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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