This morning the Labor Department released the jobless claims for the week ending April 3rd.
They announced that yet another 744,000 jobless claims were filed. The previous week was also revised yet again from 719K to 728K.
And, “surprise-surprise,” the so-called expert teleprompter readers had forecast these numbers to be below 700K for this week. But these people get it wrong every single week. But regardless of missing the mark yet again, this is still being spun as “not as bad” or “could be worse.”
Just yesterday I pointed out the insanity of these new “created jobs” numbers that were just released. They, the media and politicians, want us to believe the economy is roaring back. Far from it. How can it with yet another 744K that we are being shown have just vanished into thin air?
But to add to the propaganda, the CEO of JP Morgan & Chase Jamie Dimon says that the U.S. economy is going to boom.
I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom.
Joe Dimon
Well of course it will, because, as Dimon states, the markets are being pumped full of stimulus and quantitative easing (QE), and other junk. This is why the markets keep reaching new record highs. The mechanism in the markets right now works like this: the more bad news we get, the higher the markets go. Why? Because the markets know that the Fed will be right there to inflate some more, print more money, buy up the debt, buy more assets, put more yield curve control on, you name it – they will rig the markets some more to keep the ponzi scheme going.
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