When I was a child, I used to be entertained by the antics of a television clown: “J.P. Patches”. As an adult, some things have changed, and some remain the same. While I still get entertained by clowns, these ones wear suits, and instead of going by the name “J.P. Patches”, they use the brand-name “JP Morgan”.
The latest antics from the JP Morgan “clowns” are to produce silly and absurd predictions about the U.S. job market. It began last year (see “Wall Street Invents NEW Jobs Propaganda”). In that piece, I pointed out how the U.S. propaganda-machine (led by JP Morgan) was inventing an entirely new propaganda-stream. The goal was to pretend that the U.S. economy was “creating jobs” despite job-loss parameters which makes this theoretically impossible.
To be specific, JP Morgan's propagandists are trying to get market sheep to swallow the lie that the U.S. economy can generate net job-growth at the same time that the economy is producing roughly a million more lay-offs (every month) than the previous break-even point for this economy.
Historically, as U.S. weekly lay-offs begin to exceed 300,000 per week (more than 1.25 million per month), the U.S. economy has started suffering net job-losses. In this Greater Depression, weekly lay-offs have risen to as high as 700,000 per week (and 3 million per month). Throughout 2008 and 2009 as the lay-offs rose higher and higher, the U.S. Bureau of Labor Statistics simply invented more and more fantasy jobs.
Thus, month-after-month, we were supposed to believe that at the same time that lay-offs went higher and higher, that “job creation” was matching it, almost job for job. In the real world, however, as lay-offs rise in an economic contraction, hiring always falls. As a result, when the U.S. lay-offs went from the 1.25 million “break-even point” to the 3-million per month level (and with hiring steadily falling), net monthly job-losses would have to be above two million per month (see “U.S. Economy to Lose 20 MILLION Jobs This Year”).
In fact, the BLS pretended that U.S. job losses never got above 750,000 per month – again a figure that is not even theoretically possible. Now, with monthly lay-offs still close to 2 million per month (far above the 1.25 million break-even point) the propagandists at JP Morgan claim that the U.S. economy is “about to” start producing net jobs growth.
Here, we have a second means of demonstrating that JP Morgan's “prediction” is, actually, a deliberate lie – which it would be impossible for JP Morgan's “economists” to believe. As I pointed out with last month's U.S. jobs-farce (“Largest Jobs Lies Yet”), there was a massive discrepancy in that report which was seemingly missed by everyone (other than myself).
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