Follow The Economic Failures To Fix The Mess

Bob Chapman’s The International Forecaster August 1, 2009

As we view the sham hearings of the CFTC and position limits on oil in particular, we are reminded that the hearings are a political cover for higher prices. Constituents are complaining of higher gasoline prices and government is more than willing to respond. What the insiders behind the scenes want to do is suppress oil prices not only to assuage the citizens, but also to keep gold from rising as oil rises. Today suppressing oil prices is truly an awesome task given the composition of sources of supply and demand. Exploration is at a low and that can only eventually bring higher prices.

The unemployment rate climbed in all of the U.S.'s biggest urban areas during June, and 18 places had joblessness of at least 15%.

"For the sixth consecutive month, all 372 metropolitan areas had over-the-year unemployment rate increases," the Labor Department said in its report Wednesday.

The numbers in the department's Metropolitan Area Employment and Unemployment report are not seasonally adjusted.

The report said 144 metro areas reported jobless rates of at least 10%, up from six areas a year prior.

El Centro, Calif., had the largest jobless rate from June 2008, at 27.5%. Yuma, Ariz., was second with 23.1%. The lowest rate was in Bismarck, N.D., at 3.8%.

So much for the ongoing secrecy of the nation’s independent central banking system. A new Rasmussen Reports national telephone survey finds that 75% of Americans favor auditing theFederal Reserve and making the results available to the public.

Just nine percent (9%) of adults think that’s a bad idea and oppose it. Fifteen percent (15%) aren’t sure. Over half the members of the House now support a bill giving the Government Accounting Office, Congress’ investigative agency, the authorization to audit the books of the Federal Reserve Board.

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