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Numbers out this morning put inflation at an alleged 8.3%, and the whole media is claiming that this is “at a 40-year high.” It’s not actually at a 40-year high. It’s the highest inflation ever. When they claim it is merely a 40-year high, this makes people think “oh well, at least at some point... Read More
If the inflation narrative we are being fed is true, the sanctions policy of the US government makes no sense as the worst sufferers are the American and European populations who are paying for the supply restrictions in higher prices and interest rates. As Russia is an exporter of energy and minerals, higher prices result... Read More
"Sometimes nothing is a real cool hand." In the movie classic "Cool Hand Luke," the convict Luke, played by Paul Newman, explains that to his fellow inmates after winning the pot in a hand of poker without even a pair of deuces. President Joe Biden should take notice. For, right now, "nothing" is the hand... Read More
The Biden administration and its allies continue to use Russian President Vladimir Putin as the convenient excuse for their economic failures. The most recent falsehood is that Russia’s invasion of Ukraine caused March’s 8.5 percent year-over-year increase in the Consumer Price Index (CPI). Prices were surging long before Russian troops entered Ukraine. Furthermore, Putin did... Read More
The US government’s Consumer Price Index indicates prices have increased 7.9 percent in the last year. While this statistic shows the highest rate of increase in forty years, it still understates the amount prices have increased, in part because the statistic is manipulated to minimize reported price increases. A stealth form of inflation is “shrinkflation.”... Read More
Welp. Jim Bolden has officially done the deed: he’s announced a full ban on Russian oil and gas imports. He says you’re just going to have to deal with the price hikes on gasoline. He says it’s not his fault, don’t ever blame him again. He is doing a great job at everything. He also... Read More
iftheu-s-economyweretocollapseitwouldhappen
But nobody thought that it would happen this fast
Empires often follow the course of a Greek tragedy, bringing about precisely the fate that they sought to avoid. That certainly is the case with the American Empire as it dismantles itself in not-so-slow motion. The basic assumption of economic and diplomatic forecasting is that every country will act in its own self-interest. Such reasoning... Read More
Franklin D. Roosevelt, scion of one of the wealthiest families in American history, was worth about $67 million in today's dollars. He attended the prestigious Groton boarding school, Harvard College and Columbia Law. He was relatable to the masses despite his privileged background. In the words of a PBS documentary, he was "a patrician who... Read More
According to numbers released by the US government, consumer prices have increased by 7.5 percent in the past year, the steepest increase since 1982. The actual price increases are even worse than the government numbers suggest, given that the “official” statistics are manipulated to understate the real rate of price increases. According to John Williams... Read More
Americans live from threat to threat. Now that the “covid threat” and the “Russian threat” have played out, we have the “inflation threat,” but is it any more real? It is true that the Central Bank has poured out unprecedented amounts of money for more than a decade. The excuses were: to cause a 2%... Read More
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Inflation is plaguing consumer markets, putting pressure on the Federal Reserve to raise interest rates to tighten the money supply. But as Rex Nutting writes in a MarketWatch column titled “Why Interest Rates Aren’t Really the Right Tool to Control Inflation”: It may be heresy to those who think the Fed is all-powerful, but the... Read More
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Andrei: Is it true that the USA cannot raise interest rates to lower the inflation rate as this would trigger a cascading series of bankruptcies and cost the Dems the upcoming elections? Michael Hudson: The Federal Reserve and T
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Ben Norton, Inflation and banking 2022 Economist Michael Hudson discusses the global inflation crisis and how the US Federal Reserve quietly (and apparently illegally) bailed out big banks in 2019 with $4.5 trillion of emergency repo oans Reproduced with the permission of Michael Hudson. I interviewed economist Michael Hudson to discuss what is causing the... Read More
Bloomberg News recently solicited advice from Argentinians who lived through that country’s high inflation on how Americans should cope with rising inflation. The Argentinians suggested Americans spend their paychecks as fast as possible to avoid future price increases. They also suggested taking out loans that can be paid back later in devalued currency. These strategies... Read More
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Stoking the Fire Without Burning Down the Barn
The Fed has options for countering the record inflation the U.S. is facing that are more productive and less risky than raising interest rates. The Federal Reserve is caught between a rock and a hard place. Inflation grew by 6.8% in November, the fastest in 40 years, a trend the Fed has now acknowledged is... Read More
All of these news articles about Brandon’s bad poll numbers are actually pro-Brandon articles designed to inflate the real numbers. The real numbers of support for the man who amazingly won the 2020 election with more votes than anyone ever in the history of the human species are now almost certainly in the single digits.... Read More
Far be it from me to carry water for the Biden administration or to downplay the impact of inflation on working families as White House officials did in June when they dismissed rising prices as merely "transitory." When 87% of Americans say they are very or extremely worried about higher prices, and one out of... Read More
Not so long ago, President Joe Biden was being talked of as a transformative president, a second Franklin D. Roosevelt in terms of the domestic agenda he would enact. And there was substance to the claim. Early in his presidency, Biden had passed a $1.9 trillion stimulus package. While his majorities in both houses of... Read More
What do the Federal Reserve and neoconservatives have in common? They both refuse to admit that their policies — the neocons’ promotion of perpetual war and the Fed's manipulation of the money supply — are complete failures, having produced the opposite of the promised results. The latest example of the Federal Reserve engaging in Bill... Read More
This month marks fifty years since President Richard Nixon closed the “gold window” that had allowed foreign governments to exchange US dollars for gold. Nixon’s action severed the last link between the dollar and gold, transforming the dollar into pure fiat currency. Since the “Nixon shock” of 1971, the dollar’s value — and the average... Read More
Last week, the Federal Reserve announced it will maintain an interest rate target of zero to 0.25 percent for the rest of 2021. The Fed said it will also continue its monthly purchase of 120 billion dollars of Treasury and mortgage-backed securities. Some Fed board members are forecasting a rate increase by late 2022 or... Read More
April’s 4.2 percent past year increase in the Consumer Price Index is not likely to dissuade the Federal Reserve from continuing its policy of near-zero interest rates. Fed Chairman Jerome Powell believes the rising prices are just a temporary phenomenon caused by the ending of lockdowns releasing pent-up consumer demand. Powell may be right that... Read More
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I Know You’re Lying…but I Trust You with My Life!
