U.S. Economy

Keynesian economist Paul Krugman thinks that everything in the economy is great.

While unemployment currently is low and the rate of inflation has fallen somewhat, Bidenomics is setting off a boom that is unsustainable. We know what happens next.

Since the end of World War II, the US dollar has been the world's reserve currency. That status may well change because US monetary authorities insist on inflating the dollar into oblivion.

Hollywood can create stories from thin air, but when the film industry creates malinvestments, there is a bust in the future.

In the global Ponzi scheme, thin air and deceit substitute for sound money. As hedge-fund manager Mitch Feierstein wrote in Planet Ponzi, “You don’t solve a Ponzi scheme; you end it.”

In the wake of bad news on inflation, the Federal Reserve is pushing up interest rates. However, a Fed-induced higher rate is not the same as an interest rate decided by the market.

As the US economy sours, look for a wave of new bankruptcies. The Fed cannot pull any rabbits out of its monetary hat this time.

Mark looks at PPI.

Contrary to the government's line that "inflation hurts everyone," inflation really is a wealth transfer from those without political power to the politically connected.

Compared to how most other people in the world live, Americans have a high standard of living. And despite the talk about inequality, there is more economic and social mobility here than anyplace else.