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What Is Going On in the Federal Reserve’s Head?
Paul Craig Roberts
Based on reporting of economic data that John Williams has long shown to be unreliable, as have the constant revisions of the data, Federal Reserve chairman Powell is threatening higher interest rates. This threat comes amidst large layoffs of employees by tech companies, GM buyouts of salaried employees, signs of possible bank problems, and by reports that 40% of Americans are living paycheck to paycheck on credit cards. Higher interest rates will be no more helpful to an economy dependent on consumer credit than the raised rates already in place, and they cannot be helpful for derivative trades on the volatility of interest rates.
Nor will higher interest rates be helpful to the housing market and construction jobs.
To clarify for you what the Federal Reserve is doing: The central bank is pushing the economy into recession and unemployment, and possibly into another financial crisis if Wall Street has not cleaned up its act, for the purpose of preventing wages from rising to catch up with the prices that have already risen! There is no point to this. It will increase debt and make debt more difficult with which to deal.
Wherever you look anywhere in the Western world you see nothing but absolute craziness. Intelligence and leadership have disappeared from the Western world.
The US is intervening in the affairs of major nuclear powers and is committed to protecting Ukraine’s borders while the US border remains wide open, and President Biden and the Democrats threaten higher taxes on top of the Federal Reserve’s higher interest rates. Tell me how this makes any sense.