As total (mostly part-time) "jobs" rose 273,000 in May—thanks largely to made-up numbers—total employed workers fell by 408,000 people. 

Keynesian economists have no good explanation for stagflation, rising rates of both inflation and unemployment. However, the Austrian School has long pointed out that sustained inflation has a predictable pattern that leads ultimately to stagflation.

Contra Keynesians, who believe that government spending and bureaucracy are the keys to economic growth, it is the bureaucratic state that swallows resources and stifles entrepreneurs. The more powerful the bureaucracy, the lower the standard of living.

State-sponsored fiat money has been the norm for more than ninety years, but its very instability makes it vulnerable to a regime of sound money.