I dunno why the Fed sends out their bozos to lie.
In his first speech as a member of the Federal Reserve's Board of Governors, Christopher Waller defended Fed independence and reassured his audience that "deficit financing and debt servicing issues play no role in our policy decisions and never will." His goal was to dispel the "narrative"…
The Fed collected almost a trillion in seigniorage fees after the 2008 oil shock, and now they plan on doubling that tax for this round of government financing. They send these delusional nuts out to change the narrative? How stupid is that. All they do is encourage the new regime to raise debt all they want.
The ten is year back up to 1.69
The senators have been shaken and the Dems want to fire the CBO director to get better reports after he trashed the minimum wage proposal. Oil back above 60.The dollar remains stable, as of yesterday, today will be another story.
You can bet your bottom dollar that the Fed is stuck, it will have no choice but to increase their seigniorage collection for the remainder of the Biden regime.
And the rebellion among the unbanked poor is growing.
Labor productivity—defined as output per labor hour—has grown at a below-average rate since 2005, representing a dramatic reversal of the above-average growth of the late 1990s and early 2000s. The productivity slowdown during these years has left many economic observers wondering why this situation has occurred and what factors may have contributed. To clarify potential sources of the productivity slowdown, this article presents an analysis of labor productivity and its component series—multifactor productivity, contribution of capital intensity, and contribution of labor composition—at both the economy-wide and industry levels, complemented with a survey of the contemporary productivity literature.
The BLS will lie about the cause, but the cause is quite simple, Swamp multipliers are below on and have gotten worse. This is mostly about California as we see from this chart:
California has been increasingly behind in recovering from our fiscal cycles. It is still getting worse and this is all about the imbalanced government structure implicit in the Constitution.
Why not acknowledge the problem and try a little revenue sharing? Godotism, the Delongs, the Krugmans, and a whole host of badly educated Phd economists who cannot compute value chain math. Our lower multipliers are all about an increasing Godot tax, this all started with the dumb fuck called Paul Samuelson. He was the 'This time is different' fraudster hired by the Fed to create a delusion of ergodicity, which we do not have. The same class of ignorant boneheads at MIT are at it again.
Some one wrote a book about the generational fraud called 'This time is different'. The ergodic fantasy, and it is the increasing cause of low productivity and will result in the regularly scheduled generations default and regime change. I have no idea how such stupidity got into MIT, but they have become a useless institute of bricklaying.
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