Planet Ponzi hopes everyone loves fudge. The “official” U-3 unemployment figures released monthly by the Bureau of Labor Statistics (BLS) are truly rich.

See that red line on the chart? The bottom one? That’s the one the government would ideally like you to focus on, but if they can they’ll keep you focused on U3, just a couple of lines up.Politicians seeking re-election would like you to keep that line in mind because – although it’s horrible – it’s not the worst news out there.

You see that blue line on the chart? You know, the top one, the one that’s headed over 16% and shows no sign at all of coming down? Well, that’s the stat that matters. It’s folk sitting at home when they want to be out working. That’s what unemployment is, guys.