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Apr. 1 2010 - 8:57 am | 358 views | 0 recommendations | 4 comments

Obama’s got a bigger problem now: The whole planet is unemployed

Sure, initial jobless claims crept down a little bit in the American economy, according to new Labor Department numbers. But, reports CNBC, President Obama has a bigger problem: basically, the whole planet is unemployed. They report that 4.66 Billion people continue to be unemployed, which is news to me. I mean, that would make the Great Depression just sound like a short vacation we took between world wars. 4.66 billion unemployed makes it sound like the machines took over without us realizing it, and just gave us all XBoxes and told us to take the month off while they’re actually siphoning electrical energy through our bodies.

See the screen grab attached from CNBC’s news alert:

So the Obama economy involves not just the destruction of the capitalist American economy, but the transformation of apparently the entire planet into a gigantic colony of shiftless layabouts supported by the other 1 and a half billion of us. Basically, everyone in China is working so you and I can be funemployed in the USA, South America, Western Europe, and pretty much every other part of the world.

Would this were CNBC’s awesome idea of an April Fool’s Prank, better than Google’s Topeka silliness. But alas, they aren’t that creative – this was just a copy editing failure. According to Bloomberg News, 4.66 Million jobless claims continue from previous weeks.

The number of people continuing to receive jobless benefits decreased by 6,000 in the week ended March 20 to 4.66 million. The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.

via Jobless Claims in U.S. Decreased by 6,000 Last Week to 439,000 – Bloomberg.com.


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  1. collapse expand

    Mr. Roston,

    In 1902 an English economist John A. Hobson wrote a book titled, simply, “Imperialism” (remembering here that in those days “imperialism” was not a bad word but rather something good and positive – the “White Man’s Burden” and all of that). In it described the detrimental effect of imperialism on the home economy of the UK. He wrote ““In 1893 the British capital invested abroad represented about 15 per cent of the total wealth of the United Kingdom…Aggressive imperialism, which costs the tax-payer so dear, which is of so little value to the manufacturer and trader … is a source of great gain to the investor…. The annual income Great Britain derives from commissions in her whole foreign and colonial trade, import and export, is estimated by Sir R.Giffen at £18,000,000 for 1899, taken at 2 1/2 per cent, upon a turnover of £800,000,000.”

    Writing about the same time, Gerhard von Schulze-Gaevernitz noted in “Britischer Imperialismus” that “Great Britain, is gradually becoming transformed from an industrial into a creditor state. Notwithstanding the absolute increase in industrial output and the export of manufactured goods, there is an increase in the relative importance of income from interest and dividends, issues of securities, commissions and speculation in the whole of the national economy. In my opinion it is precisely this that forms the economic basis of imperialist ascendancy. The creditor is more firmly attached to the debtor than the seller is to the buyer.”

    In other words, the export of manufacturing to areas closer to raw materials, lower labor costs, &c began over 100 years ago. Even 100 years ago it was clear that the UK was being transformed from an industrial nation into a banking nation, one where investors could recover profits from investments in manufacturing overseas while leaving the British working classes without employment.

    Hobson goes on to note:”“The greater part of Western Europe might then assume the appearance and character already exhibited by tracts of country in the South of England, in the Riviera and in the tourist-ridden or residential parts of Italy and Switzerland, little clusters of wealthy aristocrats drawing dividends and pensions from the Far East, with a somewhat larger group of professional retainers and tradesmen and a larger body of personal servants and workers in the transport trade and in the final stages of production of the more perishable goods; all the main arterial industries would have disappeared, the staple foods and manufactures flowing in as tribute from Asia and Africa. . . . We have foreshadowed the possibility of even a larger alliance of Western states, a European federation of great powers which, so far from forwarding the cause of world civilisation, might introduce the gigantic peril of a Western parasitism, a group of advanced industrial nations, whose upper classes drew vast tribute from Asia and Africa, with which they supported great tame masses of retainers, no longer engaged in the staple industries of agriculture and manufacture, but kept in the performance of personal or minor industrial services under the control of a new financial aristocracy. Let those who would scout such a theory (it would be better to say: prospect) as undeserving of consideration examine the economic and social condition of districts in Southern England today which are already reduced to this condition, and reflect upon the vast extension of such a system which might be rendered feasible by the subjection of China to the economic control of similar groups of financiers, investors, and political and business officials, draining the greatest potential reservoir of profit the world has ever known, in order to consume it in Europe. The situation is far too complex, the play of world forces far too incalculable, to render this or any other single interpretation of the future very probable; but the influences which govern the imperialism of Western Europe today are moving in this direction, and, unless counteracted or diverted, make towards some such consummation.”

    The future is not always impossible to see.

  2. collapse expand

    CNN probably hasn’t taught it’s illegal alien staff to proof read in english….yet

  3. collapse expand

    Look Micheal, the whole world ain’t unemployed….our friends in afghanistan
    have worked themselves into the number 1 position of hashish production

    Self-starters can still make a buck on Obama’s unemployed earth…

    http://news.yahoo.com/s/time/20100401/wl_time/08599197686700;_ylt=AnXiYUzGgM4fUpdhJtnf1Vmb.HQA;_ylu=X3oDMTM1a3BoanVuBGFzc2V0A3RpbWUvMjAxMDA0MDEvMDg1OTkxOTc2ODY3MDAEY2NvZGUDbW9zdHBvcHVsYXIEY3BvcwM0BHBvcwM0BHNlYwN5bl90b3Bfc3RvcmllcwRzbGsDY2FubmFiaXNhZmdo

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