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Here is the ominous warning from John Williams of Shadowstats: 


Banking-System Stress.  With Fed monetization of U.S. Treasury debt at 90.5%, and with June monetary base annual growth soaring above 20%, the lack of meaningful movement in June M3 annual growth is suggestive of an intensifying liquidity crisis in the bank system, as discussed in the Hyperinflation Watch.


No Economic Recovery Here.  The June 2013 report on labor conditions, published July 5th by the Bureau of Labor Statistics (BLS) included some harsh indications of economic deterioration in the broader unemployment detail (ShadowStats measure hit a record high for the series), along with heavy seasonal-factor distortions in the headline payroll data.


King World News note:  John William’s extraordinary graph below shows unemployment in the United States hitting what is in reality a 75-year high.  Also note the government figures in the chart which serve to deceive the public by showing lower unemployment.  The reality is that the United States has not seen this kind of soaring unemployment since the 1930 to 1938 (Great Depression) time frame, and the U.S. is now at a post-Depression high in terms of unemployment.




Broader Unemployment Showed Deteriorating Conditions.  The headline unemployment rate (U.3) was unchanged in June 2013 versus May, at 7.6% (also unchanged at the second decimal point at 7.56%) ... Not-seasonally-adjusted, June U.3 rose to 7.8% from 7.3% in May.

 

The broader U.6 unemployment rate, which includes those marginally attached to the labor force, including short-term (less than one year) discouraged workers, and those working part-time for economic reasons, jumped to a headline 14.3% in June, up from 13.8% in May (unadjusted, it rose to 14.6% from 13.4%). 


The number of the never-seasonally-adjusted, short-term discouraged workers rose by 247,000 [corrected] in June, to 1,027,000, from 780,000 [corrected] in May.  This reflected a surge in people who had been counted as headline unemployed in May, rolling into short-term “discouraged” status in June, net of those rolling out of short-term and into long-term “discouraged” status in June.  The deterioration in broader employment appears to have been large enough to be meaningful.


Incorporating the seasonally-adjusted U.6 and the ShadowStats estimate of long-term (more than one year) discouraged workers, the ShadowStats-Alternate Unemployment Measure rose to a series high 23.4% in June, up from 23.0% in May, as shown in the preceding graph (above).


Williams also included this remarkable chart below which shows the St. Louis Fed Monetary Base going parabolic:




The information above was just a small portion of the incredible report which was issued by John Williams.  To subscribe to ShadowStats and read the rest CLICK HERE.


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The audio interviews with Marc Faber, Stephen Leeb, Dr. Benn Steil, Eric Sprott, Andrew Maguire, John Hathaway, Dr. Paul Craig Roberts, MEP Nigel Farage, Rob Arnott, Egon von Greyerz and Art Cashin are available now.  Also, other outstanding recent KWN interviews include Jim Grant and Felix Zulauf by CLICKING HERE.


Eric King

KingWorldNews.com

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