Navigating by the Stars on a Cloudy Night

Tags: Booms and Busts, The Fed, U.S. Economy

09/02/2023 Mark Thornton

In this episode, Mark examines Fed Chairman Jay Powell’s recent confession that the Fed is “navigating by the stars on a cloudy night.” This reveals the fundamental methodological weakness of the Fed’s economic policy and mainstream economics in general (”data dependency”). In contrast, it also reveals the strengths of Austrian economics, economic theory, and the self regulation of the free market. Mark suggests that we all be prepared for big negative surprises in the economy and additional Federal Reserve and government power grabs.

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Recommended Reading

“What the Central Bank Cartel has Planned for You” by Thorsten Polleit: Mises.org/Minor34A

“Transparency or Deception: What the Fed Was Saying in 2007” by Mark Thornton: Mises.org/Minor34B

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