Tyler Durden does the math
More debt buys fewer jobs:
Households, State and Local Governments almost insignificantly down. Financial up, Federal up, Corporate up big at 3.56%, the third biggest quarterly increase since 2004. Total credit market debt outstanding up 1.76%, still shy of the 2.36% 60-year historical average.
Q4 2012 credit gap: $333.8 billion
2012 credit gap: $3.1 trillion
Post-2008 credit gap: $27.3 trillion
Translation: debt-disinflation continues.
The media's ecstatic read through of today's Nonfarm payroll beat can barely end: after all, a print of 236k on expectations of 165K, why that has to be great. Well, it is. Until one looks to the number from February 2012, which happens to be 271,000. And even the Keynesian will agree that February follows January, which in 2013 was a downward revised 119K. January 2012? 311,000. In other words, the first two months of 2012 saw a 582,000 increase in non-farm payrolls. In 2013: 355,000.The Z1 report for Q4 2012 also came out today. I'll do a more detailed post on it this weekend, but here are the highlights. Keep in mind that I keep track on an ongoing basis, so this ignores the quarterly revisions.
But something else happened between February 29, 2012 and February 28, 2013... Oh yes, the US government issued some $1,198,397,883,967.30 in debt. Oh, and the Fed monetized about half of this amount, and virtually all of the Treasuries issued to the right of the ZIRP period (i.e., risky debt). To summarize: $1.2 trillion in debt buys the US.... 61% of the jobs created a year ago.
Households, State and Local Governments almost insignificantly down. Financial up, Federal up, Corporate up big at 3.56%, the third biggest quarterly increase since 2004. Total credit market debt outstanding up 1.76%, still shy of the 2.36% 60-year historical average.
Q4 2012 credit gap: $333.8 billion
2012 credit gap: $3.1 trillion
Post-2008 credit gap: $27.3 trillion
Translation: debt-disinflation continues.
Labels: economics
24 Comments:
What's the Fed's definition of corporate for this report?
"What's the Fed's definition of corporate for this report?"
Whatever makes their numbers look better. :)
While the stock market is making all time highs, it is should be noted that volume is not doing much.
Fed ain't got no chili.
I don't think VD will go out with you, Daniel
'sokay. There is no spork.
I just realized today that Vox looks exactly like Judd Nelson's brother.
That freaks me out almost as much as the debt situation.
I just want to know how one becomes a janitor, because Vox here is very interested in pursuing a career in the custodial arts.
mal-investment anyone?
mal-investment anyone?
Or is it debt servicing?
Fed ain't got no chili.
Yet I think you will find that they can typing. That, at least, is something.
Yet I think you will find that they can typing. That, at least, is something.
By george, I believe you just provided jamsco his summary of the previous post, Loki! Nate's summary will be that the something is identical to nothing.
Then we'll get to pick the more likely scenario: collapse by ensmallening or collapse by disintegration. Whee!
I'm just going to parley collapse in general and see what Vegas will give me if I bet a goat and a bottle of Templeton.
So, what's with the chili reference? I missed that somewhere. Fill me in fellas.
"Yet I think you will find that they can typing. That, at least, is something."
Well struck sir.
Joshua_D
So, what's with the chili reference? I missed that somewhere. Fill me in fellas.
El Borak's story in this thread:
Asher's attempts at argument remind me of the time I caught my 7-year-old daughter trash-talking on X-Box Live. She had been previously banned from it, of course, but late one evening I heard her screaming at the TV, "You ain't got no chili," followed by various other barely comprehensible insults and allegations concerning paternity. Putting on my dad face, I walked into the TV room to start a little talk.
What I discovered was her two older brothers playing Halo online, completely owning a pair of very frustrated strangers. The daughter sat between them, not playing, but wearing brother's microphone headset. She had been placed in charge of psyops by her brothers, responsible for nothing but making them think they were being owned by a 7-year-old girl with about 5 insults at her command. Technically, she pointed out, she wasn't playing the game. I was laughing too hard to make her stop anyway.
I'm not sure how it all relates to Asher, really, but every time I read stuff like "If not everything then what set of things?" I hear in my head, "You ain't got no chili."
[Read the whole post and comments. Great entertainment.]
Thanks for the background, Daniel.
"You ain't got no chili."
I'm using that as my go-to taunt on baseball night.
What I discovered was her two older brothers playing Halo online, completely owning a pair of very frustrated strangers. The daughter sat between them, not playing, but wearing brother's microphone headset. She had been placed in charge of psyops by her brothers, responsible for nothing but making them think they were being owned by a 7-year-old girl with about 5 insults at her command. Technically, she pointed out, she wasn't playing the game. I was laughing too hard to make her stop anyway.
This totally fits this thread as it is an anecdote of jew trickery just as is the truth behind the narrative of the USA's economic 'recovery'.
Specify S, M, L, or XL.
Grinder says: This totally fits this thread as it is an anecdote of jew trickery just as is the truth behind the narrative of the USA's economic 'recovery'.
Good thing you are not obsessed. I think of it more as American trickery, eh?
More rabbit behavior from some slut who got an STD in her twenties wants advice because her boyfriend won't have sex with her.
Well, look who is delinquent in their Federal taxes?
OT - and worth it
Economist and columnist Paul Krugman declared personal bankruptcy today following a failed attempt to spend his way out of debt.
In a Chapter 13 filing to the United States Bankruptcy Court in the Southern District of New York, lawyers for Krugman listed $7,346,000 in debts versus $33,000 in assets.
BTY.... it's satire... lmao
Non-farm payroll?
I'm going to ASSUME that means "except for those unfortunate, predominately illegal alien migrant folk folks not "entitled" to minimum wage"-NOR "expecting "tips" for actually doing their crappy (but honorable none the less) for producing U.S. food that Mrs. Obama, and Mayor Bloomberg would approve of for "free" school meals (PreK-12) oh wait... everybody, by law.
Does that include all the nice folk making their careeres in the new "emerging" service industry, where "gratuities" make up most of their income, are
taxed based on "assumption", and have "rates" proscribed by the folks consistantly proved least likely to "invest" their OWN treasure?
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