Talk about Fed tapering started last week, and just now it was reported that ‘there’s growing support within the Fed to announce the tapering of bond purchases in September’. Kaplan, one of the Fed’s key kingpins, a little later, was saying October. The story is that prices are rising faster than expected, and that the job market is overheating. However, while prices are indeed rising, the other economic facts on the ground are very different: labor force participation rates are still well below the levels of before the Lockdown. Not only that, last week it was reported that US consumer confidence cratered to the lowest level in 10 years. The Biden Administration will be running a $3 Trillion deficit this year. That’s 14% of 2019 GDP. US Government debt has risen from $22,6 Trillion in 2019, to $28,7 Trillion now, in just two years. They’re selling this as ‘cuz covid’, but the real reason is that the Government is playing ‘debtor of last resort’, in a desperate bid to keep the economy liquid. However, these numbers are not merely ‘unsustainable’, they’re end game.
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