With tremendous volatility continuing in global markets this summer, John Williams, of Shadowstats, just warned that unemployment hit a shocking new high of 23.4%, as the monetary base continues to go parabolic. Below is a key portion of this tremendous report, and King World News wanted to pass it along to our global readers:
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 show (U6) Unemployment in the United States hitting what is in reality a 75-year high. Note the government figures in the chart as well which serve to deceive. The reality is that the United States has not seen this kind of soaring unemployment since the 1930 to 1938 (Great Depression) time frame.
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.