Stocks are sharply higher today on the supposed news that job growth surged, pushing unemployment down to a near three-year low of 8.3 percent.  In contrast to this absolutely meaningless, Goebbelsian statistic is the inescapable reality of a U.S. economy that is not only not recovering but which is virtually incapable of doing so.

So strong is the evidence of this that anyone who believes otherwise should be presumed deranged. As for a mainstream news media that would have us believe the recession ended in 2009, their contemptible laziness, stupidity and dishonesty in failing to recognize the economy’s steepening descent into Depression ranks with their obliviousness to the Holocaust and Stalin’s purge.

For bracing counterpoint to this morning’s grotesque hubris on Wall Street, I suggest reading the excellent essay Peak Money Arrives at the Economic Populist web site. Here’s an excerpt:

“The world is running out of money. If money is credit, and credit relies on confidence, there is not enough confidence in the financial system to supply the world with the money it needs. Since the initial credit crisis struck in 2008, credit and money have been withdrawn from the system in such staggering amounts that international trade can no longer grow. The world’s central banks are playing a rear guard action by acting as lender of last resort to banks that no longer trust each other and have stopped lending in the interbank market. As liquidity flows out from the system, the rottenness that has corrupted the foundations of global finance is now exposed for all to see.”