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Ripple Effect

The Labor Department’s At It Again

Loading ...Addison Wiggin

July 21, 2025 • 1 minute, 21 second read


BLSLaborlabor data

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.)


Pablo Hill: An Unmistakable Pattern in Copper

December 8, 2025 • Addison Wiggin

As copper flowed into the United States, LME inventories thinned and backwardation steepened. Higher U.S. pricing, tariff protection, and lower political risk made American warehouses the most attractive destination for metal. Each new shipment strengthened the spread.

The arbitrage, once triggered, became self-reinforcing. Traders were not participating in theory; they were responding to the physical incentives in front of them.

The United States had quietly become the marginal buyer of the world’s most important industrial metal. China, long the gravitational center of global copper demand, found itself on the outside.

Pablo Hill: An Unmistakable Pattern in Copper
Bears on the Prowl

December 8, 2025 • Addison Wiggin

Under the frost-crusted shrubs, the bears are sniffing around for scraps of bloody meat.

They smell the subtle rot of credit stress, central-bank desperation, and debt that’s beginning to steam in the cold. They’re not charging — not yet. But they’re present. Watching. Testing the doors.

Retail investors, last in line, await the Fed’s final announcement of the year on Wednesday. Then the central planners of the world get their turn: the Bank of England, Bank of Japan, and the European Central Bank.

Treasuries just suffered their worst week since June. And in Japan — the quiet godfather of global liquidity — something fundamental is breaking.

Silver continues its blistering ascent. Gold and bitcoin have settled in at $4,200 and $92,000, respectively.

Bears on the Prowl
How To Guarantee Higher Prices

December 8, 2025 • Addison Wiggin

It’s absurd, really, for any politician to be talking about “affordability.”

The data is clear. If higher prices are your goal, let the government “fix” them.

Mandates, paperwork, and busybodies telling you what you can and can’t do – it’s not a surprise why costs add up.

In contrast, if you want lower prices, do nothing– zilch. Let the market work.

How To Guarantee Higher Prices
Gideon Ashwood: The Bondquake in Tokyo: Why Japan’s Shock Is Just the Beginning

December 5, 2025 • Addison Wiggin

For 30 years, Japan was the land where interest rates went to die.

The Bank of Japan used yield-curve control to keep long-term rates sedated. Traders joked that shorting Japanese bonds was the “widow-maker trade.”

Not anymore.

On November 20, 2025, everything changed. Quietly, but decisively.

The Bank of Japan finally pulled the plug on decades of easy money. Negative rates were removed. Yield-curve control was abandoned. The policy rate was lifted to a 17-year high.

Suddenly, global markets had to reprice something they had ignored for years.

What happens when the world’s largest creditor nation stops exporting cheap capital and starts pulling it back home?

The answer came fast. Bond yields in Europe and the United States began climbing. The Japanese yen strengthened sharply. Wall Street faltered.

Gideon Ashwood: The Bondquake in Tokyo: Why Japan’s Shock Is Just the Beginning