PBD Podcast George Gammon Warns About U.S Defaulting On Its Debt | PBD Podcast | Ep. 268 | Part 1
May 16, 2023
George Gammon is a real estate investor and macroeconomics educator, while Ran Neuner is a blockchain expert and CEO of OnChain Capital. Together, they discuss the alarming possibility of the U.S. defaulting on its debt and what it means for the economy. They dive into the jobless claims crisis and unemployment rates, scrutinizing the manipulation of job statistics and its implications. The duo also analyzes the effects of rising unemployment and the Federal Reserve's policies, drawing parallels to South Africa's economic challenges and warning of potential global repercussions.
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Jobless Claims and Fed Policy
- The recent rise in jobless claims, reaching the highest level since 2021, aligns with the Fed's objective of increasing unemployment.
- This situation is viewed as a potential indicator of a cooling labor market and a possible economic slowdown.
Phillips Curve and Fed's Mandate
- The Fed's mandate relies on the Phillips Curve, which suggests an inverse relationship between inflation and unemployment.
- Despite being debunked in the 1970s, this concept still influences the Fed's strategies.
Fed's Focus
- The Fed's focus remains on inflation and unemployment, even amidst other economic concerns.
- This limited focus might be inadequate for complex economic scenarios.