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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... Read More
gallon of milk 48 cents loaf of bread 8 cents dozen eggs 36 cents 2 postage stamps 3 cents gallon of gasoline 19 cents minimum wage 30 cents an hour New car $680 New home $3,850 Average income $2,163 Dow Average 134 The price of gold $35 per ounce Price of gold today $2,038 per... Read More
Dear readers and fellow economists, the Federal Reserve is treating a rise in prices from supply shocks and disruptions from the Covid lockdowns and sanctions against Russia, Iran, and other countries as if it were a monetary inflation. It is true that too much money is chasing too few goods and services, but the cause... Read More
The Federal Reserve decided it had not wiped out enough banks and again raised interest rates, thereby pushing more banks toward insolvency. The goofs think, or pretend to think, that too many Americans are working, making and spending too much money, and causing inflation despite the obvious fact that the rise in prices is due... Read More
Yes, prices are rising, but not for the reasons the Federal Reserve says. When I say inflation is a hoax, I mean the purported cause is a hoax. The Fed is fighting a consumer inflation, a “demand-pull” inflation. But what we are experiencing is a supply-side inflation caused by the Covid lockdowns and economic sanctions... Read More
Former Federal Reserve Chairman Bernanke answers no. And so do America’s youth. Awhile back I posted videos of a podcaster who would offer Americans a one-ounce gold coin worth approximately $1,800 for one piece of chewing gum, only to be refused. The youth, who pay with credit cards, not with cash, think money is digital.... Read More
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... Read More
As I recently wrote, the US no longer has an economy. America is a market for goods produced offshore with foreign labor that US global corporations sell to Americans. The US which once produced its own manufactured goods and food now imports much of it. The result is that fewer and fewer American incomes are... Read More
The US financial sector has long looted other countries. A number of participants have described the process. First a country is enticed with bribes to the leaders to take out loans that cannot be serviced or repaid. Then in comes the IMF. Austerity is imposed on the population. Public services and employment are cut to... Read More
Normally, recessions are the result of a reduction in liquidity by the Federal Reserve, the central bank, which is signaled by a rise in interest rates. Normally, recessions are short-run affairs of 6 to 9 months. Unemployment, which is as costly in its way as inflation, causes the Federal Reserve to relent and to increase... Read More
Yesterday the Fed raised short term interest rates by three quarters of one percent, and the stock market rose. The stock market did not rise because of the rate hike. The stock market rose because the Atlanta Federal Reserve bank dropped its forecast for second quarter (ends June 30) GDP growth to zero — 0.0... Read More
If the inflation narrative we are being fed is true, the sanctions policy of the US government makes no sense as the worst sufferers are the American and European populations who are paying for the supply restrictions in higher prices and interest rates. As Russia is an exporter of energy and minerals, higher prices result... Read More
Americans live from threat to threat. Now that the “covid threat” and the “Russian threat” have played out, we have the “inflation threat,” but is it any more real? It is true that the Central Bank has poured out unprecedented amounts of money for more than a decade. The excuses were: to cause a 2%... Read More
For a decade central banks have printed enormous quantities of new money. The excuse is to stimulate the economy by reviving inflation. However, the money has, for the most part, driven up the prices of financial assets instead of consumer and producer prices. The result has been a massive increase in the inequality of income,... Read More
According to official US economic data, the US Gross Domestic Product (GDP) has expanded for 22 quarters, raising real GDP 12.1% above its high prior to the 2008-09 economic contraction. Yet, US manufacturing output and US industrial production have not recovered to their pre-contraction high. So what is driving the real GDP growth? In my... Read More
Paul Craig Roberts has had careers in scholarship and academia, journalism, public service, and business. He is chairman of The Institute for Political Economy.
Dr. Roberts has held academic appointments at Virginia Tech, Tulane University, University of New Mexico, Stanford University where he was Senior Research Fellow in the Hoover Institution, George Mason University where he had a joint appointment as professor of economics and professor of business administration, and Georgetown University where he held the William E. Simon Chair in Political Economy in the Center for Strategic and International Studies.
Dr. Roberts was associate editor and columnist for The Wall Street Journal and columnist for Business Week and the Scripps Howard News Service. He was a nationally syndicated columnist for Creators Syndicate in Los Angeles. In 1992 he received the Warren Brookes Award for Excellence in Journalism. In 1993 the Forbes Media Guide ranked him as one of the top seven journalists in the United States.
President Reagan appointed Dr. Roberts Assistant Secretary of the Treasury for Economic Policy and he was confirmed in office by the U.S. Senate. From 1975 to 1978, Dr. Roberts served on the congressional staff where he drafted the Kemp-Roth bill and played a leading role in developing bipartisan support for a supply-side economic policy. After leaving the Treasury, he served as a consultant to the U.S. Department of Defense and the U.S. Department of Commerce.
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