Krystal and Saagar debate the border crisis during Biden's visit. Jordan Peterson forced to take a re-education course over his social media posts. Richard Wolff discusses inflation and the future of 2023 economy.
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Quick takeaways
Inflation remains a significant concern as consumer prices continue to rise, putting pressure on consumers' ability to afford goods and services.
Experts are predicting a recession fueled by high levels of debt and stagnant wages, leaving uncertainty about its severity and duration.
Controversial statements by economist Larry Summers advocating for higher unemployment to control inflation have sparked criticism and alternative policy suggestions.
The decline in value of Donald Trump's NFTs serves as a cautionary tale about the speculative nature of NFT investments and raises concerns about public figures profiting from their influence.
Deep dives
Inflation rates decline slightly in latest report
The consumer price index rose by 6.5% in the year through last month, a slight decrease from 7.1% in the previous month. However, core inflation, which excludes food and fuel prices, remained steady at 5.7%. This indicates that while the rate of inflation has slowed down slightly, prices are still rising significantly, putting additional pressure on consumers' ability to afford goods and services.
Economists predict a looming recession
Experts are projecting a recession in the near future, with unanimity across the financial press on this prediction. The only question remains: how bad will it be, how long will it last, and when will it officially start? This projection is driven by underlying economic issues, such as high levels of debt and the stagnation of wages in the face of rising prices. The situation is further exacerbated by the fact that inflation is not reducing fast enough to alleviate the financial burden on consumers.
Larry Summers calls for higher unemployment to combat inflation
Economist Larry Summers recently made a controversial statement advocating for higher unemployment as a means to control inflation. This viewpoint has sparked outrage among critics who argue that it is callous and unjust to advocate for policies that cause millions of people to lose their jobs. Moreover, there are alternative ways to address inflation beyond raising interest rates and triggering a recession, such as implementing measures like a wage-price freeze or exploring other policy options.
Trump NFTs lose 75% of their value
Donald Trump's NFTs, which were promoted as unique assets, have seen a sharp decline in value, plummeting by 75% within a week. This represents a significant loss for those who purchased the NFTs. The decline in value suggests that the initial hype surrounding the Trump NFTs was not sustained, and serves as a cautionary tale for individuals considering investing in such assets.
Trump's latest monetary move seen as a cash grab
Donald Trump's recent announcement of his NFTs was seen by many as a transparent cash grab. Critics argue that Trump's billionaire status indicates that he does not need to engage in such endeavors to generate income, further exacerbating concerns about his motivations. This latest move is seen as another example of Trump's willingness to exploit his ardent supporters for personal gain.
Grifting accusations against Trump and his wife Melania's NFT ventures
The Trump family's involvement in NFT ventures, including Melania Trump's activities, has raised accusations of grifting. Critics argue that the Trumps are using their political clout and support base to generate profits through NFT sales. This practice is seen as hypocritical, given that Donald Trump has previously criticized NFTs and their perceived lack of value.
The broader implications of the Trump NFT controversy
The Trump NFT controversy highlights broader concerns about the unchecked proliferation of NFTs and their speculative nature. Critics argue that NFTs can quickly lose value, leaving purchasers at a significant financial loss. Additionally, the Trump NFT controversy raises questions about the ethical implications of public figures profiting from their political influence and whether such activities erode trust in political figures and the NFT market as a whole.
In this Friday Weekly Roundup we're discussing Biden's Classified Documents, Pete Buttigieg's inability to manage the Airlines and hold them accountable, Krystal and Saagar debate the Border crisis during Biden's visit, Ontario College of Pyschologists demands Jordan Peterson take a re-education course over his social media posts, Richard Wolff joins the show to discuss inflation and the future of 2023 economy, and Trump NFT's losing 72% of their value.
