Inflation is always and everywhere a monetary phenomenon. Blame yourselves. You elected them.
The chief penalty is to be governed by someone worse if a man will not himself hold office and rule.
-- Plato, Republic, I, 346f.
Inflation is always and everywhere a monetary phenomenon. Blame yourselves. You elected them.
-- Plato, Republic, I, 346f.
They anticipate higher, but not by much, which means more rate hikes this year.
The yield curve aggregate yesterday closed just 4 basis points lower than the current cycle high of 4.674% achieved on March 8th, at 4.671%. That's the sum of the basis points for all US Treasury securities marketed yesterday divided by 13 (ranging from 1-month securities to 30-year).
To say the Fed's response to inflation has been timid would be an understatement.
In the 1980s the Fed's response to core inflation such as we experience today at 5.3% year over year was a Fed Funds Rate in excess of 10%. We're at 5.08%. The yield curve is not steppin' and fetchin' when the big dog won't bark.
This is not a serious country, and is perversely more than willing to inflict the worst tax on all, namely inflation, mostly because the whole damn economy is predicated on 2% inflation, which halves your nestegg in 35 years.
At 5% it does that in just fourteen.
It's criminal.
When Trump actually finds a competent attorney, the attorney should immediately file to have the case dismissed based on the Jackson ruling of 2012.
But will he?
... The National Archives and Records Administration was never given the recordings. As Mr. Branch tells it, Mr. Clinton hid them in his sock drawer to keep them away from the public and took them with him when he left office.
My organization, Judicial Watch, sent a Freedom of Information Act request to NARA for the audiotapes. The agency responded that the tapes were Mr. Clinton’s personal records and therefore not subject to the Presidential Records Act or the Freedom of Information Act.
We sued in federal court and asked the judge to declare the audiotapes to be presidential records and, because they weren’t currently in NARA’s possession, compel the government to get them.
In defending NARA, the Justice Department argued that NARA doesn’t have “a duty to engage in a never-ending search for potential presidential records” that weren’t provided to NARA by the president at the end of his term. Nor, the department asserted, does the Presidential Records Act require NARA to appropriate potential presidential records forcibly. The government’s position was that Congress had decided that the president and the president alone decides what is a presidential record and what isn’t. He may take with him whatever records he chooses at the end of his term.
Judge Amy Berman Jackson agreed: “Since the President is completely entrusted with the management and even the disposal of Presidential records during his time in office,” she held, “it would be difficult for this Court to conclude that Congress intended that he would have less authority to do what he pleases with what he considers to be his personal records.”
Judge Jackson added that “the PRA contains no provision obligating or even permitting the Archivist to assume control over records that the President ‘categorized’ and ‘filed separately’ as personal records. At the conclusion of the President’s term, the Archivist only ‘assumes responsibility for the Presidential records.’ . . . PRA does not confer any mandatory or even discretionary authority on the Archivist to classify records. Under the statute, this responsibility is left solely to the President.”
I lost because Judge Jackson concluded the government’s hands were tied. Mr. Clinton took the tapes, and no one could do anything about it.
More.
The simple egg is now 25% more expensive at Sam's Club compared with pre-Covid. I used to pay routinely $3.98 for two dozen like those shown below. Prices nationally have fallen only to the unusually high levels of 2015.
Whole chicken is up 23%, electricity 18%, and both appear to be stable or rising.
Avian flu is now only sporadic.
The monthly payment will now resemble the high end of normal I experienced in the years prior to the Russia-Ukraine War.
Like a boot off my neck.
Scott Sumner, here:
The consequence of the reckless fiscal policy will not be a financial crisis. Nor will it be a default. Even the permanent monetization of the debt is unlikely, in my view. The most likely consequence will be higher future taxes and slower economic growth. This will lead to reduced living standards. It might also push politics in a more “populist” direction, with consequences that are difficult to predict (but unlikely to be desirable.)
The bigoted AP Obama, here:
But once revealed as a wild-eyed hermit with long hair and beard who weathered Montana winters in a one-room shack, Kaczynski struck many as more of a pathetic loner than romantic anti-hero.