With the Dow comfortably above 18,000 and the Nasdaq near 5,000, today a 50-year market veteran warned King World News that with 93 million people already unemployed in the United States, the coming nightmare will be multiples of the Great Depression. He also spoke about the action in the gold and silver markets.
John Embry: “I’m so frustrated by the bogus market action that I don’t even know why we have markets any more. The fraudulent move in the stock market on the heels of a preposterous jobs report on Friday was clearly orchestrated to get the Dow above the critically important psychological level of 18,000 and the Nasdaq over 5,000….
Continue reading the John Embry interview below…
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“There was nothing particularly constructive about Friday’s jobs report. A huge portion of the jobs created were related to the Birth/Death Model, which in the period following the 2008 financial crisis has been totally discredited.
And the reported loss of jobs in the oil business was minimal, despite numerous reports to the contrary. So this report was totally fabricated. But the real insult to human intelligence related to the so-called unemployment rate of 5.4 percent.
93 Million People Do Not Have Jobs In The United States
There are now 93 million people of working age in the United States who do not have jobs. That is roughly 28 percent of the total population. To be fair, a considerable portion of these people don’t want to work, but to suggest the unemployment rate is 5.4 percent is appalling. It is conservatively two-to-three-times that rate and maybe even higher. All of this is reflected in the deteriorating consumer environment in the United States.
As I have previously stated, everything possible is being done to keep the collateral in the system — bonds, stocks and real estate — at elevated prices in order to keep the debt load afloat. But unfortunately this attempt is going to fail spectacularly, and when it does the reverberations are going to be felt for decades.
Coming Nightmare Will Be Multiples Of The Great Depression
If it took a 10-year depression and a disastrous world war to clear the decks after the roaring 1920s, only God knows how long it will take to sort out the present situation. In terms of excessive leverage, it is multiples of anything seen previously in history, and in addition it is truly global this time.”
Embry added: “It is barely worth commenting on the preposterous price action in gold and silver, which just dropped precipitously in price for, yet again, absolutely no reason at all. This is simply the algorithms operating on behalf of the Bank for International Settlements and the central banks because they can get away with it in the totally discredited paper markets.
In a world where a Grexit becomes more obvious by the moment, a Saudi land invasion of Yemen appears to be in the works. In the midst of this, the Chinese announced another rate cut as economies are flagging everywhere. That’s why plummeting gold and silver prices are being orchestrated to obscure the truth.
I will repeat once again that gold and silver and their equities are on the bargain table, and paper assets are hugely extended in price. Smart money should continue to take advantage of this obvious discrepancy.” ***ALSO JUST RELEASED: State Of The World After 6 Years Of Zero Interest Rates, $4 Trillion Of QE And $20+ Trillion Of Global Stimulus CLICK HERE.
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