Investing trust in the wrong people and policies can be ruinous. How much dishonesty does it take before the public stops putting blind faith in debt dealers, corporate crooks and the servile politicians who do their bidding? The widespread acceptance of ‘healthy’ inflation, monopoly patent rights, the ‘retirement’ trap and enslaving corporate ‘benefits’ would suggest... Read More
The US government and Western media enjoy accusing China of producing unreliable numbers, but it is widely recognised that there are no national economic statistics in the world as deliberately unreliable and misleading as those of the US. Yet one more feature of the Great Transformation was the US government’s innovativeness in fabricating statistics that... Read More
A Total-Returns Profile of Economic Polarization in America
Based on work with Dirk Bezemer, with charts by Howard Reed Polarization in America, 23 September 2019 Those who praise the post-2008 economy as a successful recovery point to the fact that the stock market has soared to all-time highs, while the unemployment rate has fallen to a decade-low. But is the stock market a... Read More
Republished with permission from The International Economy
For a decade central banks have printed enormous quantities of new money. The excuse is to stimulate the economy by reviving inflation. However, the money has, for the most part, driven up the prices of financial assets instead of consumer and producer prices. The result has been a massive increase in the inequality of income,... Read More
According to official US economic data, the US Gross Domestic Product (GDP) has expanded for 22 quarters, raising real GDP 12.1% above its high prior to the 2008-09 economic contraction. Yet, US manufacturing output and US industrial production have not recovered to their pre-contraction high. So what is driving the real GDP growth? In my... Read More
One of the least discussed, but potentially most significant, provisions in President Obama’s budget is the use of the “chained consumer price index” (chained CPI), to measure the effect of inflation on people’s standard of living. Chained CPI is an effort to alter the perceived impact of inflation via the gimmick of “full substitution." This... Read More
Another Bubble-Making Farce
Ben Bernanke has an inflation problem. There isn't any inflation and that's a problem. In the last 12 months, consumer prices have risen a mere 1.1 percent which--according to Bloomberg--"matches the smallest increase since records began in 1960". At the same time, the velocity of money (how fast money changes hands) has slowed to a... Read More
Don't Invest in Wheelbarrows for Toilet-Paper Greenbacks
The Federal Reserve is not going to push the economy into Zimbabwean hyperinflation. That's pure bunkum. The Fed's plan is to weaken the dollar to boost exports and to force China to let its currency appreciate to its fair-market value. By purchasing $600 billion in US Treasuries (QE2), the Fed effectively reduces the supply of... Read More
Bye Bye Recovery
In June, the Fed's bond-buying binge (QE2) will end and the economy will have to muddle through on its own. And, that won't be easy, because QE2 provided a $600 billion drip-feed to ailing markets which helped to lift the S&P 500 12 per cent from the time the program kicked off in November 2010.... Read More
Hanging By a Thread
The Republicans are convinced that hyperinflation is just around the corner, but don't believe it. The real enemy is deflation, which is why Fed chief Bernanke has taken such extraordinary steps to pump liquidity into the system. The economy is flat on its back and hemorrhaging a half a million jobs per month. The housing... Read More
The Chinese government fired a shot across the bow of the Obama administration this week, with pointed statements by Chinese Premier Wen Jiabao at the World Economic Forum in Davos, and a coordinated backgrounder in the Wall Street Journal. Without directly naming the United States, Wen accused you-know-who of fouling its own economic nest, endangering... Read More
Inflation and all of its repercussions for wage and salaried workers, fixed income middle classes, as well as manufacturers and transport industries is splashed all over the financial pages of the major newspapers throughout the world. Introduction Inflation is the great solvent that dissolves paternalistic ties between employers and workers, landowners and peasants, clientele-patronage regimes... Read More
Post-Keynesian Conference Kansas City Summary The exponential growth of savings and debt takes the form mainly of loans to finance the purchase of real estate, stocks and bonds. These loans extract interest and amortization charges that divert revenue away from being spent on goods and services. The payment of debt service by the economy’s non-financial... Read More