Wednesday, December 11, 2013

Jobs Report is Fraud, Greatest Ponzi Scheme in History Continues

I am a small businessman at "ground zero." I don’t need Obama, the Fed, economists, or the media to tell me how the economy is doing. I live it. And I’m telling you, we’re all being lied to. The economy is not getting better, it’s getting worse. Back in late 2007 and early 2008, I publicly predicted (numerous times) that we were entering the deepest recession since the 1929 Great Depression. At the exact moment I wrote about this, Fed Chairman Ben Bernanke was testifying in front of Congress that the economy was fine, we were not in recession, and there was little threat of a serious economic decline. It turned out he was dead wrong about everything. A small businessman always knows. [more...]

Tuesday, December 3, 2013



Thanksgiving holiday weekend sales were the weakest since 2009, despite major chain stores opening for the first time on Thanksgiving Day.

“President Barack Obama may be the Grinch who steals Christmas, judging by Thanksgiving's weak sales,” says Craig R. Smith.  “We have the smallest percentage of Americans working since Jimmy Carter was President. Only 101 million Americans have full-time jobs, but 108 million are getting means-tested welfare, paid from heavier taxes on working families. The average American family's income is down by about $3,500 since President Barack Obama took office in 2009, yet in 2013 its Federal tax burden increased by more than $1,000."

“Consumer confidence was at a 7-month low this November,” said Smith, “and 65 percent of Americans told pollsters that they were living paycheck to paycheck.  An Associated Press survey last July found that 80 percent of U.S. adults are near poverty, rely on welfare, or 'struggle with joblessness' for at least a significant part of their lives. They live in economic insecurity.  And Obamacare has left families, including millions already struggling to keep their heads above water financially, at risk of losing their health insurance and having to pay a lot more for a lot less coverage. The Manhattan Institute calculates that American families will soon be forced to pay an average of 41 percent more."

“No wonder the National Retail Federation foresaw 7 million fewer shoppers online and in stores than 2012's Thanksgiving weekend,” says Smith. On Black Friday, the number of customers visiting retail stores was down more than 11 percent over last year, and sales were down a stunning 13.2 percent.”

“Welcome to the 'New Normal,'” says Smith's co-author Lowell Ponte. “This is one more sign of our economy weakening, despite the Federal Reserve propping it up with more than $1 Trillion every year of new money conjured out of thin air.  Even the Fed in late November grimly admitted that 'Slower growth in productivity might have become the norm' in our economy."

“This means that the Federal Reserve dare not stop its stimulus spending, even though it no longer stimulates economic growth, because our 'record high' stock market and government are addicted to this cheap, easy money,” says Ponte.  “This means that taxes will keep going up, our anemic economy will keep going down, and, unless voters change things, we may be headed for our devaluing dollar to soon be destroyed in a firestorm of high inflation, or for a Great Depression of long-term stagnation."

“We're in a slow-growth period of unknown duration,” says Columbia University Nobel-laureate economist Edmund Phelps.  No wonder so many Americans are hunkering down, frightened, and spending carefully.

“This is a teachable moment for our children and grandchildren, an opportunity to instill lifelong survival skills,” says Ponte. “Do as the three Wise Men did 2,000 years ago by giving something this Christmas that politicians cannot run off a printing press – something of secure, permanent value such as a small gold coin. This could inspire a lifetime of thrift and of wanting to learn how the economy works.”

“The old saying is that if you give a person a fish, you feed him for a day. If you teach your children to fish, you feed them for a lifetime. Today the politicians give people a welfare check, to make them dependent on and addicted to government for a lifetime.  This Christmas teach your children and grandchildren how to be free, independent, self-reliant, prosperous and thankful for a lifetime by giving them real values and real money,” says Ponte.

Factoid: 75% of Americans polled by CBS would have preferred that stores stayed closed on Thanksgiving. Millions nevertheless left family dinners, football and a day of rest to snap up bargains such as big screen TVs.

To schedule an interview with Craig R. Smith or Lowell Ponte, contact:

For a media copy of their new book “The Great Withdrawal,” contact:


Lauren Coleman-Lochner and others, “U.S. Retail Sales Up 2.3%, Foot Traffic Declines,” Bloomberg News, December 1, 2013. URL:

Elizabeth A. Harris, “Thanksgiving Openings Take Sales From Black Friday,” New York Times, November 30, 2013. URL:

Hope Yen, “The Big Story: Exclusive: Signs of Declining Economic Security,” Associated Press, July 28, 2013. URL:

Rich Miller, “Fed Reveals New Concerns About Long-Term U.S. Slowdown,” Bloomberg News, November 27, 2013.  URL: