Before we get into the fresh press release from the Labor Department, a word or two about bubbles. Bubble? What bubble? Oh…this bubble: Bitcoin hits $17,000 as bubble fears mount.
They never end well. Read that again: never.
I mention this because we are witnessing the parabolic rise of Bitcoin. Don’t get me wrong, it has been highly entertaining and all that. When I checked prior to posting, they were at $15,447. I know, the TB’s (true believers) in Bitcoin are oh so proud that they have a secure blockchain. What they can’t seem to comprehend is that Bitcoin has turned every user of cryptos into a hacking target. And then what happens? Bitcoin miner NiceHash reports hack, theft of its ‘wallet’ – USA Today.
And there are issues like hardware failures…but look, have fun. Bubbles and manias of this magnitude only come along once in a lifetime.
As of this morning, Bitcoins are worth (all told) $255-billion dollars. It’s more than the annual GDP of Panama, or Greece, or Portugal, or Finland. At present rates, Bitcoins value will surpass the annual GDP of Ireland this weekend and Singapore of the Philippines next week.
Now, about those jobs – for those who still have to work for a living, not being part of the Bankster class of Coinster class…
Total nonfarm payroll employment increased by 228,000 in November, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, manufacturing, and health care.
Household Survey Data
The unemployment rate held at 4.1 percent in November, and the number of unemployed persons was essentially unchanged at 6.6 million. Over the year, the unemployment rate and the number of unemployed persons were down by 0.5 percentage point and 799,000, respectively. (See table A-1.)
Among the major worker groups, the unemployment rate for teenagers increased to 15.9 percent in November. The jobless rates for adult men (3.7 percent), adult women (3.7 percent), Whites (3.6 percent), Blacks (7.3 percent), Asians (3.0 percent), and Hispanics (4.7 percent) showed little change.
Now the numbers that matter
- Labor participation rate is unchanged
- Goods producing jobs were up 62,000
- The CES Birth Death Model actually was a minus number this month, so effectively no “made up” jobs.
And the futures are? (What else?)
Showing the Dow up 66 at the open, but up 150 by the end of the day wouldn’t surprise us…
End of World In Sight?
The move of the US Embassy in Israel to Jerusalem is a very big deal.
Clashes Erupt Across West Bank Over U.S. Jerusalem Pivot. In Israel, we find OpEds like “Trump’s Jerusalem Syndrome: Whose End of Days Messiah Does He Think He Is?: of interest.
The theory is that once the US Embassy move is completed, work will start on the “third temple” and that will take about 7 years…and (here’s the fun part) that will get us out into the 2024-2025 area where by some cyclical economics work we get to the “Insert World War Here” area.
For now, the Palestinians will have a new war, things will be hot…and from a pragmatic standpoint, it’s a fall-back position for the arms industries in case the projected fighting on the Korean Peninsula doesn’t kick off in early spring to save their balance sheets.
Here’s the more immediate blowback: Al Qaeda calls for attacks against US and its allies over Jerusalem policy.
Failing all that, there’s a chance of another Ukraine uprising…and gosh, does that mean the State Department’s chief cookie monster will have to start baking again? Neocons on a roll, looks like.
Gee, don’tcha feel better now?
Flash goggles are fine stocking stuffers, you know.
Moving Right Along
The flames are going south of LA toward…..Flames engulf San Diego area in newest wildfires.
Global Warmist Notes du Jour
We had a few flakes here at the ranch, too. More like frozen rain but nothing stuck. We put the skis away, very disappointed.
No Need for Elections
…because CNN has already called them in “How Democrats win the future.”
Is there a lesson for Wesson in there?