Is It High Noon For Bitcoin, Jobs, And Inflation? – OpEd

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By Andrew Moran *

Joe Biden received a presidential initiation on his first full month job report and led a better-than-expected reading of the US job market last month. Of course, if this were the time of former President Donald Trump, the left would say that all of this can be traced back to his predecessor, former President Barack Obama. So thank you Trump?

Biden’s America got off to a good start?

According to the Bureau of Labor Statistics (BLS), the U.S. economy created 379,000 new jobs in February, up from the market forecast of 182,000. This is the result of the newly revised 166,000 new jobs created in January. The unemployment rate fell to 6.3%, while the employment rate remained unchanged at 61.4%.

In addition, the average hourly wage increased by 0.2% and the average weekly wage to 34.6.

Most of the job gains were concentrated in leisure and hospitality as the industry created 355,000 jobs as more economies reopened. It was followed by professional and business services (63,000), education and healthcare (44,000), retail (41,100) and manufacturing (21,000). The most significant contractions were in government (-86,000) and construction (61,000).

Despite the positive feeling from the best work reports in four months, Glassdoor’s chief economist Daniel Zhao wrote in a note that “we still have a long way to go”:

“The engine of economic recovery is restarting as the winter wave of the pandemic recedes, although there is still a long way to go. The economy would have to create nearly 1 million jobs a month for the remainder of 2021 to return to pre-crisis levels by the end of the year. “

Is the end of bitcoin near?

Is the end of bitcoin coming? Since Treasury Secretary Janet Yellen and several other prominent billionaires spoke about the decentralized peer-to-peer cryptocurrency, Bitcoin prices have fallen from record highs, trading below $ 50,000 per coin. Whether or not the virtual currency market is seeing a correction, the government could be the long-term barrier on its way to the moon. Typical.

Kenneth Rogoff, a Harvard professor of economics and former chief economist at the International Monetary Fund (IMF), spoke in a recent interview with CNBC about the government and central banks not allowing Bitcoin to go mainstream. He told the business news network, “After all, throughout its long history, the government regulates first and then adapts, and I think we can see this happening here.” Rogoff added, “As it is really starting to compete with common fiat and government currencies, I think they will hold it up like a ton of bricks.” You won’t let that happen. “

Rogoff believes the bitcoin bubble may burst and admits it could take a while as regulations are only now in the early stages and many wealthy and prominent investors have jumped on the bitcoin train. Elon Musk’s Tesla Motors is an example.

But could a government ban even be feasible? As Robert Wenzel, editor and editor of the Economic Policy Journal, writes, the Leviathan only has to write this law: “The government hereby makes it illegal to carry out transactions with Bitcoin.”

With all the talk about central bank digital currencies (CBDCs), the state has a vested interest in getting rid of Bitcoin and its sister cryptos. It can’t happen today. It can’t happen tomorrow. But one day – and for the rest of the life of the Fiat system.

The Powell Pivot is crashing the markets

Would you like inflation here or there? Americans don’t want inflation anywhere, Powell-I-Am.

Federal Reserve Chairman Jerome Powell reversed his stance on inflation, admitting that it could do so if the US economy re-opened. Despite the inevitable surge in the price of goods and services consumers need in the face of a year of money pressures and historically low interest rates, the central bank has no plans to hike interest rates to contain inflation. Powell and Co. claim that inflation must be higher in the Eccles Building and that the labor market must return to full employment.

“We expect inflation to rise once the economy reopens and hopefully base effects pick up,” he said during a virtual conference in the Wall Street Journal. “That could put some upward pressure on prices.”

Powell plunged the financial markets in red ink, causing benchmarks to suffer their worst day since October. The Nasdaq Composite Index also turned negative for the year. Not only were investors worried about inflation, but they also expected the Fed chairman to re-address problems in repo markets, push back the enormous volume in treasury markets, and comment on the supplemental liquidity ratio (a limit to the Leverage of the US) would give banks can get).

Everything went down: stocks, industrial metals, hedge funds and Dave Portnoy’s new Exchange Traded Fund (ETF) baby: BUZZ. So is this the beginning of a full correction after a year-long rally? As Liberty Nation recently noted, don’t try to understand. Feel it.

* About the Author: Business Correspondent at LibertyNation.com. Andrew has written extensively on economic, business, and political topics over the past decade. He also writes on Economics at Economic Collapse News and Commodities at EarnForex.com. He is the author of “The War on Cash”. You can learn more at AndrewMoran.net.

Source: This article was published by Liberty Nation