Hello everybody and thank you for tuning into the weekly report.

The Federal Reserve is why the people are unhappy.

According to the University of Michigan's latest index of consumer sentiment,

a record number of Americans have negative views of the economy. This is yet more evidence

that the American people are dissatisfied with their economic condition. Some commentators have

claimed to be perplexed by the people's negative views of the economy, since government

statistics show that most Americans have good jobs that pay them good salaries.

One problem with this defense of the economy is that government statistics are manipulated to understate the true rates of

inflation and unemployment. Tripp Powers, writing on Substack, looks at the situation using a more

accurate definition of unemployment than what is used by the government. By, for example,

including those who have given up looking for work and those working part-time because they

cannot find a full-time job. The unemployment rate is over 10%. An unemployment rate that's high indicates a significant

economic downturn. The main reason why even Americans with above-average incomes are

dissatisfied with the economy is high prices. According to the latest personal

consumption expenditures, PCE, price index, which is known as the Federal Reserve's favorite measure

of inflation, prices have increased by an understated 3.8% over the past year.

The culprit behind the price increases is the Federal Reserve.

Today, prices are several times higher than they were when President Nixon in 1971

severed the last link between the U.S. dollar and gold,

thus removing any restraints on the Federal Reserve's ability to inflate the currency.

With inflation rising more than incomes, many Americans have suffered a loss of purchasing power, even though

their nominal income is increased. The erosion of Americans purchasing power has led to a debt-based

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