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History is being made today folks. Despite doing all they could to rig the British vote, the people had overwhelmed them and have decided to LEAVE the European Union. This is indeed big news.
Not because it's going to fundamentally change the economics in England as the elitists have suggested would happen; but because the whole European Union "test tube" could be on the verge of unraveling.
The EU was like a pilot program for a one world centrally planned government. They figured if they could cobble 28 different "tribes" together and make it work, they could try the entire world. But it hasn't gone well. Greece, Spain, Italy, and Portugal are broke. England just said "stick it" we're tired of Brussels telling us what we can do. This is indeed a very big step.
On Friday we got the non farm payroll report, and boy…if the powers that be ever wanted to paint something to look perfect, this was their Rembrandt moment. Not only did the headline number beat the estimates of a gain of 235K by coming in at 257K; they went back and did some of the most aggressive “revisions” to prior reports that I’ve ever seen.
Let me paint the picture for you. According to our Government bean counters the last few reports have shown the most job gains in 17 years. They say that wage growth was the best since 2008, as they told us wages grew by 0.5%. The BLS did revisions to the entire year of 2014, and remember the “polar vortex” last January? They said at the time we only got 144K jobs. Now they say that looking back, it was really 247K. But that was nothing compared to what they did to November. Now they say November posted a gain of 465K jobs. That’s the most monthly gains since the tech bubble boom of the late 90’s. A time when there really were jobs galore.