Among economists following an idea known as “market monetarism”, one of their core proposals is that the central bank should “target” a specific annual rate of increase in the nominal GDP figures, which are not adjusted for inflation. Typically, this involves targeting an NGDP annual growth rate of something like 5%. This, it is promised, will go far to ensure that the central bank responds appropriately in its monetary policy to prevent the economic cycle of booms and busts and ensure prosperity.

Google reported in April that the search question “When is the housing market going to crash?” had spiked 2,450 percent in the past month, according to Diana Olick of CNBC. “Why is the market so hot?” searches had doubled in just a week.

The Fed announced the reportedly hawkish news that the central bank may raise rates, not this year, not next year, but by fifty basis points sometime in 2023. This tapering would slow the Fed’s buying of $120 billion of debt securities a month with money created from the ether to some lesser amount. 

In the wake of the Covid Recession and the drive to pour ever larger amounts of “stimulus” into the US economy, the Federal Government in 2020 spent more than double—as a percentage of all government spending—of what all state and local governments spent in 2020, combined.

By the end of 2020, the US’s federal government was spending 68 percent of all government spending in America, while state and local governments spent only 31 percent of all government spending.