In a recent column for the New York Times, the world’s most famous Keynesian, Paul Krugman, attacked Austrian business cycle theory (ABCT).

Some of you may know the name Alex Berenson, the former New York Times journalist who comes from a left-liberal background. He has been absolutely fearless and tireless on Twitter over the past eighteen months, documenting the overreach and folly of covid policy—and the mixed reality behind official assurances on everything from social distancing to masks to vaccine efficacy. He became a one-man army against the prevailing covid narratives. 

What does a few trillion dollars get you these days in war efforts and reconstruction projects? Unfortunately not much, according to the Office of the Special Inspector General for Afghanistan Reconstruction (SIGAR).

Job growth numbers on Friday failed to impress. Economists had predicted job growth in the area of 720,000, but according to the Department of Labor’s estimates, jobs growth for August was only a third of that: 235,000.

Commentators on CNBC called it “terrible news” and the word “stagflation” has started to appear more and more in the media and investor narratives.

Speaking at the Jackson Hole meeting on August 27, 2021, Federal Reserve (Fed) chairman Jerome J. Powell indicated that he supported “tapering” toward the end of this year and hastened to add that interest rate hikes are still a long way off. The term “tapering” means that the central bank reduces its monthly purchases of bonds and slows down the monthly increase in the quantity of money accordingly.

“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist.”

With the stock market at all-time highs and seemingly endless “free liquidity” being provided by the Fed, the last thing most people can envision right now is a major recession—particularly one that will be the worst since the Great Depression of the 1930s!

But the facts we will detail in this article show that this is entirely possible. This is an extraordinary statement, but we are living in extraordinary times!