According to an expert-informed punditry, the Federal Reserve’s interest rate hikes are leading to “tighter credit.” Washington Post columnist Catherine Rampell recently wrote that the noisy sound we all apparently hear is the “sound of credit crunching all across America.” At the Wall Street Journal, columnist Joseph Sternberg contends that the U.S. economic picture is bleak “because all indications are that the U.S. is at the beginning, rather than the end of the end, of its own contraction occasioned by the painful adjustment to the withdrawal of a decade of extraordinary monetary stimulus,” while the Mises Institute’s Peter St Onge claims the Fed is “causing ‘Mass Extinction’ of startups as they run out of rope.” Oh dear.
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