Guest Post by Paul Craig Roberts
Dear readers, we have been told so many lies for so long that our rulers are desperate to suppress the First Amendment. Just consider the trouble that Elon Musk is in for returning free speech to Twitter. Consider the hell on earth Julian Assange has suffered from the “democratic” US government for more than a decade. Consider the ongoing persecution of doctors and medical scientists who warned of the dangers of the “vaccine” and who saved lives with HCQ and Ivermectin. Consider the immunity of the medical officials, politicians, and media who lied consistently about Covid and the “vaccine” while branding the truth “misinformation.” Consider the falsification of history and daily events. Consider the indoctrination of kids by critical race theory and transgender theory in public schools. Consider the mounting attacks from within on Western civilization and white ethnicities.
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These are hard times for people and scary times for those who are aware. But without truth, we are in the dark.
The economic outlook is just another manipulation
Paul Craig Roberts
As some readers have remarked in their messages to me, I ceased a while back my monthly reports on the Bureau of Labor Statistics jobs reports and inflation rate. The reason is that the numbers are not good enough to be able to discern what is the actual state of the economy. Yet every new number is treated with attention by the financial presstitutes.
The reports in the financial media make no sense. We hear simultaneously that consumer confidence is high but that a number of large firms are laying off 10,000 employees each, that credit card debt is reaching new highs, that housing prices are falling, but employment and inflation are high, that 90% of Americans are more in debt than ever. These are not reports that form a consistent pattern.
I sometimes wonder if they are creating a world of randomness for us in which we lack a grasp on that is happening.
But I have’t turned my back to economics. Twice recently I have written about the Federal Reserve’s inflationary policy and concluded that it is mistaken
The Federal Reserve is treating the current inflation as if it is demand driven. This is an obvious mistake, so obvious that it is impossible for the Federal Reserve not to know it.
An excess demand inflation–“demand pull” in the parlance of neoliberal economists–does not appear suddenly as a spike, as the current inflation has. Excess demand inflations creep up over time as monetary expansion outruns the growth of supply. We get month after month of reports of upward ticks in inflation until the Federal Reserve says “enough” and slams on the monetary brakes.
There is another kind of inflation that neoliberal economists call “cost push.” This inflation is caused by something happening to supply–a strike by unions, a hurricane that closes down refineries, a drought that reduces food supply, a war that disrupts supply chains, tax rates that choke off output.
The inflation we are experiencing now is the result of the Covid lockdowns that stopped production and Washington’s sanctions against Russia that mainly fall on Europe and have disrupted business relationships and energy delivery, resulting in a sudden spike in prices. The current inflation is a supply-side, not demand-side inflation.
As the current inflation is entirely a supply disruption inflation caused by the absurd policies of the Biden regime, the Federal Reserve’s demand-side remedy is useless. Indeed, the Federal Reserve’s policy makes the inflation worst, because higher interest rates raise the cost of production, thus raising prices and contributing to the inflation.
Actually, profit-maximizing evil might be the heart of the Federal Reserve’s policy. The interest rate on a mortgage is the primary determinant of the demand for homes by individuals. By driving up the cost of carrying a mortgage with its high interest rate policy, the Federal Reserve is freeing up homes for purchase by private capital companies for investment as rental properties. In effect, whatever the Fed’s intention, the Federal Reserve is reallocating housing from individuals to the portfolios of private investment companies.
The Federal Reserve was created by the large New York banks to protect them from their own mistakes. Over time the Federal Reserve has gained protection from the media, answers congressional oversight committees in incomprehensible language, and supports the agenda of whoever it is that rules us.
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“I sometimes wonder if they are creating a world of randomness for us in which we lack a grasp on that is happening.” From the above article.
Summed it all up in one sentence.
Gaslighting, just like rain is coming in the forecast. But the drought is actual and nary a drop lands. But hope for tomorrow because were forecasting rain, it ends up just being spider web skies and I didn’t water my plants cause it was supposed to rain. My neighbours have stopped asking why I water my plants when rain is forecast. Now they do it too, there is no rain coming. Don’t rely on the “news”. Watched about 5% of the trees die this summer and like 10% severely damaged as it was supposed to rain tomorrow for weeks/ months….
I dont know who gave you a thumbs down, but I see the same thing, the weather(precipitation forecast) is always 80% wrong.
They know how to seed the clouds for rain, and they know how to seed them for drought. Their game is manipulation and control. That is why they must be brought down…..
The government has proven time and time and time again, that it cannot be trusted and is working to the determent of the people. All it would take to turn things is for the people to wake up and refuse to support the government in any way, shape, or form. To begin with, assume everything they say is a lie, unless it is proven beyond a reasonable doubt. Second, refuse to go along with anything government says. Refuse to vote. Refuse to join the military. Refuse to co operate with any government official unless it is something that directly benefits you. Search out an develop alternatives to the system and do everything you can to bankrupt the existing system.
This is war, and until you assume a wartime mentality, nothing will change for the better.
We need a trucker’s strike to shut it down. They have the control of everything.
They found that out in Canada.
Central bank control of a nations financial system is just another form of communist central planning of the economy. It destroys the standard of living of the nations citizens. Relegate central banks to the dustbin of history just as the Soviet Bloc, with it’s central planning of the economy, was extinguished from history
Not to step on Dr. Roberts foot; but I’d say that the inflation is a direct result of over printing money and infusing it into general circulation.