The Brandon entity’s handlers have been busy beavers over the past few weeks touting the allegedly strong United States economy that the much-hyped “Bidenomics” has delivered.
(Why politicians must condescend to the American public with nauseating terms like “Bidenomics,” perhaps due to a toxic brew of the destroyed American attention span, anti-intellectualism, and the advertising industry, is a story for another day.)
Via Politico (emphasis added):
The blowout job growth in January adds fuel to President Joe Biden’s pitch to voters that the economy is solidly recovering under his watch.
But it also probably shuts the door on an interest rate cut by the Federal Reserve next month, which many Wall Street investors and Democrats have been pressing for as inflation eases.
The Labor Department said Friday that the economy added a net 353,000 jobs in January, far surpassing economists’ forecasts, and unemployment remained near a half-century low at 3.7 percent. What’s more, growth in the labor market was also revised up for November and December.
“We are currently seeing what I’ve called the holy grail of non-inflationary growth,” EY-Parthenon chief economist Gregory Daco said before the report. “We have an environment where the economy’s still moving forward at a relatively decent clip, and we have inflation that’s falling back toward the Fed’s target. It’s the best of both worlds when it comes to policymakers.”
The strong job market, coupled with the end of price spikes, counters the campaign message of former President Donald Trump and other Republicans that the economy is weakening, though many economists are still projecting slower growth this year.
Of course, positionality and perspective are everything.
Washington is doing just fine. Its residents, who feed parasitically off of the productivity of the rest of the country to erect and maintain the administrative state now weaponized against the very people who financed it (how’s that for irony?), enjoy what is called a “recession-proof economy.”
Related: U.S. Government Now Confiscating Private Legal Fund Donations to Jan. 6 Defendants
Federal budgets grow no matter what is going on in the outside world.
But, for the rest of Americans, the ones in flyover country whom the likes of MSNBC hold in such contempt, economic anxiety is pervasive.
More to the point, the U.S. economy is a house of cards built on fiat currency, printed at will by central bankers and backed by thin air. It’s a mirage, and the shell game is going to come to a crashing finale. It’s as inevitable as gravity. Perhaps no governing body can save it at this point, but certainly not the current regime.
Via The New York Times:
“The dollar is finished as the world’s reserve currency,” [renowned economist] Mr. Bove said matter-of-factly, perched in an armchair outside his home office just north of Tampa, from which he predicted that China will overtake the U.S. economy. No other analysts will say the same because they are, as he put it, “monks praying to money,” unwilling to speak out on the mainstream financial system that employs them.
Many analysts are rewarded for coming up with unique but inconsequential and “arcane” ideas, he said, peppering his criticism with profanities. Mr. Bove worked at 17 brokerage firms during his career…
He sees the offshoring of American manufacturing as the ultimate threat to the financial sector and the dollar, because “the people making the goods elsewhere are getting greater and greater control of the means of production and therefore greater and greater control of the world economy and therefore greater and greater control of money.”…
[Bove] endorses cryptocurrency — an area that few other financial analysts will touch — which he sees as a natural beneficiary of the decline of the dollar.
Is Bitcoin a solid alternative to the dollar? That remains up for debate. What it is not is central banker fiat currency; as of now, given the technical structure of the blockchain, there is no way to artificially inflate the supply and drive down its value. It is for this reason, along with the anonymity it affords, that the government so fears Bitcoin and other currencies it can’t control.
