Jun 22, 2026 · 22 min · 13 segments
Roundup of the Week's Top Stories in Economics and Freedom - Will the Fed Panic on Inflation? - Japan Breaks the Piggy Bank - Trump Brings Back the Job Aptitude Test - Women Now Get 94% of Jobs for…
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Is it time to eat the pets or shut down Congress? Last week, the notorious Bureau of Labor Statistics released inflation numbers for the month of May, coming in at a torrid half percent on the month.
The Daily Beast wrote, quote, Trump humiliated as inflation rockets to a new high.
Now, the good news is inflation's down from an annualized 8% the previous month and 11% in March, the first month of the war.
The bad news is this now takes us to 4.2% on the year, the highest inflation since we escaped the clutches of Biden.
The kicker is the entire inflation story is energy, which has come down from 111 in March, but is still grinding along at 90 bucks a barrel compared to 65 on the eve of the war.
and 57 in the halcyon days of last December when you could run the air con and the car radio.
But inflation is not spreading outside energy, so groceries last month rose a satisfying tenth of a percent.
Everything else outside food and energy, so-called non-core inflation, was at 0.2, which is a smidge above the Fed's 2% target.
So why aren't prices rising everywhere else? Because unlike the crayon eaters at Daily Beast, companies understand that inflation is temporary from energy, and companies don't raise prices for temporary inflation because they lose market share.
Unfortunately, there's one outfit that is stuck with the Daily Beast coloring book, and that is the Federal Reserve.
Ever since the war started, I've said the war itself and even $100 oil will not cause a recession.
Now, the Fed does this because oil inflation goes on top of the regular inflation they steal through money printing to take from the poor and give to the rich.
Hikes crush the economy and jobs since they raise borrowing costs, which cuts investment and bankrupts employers.
Now, you could reduce inflation by lowering money printing, so-called quantitative tightening, but instead the Fed hikes to crush jobs.
The tragedy is even with $90 oil, the Fed does not need to feed workers into a wood chipper.
Recent videos have argued you could draw prices economy-wide by 20% with policy reforms in housing, health care, insurance, and, yes, energy.
In housing, simpler zoning and environmental rules could cut prices by nearly $100,000, according to the National Association of Realtors.
Is it time to eat the pets or shut down Congress? Last week, the notorious Bureau of Labor Statistics released inflation numbers for the month of May, coming in at a torrid half percent on the month.
The Daily Beast wrote, quote, Trump humiliated as inflation rockets to a new high.
Now, the good news is inflation's down from an annualized 8% the previous month and 11% in March, the first month of the war.
The bad news is this now takes us to 4.2% on the year, the highest inflation since we escaped the clutches of Biden.
The kicker is the entire inflation story is energy, which has come down from 111 in March, but is still grinding along at 90 bucks a barrel compared to 65 on the eve of the war.
and 57 in the halcyon days of last December when you could run the air con and the car radio.
But inflation is not spreading outside energy, so groceries last month rose a satisfying tenth of a percent.
Everything else outside food and energy, so-called non-core inflation, was at 0.2, which is a smidge above the Fed's 2% target.
So why aren't prices rising everywhere else? Because unlike the crayon eaters at Daily Beast, companies understand that inflation is temporary from energy, and companies don't raise prices for temporary inflation because they lose market share.
Unfortunately, there's one outfit that is stuck with the Daily Beast coloring book, and that is the Federal Reserve.
Ever since the war started, I've said the war itself and even $100 oil will not cause a recession.
Now, the Fed does this because oil inflation goes on top of the regular inflation they steal through money printing to take from the poor and give to the rich.
Hikes crush the economy and jobs since they raise borrowing costs, which cuts investment and bankrupts employers.
Now, you could reduce inflation by lowering money printing, so-called quantitative tightening, but instead the Fed hikes to crush jobs.
The tragedy is even with $90 oil, the Fed does not need to feed workers into a wood chipper.
Recent videos have argued you could draw prices economy-wide by 20% with policy reforms in housing, health care, insurance, and, yes, energy.
In housing, simpler zoning and environmental rules could cut prices by nearly $100,000, according to the National Association of Realtors.
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