Greg Hunter gives the Weekly News Wrap-Up for Friday, May 7, 2021
Montana is the first state to cancel unemployment benefits. It is in response to the very tight labor market as the economy opens back up to an unprecedented worker shortage. 16 million people are still on some form of unemployment at the state or federal level. Will other states follow Montana’s move?
Inflation is roaring back, but the Federal Reserve and the Treasury Department seem to be at war with each other. Fed Head Jay Powell says inflation will be “transitory.” Powell does not seem to be worried about inflation. Meanwhile, Treasury Secretary Janet Yellen says rates are going to have to rise to keep the economy from “overheating.” In other words, Yellen is worried about inflation. Which is it? Well, check prices, and you will see just about everything is going up in price, especially commodities. Gold, silver, lumber, steel, iron ore, corn, wheat and soy beans are all going up—way up. That is inflation. Many in the investment community do not believe it is “transitory” but here to stay and getting worse—much worse.