pcr is wondering if the fed will enable the installation of the kamala;

The Fed Returns to Liquidity. Will It Elect Kamala?

Paul Craig Roberts

In previous years I regularly reported on the monthly jobs reports. I explained that most of the jobs gains were in lowly paid service jobs, that many and even most of the jobs were part time, and that the jobs numbers were not the same as employment numbers as many of the newly employed held two of the new part time jobs in order to make ends meet. I pointed out that none, absolutely none, of the “better jobs” promised to the manufacturing work force whose jobs were offshored ever appeared.

I also pointed out that the inflation numbers were a hoax and gave the reasons why, and I pointed out that the claimed jobs gains were always later quietly adjusted to lower numbers.

Nothing has changed. In fact, it has gotten worse. The US Department of Labor just admitted that it overestimated the jobs gain from March 2023 through March 2024 by 818,000 jobs that never existed.

If you will remember, these non-existent jobs were part of the inflation hype that relied on “strong employment growth” to keep interest rates high. Some readers might remember that I pointed out that the inflation was due to the Covid lockdowns that destroyed businesses, supply chains, and that prices went up because of shortages, not because of inflation.

But in America truth no longer matters. The narrative, not truth, is in control, and the narrative was that a hot job market driven by 818,000 non-existent jobs was driving inflation.

I pointed out that shortages cannot be rectified by high interest rates. High interest rates simply raise the cost of production. High interest rates contribute to inflation when businesses are destroyed and supply chains are disrupted and destroyed by lockdowns. Supply reductions cannot be immediately rectified, and high interest rates are the last thing that helps.

Economists should understand this, but they also understand that going against the official narrative is bad for their career.......more.......