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“How to prepare for a coming job loss” (CBS this morning 3/16)


Photo above - Brainiacs on CBS give advice on how to survive a job loss
Not shown - Talking heads on ANY network, correlating huge national debt with disaster

The media can be SOOO cruel. One day they may say they love you. But it's never forever. Biden – you should have known this. You're a career politician.

This morning CBS had a feature interview – with expert panelists – to advise viewers on preparing for an “upcoming job loss”.

Of course, CBS doesn't directly blame Biden for these coming job losses. They blame “the Fed”. For bailing out SVB. Or for not bailing them out sooner. But so far, only a few people are blaming the government for issuing mountains of Treasury Bills to finance the National Debt. T Bills that now (mostly) turn out to be nearly worthless. Because interest rates have tripled, and LAST YEARS Treasuries have dropped in value alarmingly.

Banks can get drowned in the undertow for doing EXACTLY what the Fed tells them to: “Buy our Treasury Bills and sleep soundly at night”. Or have your bank swept away, and loose your job and your life savings. It turns out that “I'm from the government, and I'm here to help” still has an ironic twang, doesn't it?

So, here's where I cast shade on all the morons who continually said things like “the size of the national debt doesn't matter”. Turns out huge debt actually does matter. The $32 trillion in accumulated problems will incur $1.5 trillion in yearly interest expense when it eventually gets rolled over into the current Fed Funds rate (4.75%). If you triple the interest rate, you triple to cost of financing a debt. That's going to become the single largest cost in the national budget. Bigger than entitlements, defense - ANYTHING else.

Unless the Fed increases rates again – which in fact they have promised to do. To “fight inflation”.

Fighting inflation ALWAYS ends up costing jobs. ALWAYS. If the talking heads at CBS knew ANYTHING about money, they'd have scheduled a segment about this last summer, when rates first started to go crazy. Just ask the basic questions: “How many jobs will be lost?” “Which ones?” “Will we have to pay out more in unemployment and welfare benefits?” “How many people will be evicted from their homes, like in 2008 . ..?”

It's unfair to pick on CBS. The other Biden Administration cheerleaders in the media decided not to ask these questions either. Of course not PBS. Or CNN - the “for profit” official government news agency. Not ABC, NBC . . . Fox may have, but if they did I missed it. Their morning specialty seems to be interviewing disgruntled rural voters having hearty breakfasts in local cafes.

Let me fend off the coming zombie economic moron attack this post will trigger. No . . . I am NOT suggesting that Feds should have kept interest rates virtually at zero. What many people were worrying about, however, is that you can't artificially depress rates for 15 years (since 2008) and not trigger a future disaster.

John Maynard Keynes is either laughing hysterically, or rolling over in his grave. President Nixon famously said (incorrectly) that “we're all Keynesians now”. In fact – nobody is a Keynesian. Keynes said that you ONLY should allow government deficits for very brief moments, to help cure a recession. Not for decades and decades. And you don't mask the cost of the national debt by setting interest rates at “nothing” for nearly a generation.

Hey Biden (and a bunch of other career politicians in both parties). I betcha CBS will send you a complimentary DVD of this morning's show “How to prepare for a coming job loss”.

You guys are sure gonna need it . . .