The fax machine hits again.
Who's he to decide on this number? Who is anyone to decide on that number and declare it's a good number.
Discussion
He’s a Rockefeller mouthpiece.
When you understand that, his place in the world and not at McDonalds now makes sense.
Also it’s an entirely artificial number that doesn’t actually exist in the real world.
It’s a crude metric that is spat out by a very long and overly complex spreadsheet.
Calculating CPI might have made sense in the 1930’s, but it pure hocus pocus in 2023.
Really Central Banks should be talking about monetary velocity, and income distributions across the tax base.
The should be able to talk about i) Wealth and ii) Income as two different things.
They should be able to talk about PPP of the consumer.
Much of our economic woe comes from the fact we are still using 150 year old statistical concepts that predate silicon chips.
It’s embarrassingly obsolete, they talk Ye Olde economic nomenclature because the boomers still hold the marginal vote. Not because the concepts are good, or work.
