SoT Ep 27 John Crudele: “The Unemployment Rate In And Of Itself Is A Joke”

I think the stock market is rigged and I don’t think anybody argues with that anymore.  In 2009 when Goldman Sachs is speaking with the Treasury Secretary – and I have the phone logs –  more times in one day than Treasury Secretary Paulson talks to the Federal Reserve, I have to figure these guys are up to something you know they’re not making vacation plans – they’re doing something. And then when the phone call is just a half an hour before some major rally in the stock market – all documented – then I have to figure they’re up to something.  – John Crudele, Shadow of Truth

Our friend and colleague Bill “Midas” Murphy (GATA, LeMetropole Cafe) hooked us up with John Crudele, business reporter/columnist for the NY Post.  For those of you who do not read the NY Post or have not heard of him, John Crudele is one of the very few reporters who is willing to look for and report the truth.   He’s been a journalist for 40 years, with time spent at the New York Times, New York Magazine, LA Times, Washington Post and, the last 25 years, with the NY Post.

Right now we have a job market that is not doing great but it’s doing better than the economy as a whole…either there’s something we’re not understanding correctly or the numbers are wrong

John was the journalist who exposed fraudulent Census Bureau data reporting in the Bureau of Labor Statistics nonfarm payroll report  (the Census Bureau collects the data). He discovered that one of the Census Bureau’s regions was fabricating 100’s of data collection reports.

If someone is screwing around with those numbers (employment data), then the numbers are going to be wrong…we found there were some cushy deals with politicians in six States.

Crudele and the NY Post currently have SIX Freedom of Information requests into the Census Bureau for which the Census Bureau refuses to answer or turn over documents. Some of the requests are more than a year old.

Many of you are familiar with the JOLTS report (Job Openings and Labor Turnover).  It measures the alleged number of job openings in the United States on a monthly basis. But just like the nonfarm payroll report, this report is egregiously misreported by the Government.

One of Crudele’s readers emailed John and explained to him that every time someone puts in a bid for a Goverment contract, they report those jobs as job openings. But every contractor that puts in a bid on the same contract also reports those jobs as job openings. On the job bid that John’s reader referenced, 20 contractors submitted jobs, which means that 2,000 job openings were reported although only 100 true job openings were going to be produced by the Government contract.  The JOLTS number, in other words, has no bearing on the true number of job openings.

We hope you take the time to listen to this engaging and lively interview with John Crudele.  His commentary is infused with lively New York-style sarcasm and humor.  Chatting with him made me long for a slice of NY pizza or an all-beef hot dog with spicy mustard and kraut from Papaya King, although John informed us his standard fare is one of the NYC dirty water dogs from a stand outside his building. We think you’ll find it refreshing to hear from a journalist who has the guts to stand up for reporting the truth:

10 thoughts on “SoT Ep 27 John Crudele: “The Unemployment Rate In And Of Itself Is A Joke”

  1. Bravo Mr. Crudele for first seeking, then speaking the truth.

    I don’t hold out much hope for any MSM publication to carry his story line. The problem our truth seeker’s and speaker’s face, is finding an equally courageous publisher to put their tails on the line and publish these truths.

    Not that I hold out any further hope, that the general public will give it the attention it deserves. Trying to open dumbed down minds, is like trying to teach a pig to sing! It accomplishes little and annoys the pig.

  2. As the systemic morphing takes us closer to a bullion application for liquidity (debt free currency), the rules change like going through a monetary worm-hole
    that ends up in a “liquidity yin-yang” of debts and assets where the relationship will settle into one that is symbiotic.

    We don’t have debt as being a problem … we simply have too much debt as being the problem. The evil is in the imbalance.

    The solution ? Simple …. just add assets , simmer and stir …. gently. The approach must be by way of the market to preserve both sides.
    No crashing of the debt legacy system (USD/fiat) please !

    Never forget the gifts of the Magi either.

  3. I don’t know what this Rooster is crowing about. Revalue gold? I’m sure however it makes perfect sense in his Fowl brain.


    1. Higher gold prices will lead to monetization, directly, as people are more willing to “let it go” (de-hoard) which would add to much needed economic liquidity. Adding debt-free liquidity into circulation would also have the effect of purging debt on the basis that total liquidity would RISE, allowing debt based liquidity (fiat) to be paid down and destroyed.

      In goes the debt-free currency …. out goes the debt based currency, by the simple process of market osmosis.

      1. Dude, you need to stop hitting the meth pipe in the morning. No one is going “de-hoard” gold as prices rise. If anything, demand for physical gold and silver will increase, especially for fractional gold coins. The game will be fungibility and any fiat paper currencies will not be fungible. We will see the premiums to spot for gold/silver bullion coins do a moonshot, especially for fractional gold coins and silver eagles.

        The only “de-hoarding” that will occur is a de-hoarding of paper money into real goods and assets. Just like occurred in Weimar Germany before the mark collapsed.

        1. Historical problems of hoarding in gold based monetary systems of the past were based on a FIXED price peg. The peg was the problem so people hung on.

          The best thing that ever happened to gold is when the price was set free at the end of Bretton Woods, setting gold free. Gold will be monetized more progressively as prices rise. Human nature is already baked in.

  4. The frangible thought process of the rooster will morph into a sort of “Yin Yang” where similarly minded members of that genus may present a similar thought process which will pass through a semi permeable membrane to create a synergistic, harmonic balance.

    That taxonomic group may then create a rudimentary human schematic for a transparent barrier which will be retrofitted into the lower abdomen. Members may ambulate safely while their head and shoulders are firmly entrenched into the excretory aperture at the base of the alimentary canal without fear of striking one another.

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