Zero Hedge: “There were some rumors reported late last week that the world’s biggest chip maker was about to fire a major portion of its workforce. Moments ago the company confirmed these rumors, when it reported that it was firing a whopping 11% of its entire workforce, laying off a massive 12,000 workers.
The restructuring initiative was outlined in an e-mail from Intel CEO Brian Krzanich to Intel employees.
“Our results over the last year demonstrate a strategy that is working and a solid foundation for growth,” said Krzanich. “The opportunity now is to accelerate this momentum and build on our strengths.”
“These actions drive long-term change to further establish Intel as the leader for the smart, connected world,” he added. “I am confident that we’ll emerge as a more productive company with broader reach and sharper execution.
These actions will result in the reduction of up to 12,000 positions globally.”
Opinion: The Federal Reserve money printing scheme is working perfectly. The stock market is up, the bond market is up and real estate prices are soaring.
But you see, the real economy is dying. Wage growth is nonexistent, full time jobs with benefits are disappearing, while layoffs and companies leaving the US are downplayed by the mainstream press. In their place are part time waiter/waitress jobs with no benefits and no future, while a disturbing 93 million Americans are out of the work force.
The reason for the horrible results is that we have been lied to about everything from 5% unemployment, 2% GDP growth and the whopper of them all: Obamacare is working.
The economy is deceptively high because of money printing and the economy is sick because of massive debt.
I have to give our Editor credit. Several months ago, even with very little financial experience, she remarked that there is no way that this president will go out with a crashing economy.
And Janet Yellen and Mario (the dragon) Draghi agree.