Guest Post by Paul Craig Roberts
The Federal Reserve is not conducting an anti-inflationary policy. It is conducting an anti-people policy.
The rising prices are not due to excessive consumer demand that needs to be curtailed by choking off credit. The rise in prices are the direct consequence of the idiot Biden regimes’ unnecessary Covid lockdowns and the idiot Biden regime’s Russian sanctions which have disrupted the globalism on which the Washington fools have based our economy. Putting people out of work cannot prevent higher prices due to supply constraints. The Federal Reserve is causing higher prices by further reducing supply.
If the Federal Reserve does not know this, the Federal Reserve is too incompetent to justify its existence and should be immediately abolished.
If the Federal Reserve does know this, then what is its real purpose?
The real purpose is to cause trauma for the population so that the Biden regime can step in and offer all sorts of support and rescue programs and get Democrats reelected so that they can continue with their plan to establish a one-party state in which MAGA Americans are “domestic terrorists” and excluded from political representation.
Powell, like the rest of them is just a member of the establishment that operates full time against the people.
The Fed just confirmed that its self-induced ‘growth recession’ could put more than a million Americans out of work
New projections from the Federal Reserve show unemployment climbing to 4.4% in 2023.
If proven correct, that would mean around 1.5 million more Americans would go unemployed by the end of next year.
The inflation fight will be painful, but letting prices surge would bring “far greater pain,” Fed Chair Powell said.
The Federal Reserve has already warned the fight against inflation will be a painful one. New projections reveal that, for more than a million working Americans, that pain could be severe.
Federal Open Market Committee members — the policymakers deciding on interest rate hikes — published new economic estimates on Wednesday, and their projected picture of the next few years isn’t pretty. Officials now see the unemployment rate climbing to 3.8% by the end of the year, up slightly from the latest reading of 3.7%. The measure is then expected to rise to 4.4% next year and stay there through 2024. That’s up from the prior estimates of 3.9% and 4.1% rates in 2023 and 2024, respectively.
Should officials’ projections hold true, the jump in unemployment from July’s low of 3.5% to next year’s projection of 4.4% equates to about 1.5 million more Americans going unemployed, based on the current labor force level of around 165 million people working or actively looking for work.
The actual number could be higher still. The unemployment rate only counts out-of-work Americans who are still measured as in the labor force and actively looking for a job. If the labor force grows throughout next year, then the 4.4% unemployment rate will equate to even more jobless Americans.
A higher unemployment rate was to be expected from the central bank’s war on inflation. Rising interest rates slow economic growth and cool demand. That leads companies to curb their hiring plans and, in some cases, lay workers off to cut costs. Growth will slow, unemployment will climb, and the US will likely find itself in a self-imposed growth recession.
As Fed Chair Jerome Powell put it on Wednesday, the labor market remains “extremely tight,” and there “will likely be some softening” as the central bank targets demand.
The 4.4% projected rate adds fuel to progressives’ argument that the Fed is risking widespread hardship by raising rates at the fastest pace since the 1980s. Labor activists rallied outside the central bank’s Washington headquarters in June to urge policymakers to prioritize workers. Senator Elizabeth Warren tweeted after the Fed’s Wednesday rate hike that she fears Powell is “already on the path” to putting millions of Americans out of work.
To Powell, the rapid pace of increases is necessary to cool inflation, and letting prices continue to surge “would mean far greater pain later on.”
“If we want to set ourselves up and really, really light the way to another period of a very strong labor market, we have got to get inflation behind us,” Powell said Wednesday. “I wish there were a painless way to do that. There isn’t.”
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Pretty much in the Bullseye.
Paul, all of the (((FEDGOV))) actions are being done on purpose, with a specific agenda of weakening and ultimately destroying the Republic of the US.
Why is everyone so blind to this???
Stolen elections have consequences…
No.
Absolutely not.
Its a gigantic miss, the FED is trashing the Eurodollar, destroying The Great Reset.
For the first time in my life I am cheering the FED. For now. Once this titanic battle between what looks like US/UK vs. Davos is over ill reasses.
But for now, go Powell GO!!
A people as stupid as We the People get everything we deserve.
Billions for Bankers–Debts for the People
Sheldon Emry
“If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.”—Thomas Jefferson
Contents:
https://silverbearcafe.com/private/blueplate/billions_contents.html
It amazes me how effective specialization in a culture is when it comes to obfuscation. If every single thing looks like a one off, than there is no organization, no strategy.
Every single aspect of our current system is going through some degree of fundamental alteration, failure, or collapse, yet none of these things are tied together.
Food, health, energy, mass migrations, values, morality, laws, even the definition of the words we use to describe our world are in the process of radical and profound change, in complete unison.
This is a specific, small set of individuals who control the levers of government, academia, industry, technology, science, medicine and food production in virtually every country on Earth and they meet together regularly. Rather than improve the conditions for the majority of the people they are overseeing the implosion of all of these spheres and yet no one seems to recognize this for what it clearly must be; a war against the peoples of the Earth by their overlords.
One can argue all day and night if this is just, deserved, equitable, or moral, but you cannot deny it is happening.
” …yet no one seems to recognize this…” I wouldn’t say no one when it’s most people don’t recognize what’s going on. Those of us awake are the definite minority which I doubt will ever change.
Agreed, on HSFs points.
Is said small group of individuals the ones who take their own jets to and from Davos every year, or is that group at the ends of puppets strings controlled by other, more powerful forces who remain behind the scenes?
Assuming they can’t be collectively stopped, maybe the only way to deal with it all is to refuse to obey, conform, or participate, in any and every small way possible, at each of our own local level(s).
I don’t think management makes too frequent an appearance at their agent’s meetings in Davos.
“The rise in prices are the direct consequence of the idiot Biden regimes’ unnecessary Covid lockdowns”
Minor quibble. The lockdowns were a Trump regimes’ product more than Biden. Not sticking up for Brandon just trying to give credit where credit is due.
Here is the Updated List of US-Based Food Manufacturing Plants Destroyed Under Biden Regime.
As if on cue…
You’d almost think they had a plan…
This only applies to those who suffer from apophenia.
I had to look that up. I would say I have done it before, but more often it is just superior pattern recognition. It has made me more cautious, though.
Isn’t that a Who album?
PCR missed the “Joe Biden” administration’s anti-oil and gas initiatives, including stopping the Keystone pipeline…Long term consequences will be catastrophic…
Our party controlled State has overthrown the Constitution. It’s pretty obvious once you settle that cognitive dissonance tension.
All Central Banks should be abolished
Is is possible the Fed is the visible part of a criminal cabal ??
Ref.
THIS IS OUR BANKING SYSTEM co/?p=116267