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Ripple Effect

The Labor Department’s At It Again

Loading ...Addison Wiggin

July 21, 2025 • 1 minute, 21 second read


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The Labor Department’s At It Again

The BLS reported that the number of jobs reported for the 9 months ending December 2024 was likely overstated by ~800,000:

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The U.S. government overstated job creation in the last nine months of 2024.

This is the same BLS that printed a massive revision of over 800,000 jobs lower in August of last year, too.

Basic math puts the two revisions at 1.6 million jobs… that were reported but were never created.

That’s bad news – unless you were trying to make the economy look good for some reason in the back half of 2024. (The election, perhaps.)

The new massive revision also suggests that the labor market was in a worse spot when President Trump got back into the big chair.

And… it may even give some credence to Trump’s incessant abuse of Federal Reserve Chair, Jerome Powell. Not enough to cut rates to 1% overnight. But still…

As we observed in our July piece Trump’s Reality Distortion Field, trusting traditional economic data for forecasting rate cuts or an impending recession is a fool’s errand until we can trust the data under review again.

Whenever that may be.

~ Addison

P.S. Part of President Trump’s Great Reset plan is to increase private sector jobs in America. But that trend will also take time to play out. Tariffs play a role, as they make U.S.-based jobs more competitive. But as with all economic changes, it’s like steering a cruise ship, not a jetski – it’ll take time to play out.

As always, your reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)


The Mirage of High Income

November 19, 2025 • Addison Wiggin

We’ve lived through the greatest borrowing binge in modern history, and yet the national mood feels poorer, more brittle, less confident.

There’s a familiar pattern here: the higher the noise, the more critical it becomes to tune it out. The markets will surge and swoon, the political class will posture, and commentators will insist that this time is different.

Our biggest concern, meanwhile, is that with a collapsing stock market, economic anxiety will reach fever highs. And with it the political divide in the country will become even more performative, expressive and violent.

Civil society cannot sustain a credit crisis.

The real work — the only work that actually matters — happens at the level of your own finances, your own decisions, your own family. No administration, blue or red, can insulate you from a balance sheet that doesn’t balance.

The Mirage of High Income
Bonfire in Timber (Prices)!

November 19, 2025 • Addison Wiggin

Timber is among several commodities declining this year. Oil, down 15%. Wheat minus 10%. Egg prices have gotten over the avian flu and are down 80%.

Lower commodity costs are good for consumers. They offset tariff costs to wholesalers. And they are good for this year’s political pet issue, “affordability.”

But they also reflect a sore spot in the overall economy. Lower demand for timber, a key component in housing, means builders aren’t building.

Many economists interpret lower timber prices as a sign that the economy is already in recession.

Bonfire in Timber (Prices)!
The Debasement “Trade”

November 18, 2025 • Mark Jeftovic

Bitcoin isn’t a trade and trying to time it with chart patterns generally does not work.

I’ve never really felt like technical analysis carried much real predictive edge in general and when it comes to BTC, I’ve seen too many failed “death crosses” to change my opinion.

The one that just triggered in mid-November as bitcoin flirted with $90,000 is just the latest.

What really matters? It’s a monetary regime change – if market participants are trading anything it’s getting rid of a currency (“it’s the denominator, stupid”) for a store of value – and we’re seeing it in spades with Bitcoin and gold.

The Debasement “Trade”
The Cult of Stock Market Riches

November 18, 2025 • Addison Wiggin

White-collar hiring is, in fact, slowing. Engel’s Pause is taking hold of the jobs picture.

In the meantime, everyday Americans are rediscovering an ancient truth: there is wisdom in wearing steel-toed boots.

Jobs that struggle to attract bodies in boom times are now seeing stampedes of applicants.

– Georgia’s Department of Corrections: applications up 40%.

– The U.S. military: reached 2025 recruiting goals early.

– Waste management staffing: applications up 50%.

For now, economists call this “labor market tightness.” Anyone who has ever scrubbed a grease trap knows it by another name: fear.

The Cult of Stock Market Riches