Inflation was Higher Than Expected
According to Bureau of Labor Statistics data, inflation in the United States ended up being higher forecasted in September. Such numbers have increased the chance that the Federal Reserve may hike interest rates yet again.
Per BLS figures, the consumer price index increased by 3.7% year-on-year. Economics were projecting a slight decline. Core inflation, which does not weigh in the more volatile energy and food price, stood steady at 0.3% on a monthly basis.
Government inflation figures should always be taken with a grain of salt. As John Williams of ShadowStats has demonstrated, most of these figures are fudged and often understate the depth of America’s economic crisis.
The country’s economic problems are not a random occurrence. They’re the result of concerted public efforts, such as easy money, that cause massive distortions across the economy. Economic interventionists will blame false boogiemen such as greedy businessmen and/or speculators for the country’s economic problems, while completely ignoring the political class’s clear tampering in the economy through the passage of laws and regulations that stymie economic development.
For economic normalcy to return to the US, there needs to be a significant rollback of interventionist measures in the economy on top of a more restrained monetary policy. The latter point should serve as a stepping stone to the broader goal of abolishing central banking and instituting a system of competing currencies.