Former Fed Chair Janet Yellen is trying to convince people that the United States has never defaulted before, and has always made good on its financial obligations. Yet the United States government absolutely has defaulted on debts before—more than once. Moreover, if we expand the idea of default slightly, to encompass the idea of inflating away a government’s debt in real terms, default is even more common.
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An executive of Kroger, one of the largest supermarket chains in the United States, warned grocery prices are about to become even higher this year as inflation sets in.
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Despite media spin, price inflation is still very much a problem.
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Heading into fall, soaring food inflation shows no signs of abating and may worsen.
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Job growth numbers on Friday failed to impress. Economists had predicted job growth in the area of 720,000, but according to the Department of Labor’s estimates, jobs growth for August was only a third of that: 235,000. Commentators called it “terrible news” and the word “stagflation” has started to appear more and more in the media and investor narratives. And there are good reasons to fear that stagflation may be on the horizon…
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