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Mohamed El-Erian, chief economic adviser of Allianz, at FOX Studios in New York, on April 29, 2016. (Rob Kim/Getty Images) The economist Mohamed El-Erian has criticized the Federal Reserve for how poorly it has dealt with inflation , and he warned about the United States slipping into stagflation if policymakers do not deal with the issue carefully.
Because of having “badly misdiagnosed” inflation last year, the Federal Reserve “significantly intensified” its policy response in the last few months, El-Erian wrote in an op-ed at Bloomberg on Oct. 24. In just six months, he noted, policymakers raised interest rates by 3 percentage points, which is the Fed’s “most front-loaded one in a long time.” Sharp appreciation in the value of the U.S. dollar and the cooling down of the housing market are some of the consequences of these actions, the economist pointed out.
Investors expect the Fed to maintain interest rates at elevated levels for some time, and financial markets are pricing in rate hikes of 1.75–2.0 percentage points for the current cycle, El-Erian notes.
“Having to play catch-up, the world’s most powerful central bank risks pushing the U.S. economy into recession, throwing millions of people out of work, worsening income inequality, undermining its independence, and causing economic fires around the globe,” he writes.
“Yet, also as worrisome is the possibility that an early ‘pivot’ in Fed policy would risk leaving the United States languishing in a stagflationary swamp.”
El-Erian criticized the Fed for using lagging data and outdated monetary policy framework in its decision-making process. The speed at which the Fed keeps raising the interest rates “significantly increases” the risks of financial instability.
In the first quarter of 2022, the Fed raised its benchmark interest rate by 25 basis points (bps). It then raised rates two times in the second quarter, by 50 bps and […]
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Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker