I’m in Australia for a long weekend (I married into a family of pilots. Apparently they do this sort of thing). Stick with me. The Aussie government reported yesterday that 24,500 jobs were created in October, and unemployment will likely top off below 6 percent. Not exactly an apples to oranges comparison with the United States, but I’m envious nonetheless. They have the good beer, now they have the jobs.
It fits with what Peter Schiff told us for the December issue. It’s not a V recovery, a W recovery or anything else. Sure, we’ll have quarters of growth, but we had individual quarters of growth during the Great Depression. The overall long-term trend still turned out to be disastrous.