Today, we’re talking about the stories we tell. Narratives that take root and stubbornly refuse to die. The economic version of urban legends. Today’s culprit is the Federal Reserve. I watched the two-hour testimony of Federal Reserve Chair Jerome Powell, so you don’t have to. And it was a masterclass in euphemisms intended to cover the Fed’s desire to put more people out of work. Two million of you, to be exact. So let’s talk about stories and legends.
Chapters
Intro: 00:01:05
Chapter One: In God we trust. In the consumer, not so much. 00:01:25
Chapter Two: Enter the Federal Reserve. 00:08:47
Chapter Three: Crossing the river. 00:16:58
Bring it home, Max. 00:24:46
Post Show Musings: 00:30:03
Book Love: 00:31:22
Outro: 00:47:35
Resources
St. Louis Fed: The Fed and the Dual Mandate
Politico: The Senate’s crypto queen has a sweeping new Bitcoin bill
The New York Times: Fed Chair Opens Door to Faster Rate Moves and a Higher Peak
Americans for Tax Reform: Student Loan Bailout Applicants Will Spend More on Vacation, Drugs, and Gambling
Intelligent: Nearly half of student loan forgiveness recipients will use relief to go on vacation
St. Louis Fed: CPI Vs. PCE Inflation: Choosing a Standard Measure
UNFTR Resources
Podcast: Student Debt: Hey Boomer, STFU.
Podcast: Biden’s Big Student Debt Announcement: PITOTWIU for the Indebted Masses.
YouTube: Student Debt. The Supreme Court and GOP team up against the working class.
Book Love
Robert J. Shiller: Narrative Economics: How Stories Go Viral and Drive Major Economic Events
Post Show Musings
Cornell: AI vs. AI. Two chatbots talking to each other
Clear + Vivid Podcast: Alan chats with the bots
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