Gerald Celente: Piigs, Presstitutes and the Global Meltdown

Lately, the media was full of it: I mean the reports of how happy stock market days were here again. After a stormy start, June closed and July began with US benchmark indexes racking up their biggest weekly gains in two years on good news: The US manufacturing index had unexpectedly risen, and the beleaguered debt-burdened Greeks were bailed out yet again, piling up un-payable new debt on top of un-payable old debt! Yes, there was some concern, but, as the New York Times reported on June 25th, "Two years into the official recovery, the economy is still behaving like a plane taxiing indefinitely on the runway. Few economists are predicting an out-and-out return to recession, but analysts generally expect the economy to pick up in the second half." The economists were forecasting strong job growth for June, but two weeks later, when the numbers came in, the Bureau of Labor Statistics reported that only 18,000 jobs had been created, not the 125,000 jobs projected, by those same economists who were also not predicting an out and out return to recession. Accordingly, without missing a beat, The Times changed its tune, writing new words to replace the old words they would never be forced to eat: "Feeble Job Numbers Show Recovery Starting to Stall". "Defying Economists Forecast for Hiring, Unemployment Creeps Up to 9.2%! For the second consecutive month, employers added scarcely any jobs in June, startling evidence that the economic recovery is stumbling. The government also revised downward the small gain for the previous month to 25,000 new jobs, less than half the original estimate!