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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.)


Autonomous Weapons

October 29, 2025 • John Robb

In the past, weapon systems took decades to build and changed slowly. Autonomy changes this. For example, new capabilities developed by field tests or simulation (testing scenarios in full physics simulators depicting actual environments) could be downloaded to existing weapon systems, making it possible to upgrade a weapon system significantly without any meaningful hardware changes. A process of improvement that used to take many years would shrink to weeks and, in time, days.

Autonomous Weapons
The Great Repricing of Power

October 29, 2025 • Addison Wiggin

Markets heard what they wanted. NVIDIA’s stock surged premarket on news that Trump would discuss the company’s Blackwell AI chip with Xi, pushing it to an unprecedented $5 trillion valuation.

Meanwhile, China quietly bought its first cargoes of U.S. soybeans this season — a symbolic gesture that reminded traders that diplomacy still runs on trade.

“It’s not détente,” wrote  Bloomberg’s Jennifer Welch this morning, “It is a dealmaking with a timer.” Wall Street is ambivalent on peace, but they do like profits.

In the background, China’s biotech sector continues its ethically murky sprint forward — this week, reports surfaced of Chinese scientists creating monkeys engineered to exhibit schizophrenia and autism.

The Great Repricing of Power
About Yesterday’s Rally

October 29, 2025 • Addison Wiggin

A high concentration of capital in a few stocks at the top ranks high among the features we detailed in Anatomy of a Stock Market Bubble.  

On days like yesterday, headlines urge investors to buy. However, they also underscore the fragility of this terrifying bull market: just a handful of names can make the difference between a big up day and a big down day.

About Yesterday’s Rally
American Autonomy

October 28, 2025 • John Robb

America’s role in the world isn’t that of the world’s policeman (a temporary post-World War II role foisted upon the U.S. due to the Cold War) or as the destination of immigrants (for most of the 20th century, when we saw the most significant increases in individual incomes and quality of life, the U.S. didn’t accept many immigrants). Instead, the role the U.S. has played throughout its existence is as the world’s leader in the production, adoption, and socioeconomic integration of new technologies. We figured out how to do it successfully first, and the world followed.

American Autonomy