Major economic disruptions create major economic consequences. Since the 2020 COVID induced economic slowdown, the Federal Reserve (Fed) has tried to convince us they magically shielded us from any resulting negative economic consequences. Three years later, evidence is starting to pile up that the Fed simply delayed the inevitable consequences.
There's an old Jackson Brown song titled, “Running on Empty”. In the song Jackson sings, “I
don't know where I'm running now, I'm just running on”. That pretty much sums up recent economic activity. Things keep running along, but nobody seems quite sure where we're headed.
Legend has it that one day a nervous Henry Poor, the origin of the “P” in the S&P 500 stock index, asked J.D. Rockefeller where a very volatile stock market might be headed.
Frankly Speaking,
June 2022
Frankly Speaking
Taming a Demanding Monster
Frankly Speaking
The Creation of Inflation
Why the Federal Reserve Bank Isn't...Reserved
In the last twelve months life seemed to run off the rails. Travel, socialization, work, entertainment, shopping, economics, and the stock market all took major deviations from their normal paths. As the COVID vaccination campaign marches forward, and health safety measures are relaxed, the feeling of life finally getting back on track is undeniable.
Ben Franklin said, “Early to bed and early to rise makes a man healthy, wealthy, and wise”. Here's hoping putting 2020 to bed makes our nation more healthy, wealthy, and wise.
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