U.S. jobless claims rose to 297,000 in the latest reporting week the Department of Labor said on Thursday. The previous week’s level was revised up by 1,000 from 281,000 to 282,000. The 4-week moving average was 279,500, an increase of 4,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 274,750 to 275,000.
The advance seasonally adjusted insured unemployment rate was 1.7 percent for the week ending June 27, unchanged from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending June 27 was 2,334,000, an increase of 69,000 from the previous week’s revised level. The previous week’s level was revised up 1,000 from 2,264,000 to 2,265,000. The 4-week moving average was 2,268,250, an increase of 15,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 2,252,500 to 2,252,750. in the week ended June 27th from 271,000 in the previous week.
China, like all other nations has been existing in a growing debt bubble and is finding itself at the brink of a market collapse that could dwarf the U.S. Great Depression. As Chinese stock markets began to tumble over the past several days, the government and the PBOC instituted measures prohibiting major shareholders from selling stocks for six months.
Chinese police have been ordered to investigate anyone suspected of “malicious” short selling of Chinese shares. Threatening the arrest of anyone who chooses to ignore the new regulations has given the stock markets a temporary boost as the SHCOMP closed at 5.8 percent higher, the biggest daily increase since March 2009. It seems possible monetary loss remains more palatable than a lengthy prison term.
In a period of just three weeks, stocks listed on mainland China’s most prominent exchange tumbled 30 percent from their seven year highs. The ChiNex index had lost 42 percent of its value in just 21 days.
The “herd” mentality is alive and well and had Beijing not implemented new rules, Chinese markets would have been hurdling south taking global stock markets with them.
News that Washington has pressured EU creditors to “work” with Greece has created market euphoria as Brussels concedes to Greek debt relief. Regardless of any new deals, the reality of the situation still exists that Athens spends more than it makes.
Greece has until the end of Thursday to present new proposals in hopes of securing a new bailout preventing economic collapse and ushering global stock market turmoil.
Common sense tells us that we cannot exist on perpetual debt nonetheless, we tempt fate anyway. Global debt has reached critical mass and we are beginning to reap what has been sown. Greece is only the tip of the iceberg.
U.S. national debt is past the point of no return and economic insanity has insured that hostile economic conditions are coming. Unfortunately, most Americans think the U.S. is immune to common mathematics simply because “this is America.”
We don’t have to be victimized by debt ridden stock markets when the next bubble bursts. Physical gold and silver are available to ensure our wealth. How and where we protect our wealth matters.
Gold Goliath is offering special pricing on 1 oz. silver bars while supplies last. 1-800-577-3195
Gold Goliath is not your typical gold dealer.