever reports.  Now, the reason that unemployment number is at 7.3% is because last month 750,000 individuals were dropped out of the labor force count.  Meaning, they became discouraged and stopped looking for a job because they couldn’t find a job.  So, almost 1,000,000 people simply dropped off of the rolls for the unemployed.  In other words, it’s a fake measure. 


Now, the government has another measure called, ‘U6,’ that’s seldom reported.  It counts the short-term ‘discouraged’ people who have stopped looking for jobs.  That rate is almost double, at 13.8% unemployment.  This counts people who have been ‘discouraged’ for less than one year.


The government has no official rate that counts the long-term ‘discouraged,’ the people who have simply given up, long-term, finding a job because there are no jobs to find.  John Williams estimates that rate, using previous government methodology, at (a staggering) 23.5%.  So, the real rate of unemployment (23.5%) is over 3-times the reported government figure of 7.3%.  That’s the real picture, and it’s kept from people.  It’s not reported in the mainstream media because it goes against their intended propaganda.


So, the outlook is dismal.  There has been no growth in retail sales.  There has been no growth in real median family incomes, and therefore there is nothing to drive the economy.  This means the economy is not going anywhere.  You can’t have an economy growing when people don’t have any money to spend.


If you look at the number of people on food stamps, that figure continues to rise.  It’s now about 11 million higher than it was just a few years ago.  If you find these kinds of figures that indicate growing hardship, you can’t just turn around and say you have 2.8% growth (laughter ensues once again).  This is all just part of the massive propaganda and continued coverup which is being orchestrated to hide the truth from the people.”


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© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


The audio interviews with John Hathaway, Bill Fleckenstein, James Turk, Andrew Maguire, William Kaye, Gerald Celente, Dr. Paul Craig Roberts, Eric Sprott, Grant Williams, Rob Arnott, David Stockman and Jim Grant are available now. Other recent KWN interviews include Marc Faber and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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