The reason is that the numbers are not good enough to be able to discern what is the actual state of the economy. Yet every new number is treated with attention by the financial presstitutes.
The reports in the financial media make no sense. We hear simultaneously that consumer confidence is high but that a number of large firms are laying off 10,000 employees each, that credit card debt is reaching new highs, that housing prices are falling, but employment and inflation are high, that 90% of Americans are more in debt than ever. These are not reports that form a consistent pattern.
I sometimes wonder if they are creating a world of randomness for us in which we lack a grasp on that is happening.
But I have't turned my back to economics. Twice recently I have written about the Federal Reserve's inflationary policy and concluded that it is mistaken
The Federal Reserve is treating the current inflation as if it is demand driven. This is an obvious mistake, so obvious that it is impossible for the Federal Reserve not to know it.