Kitco News, Released on 7/19/21
0:00 – Inflation, adjusted
6:29 – 13.5% inflation
8:25 – Money supply vs. inflation
13:50 – Cryptos and money supply
14:49 – GDP adjustments
17:24 – Trade balance and global growth
19:09 – Unemployment
For Part 2 of this interview, CLICK HERE
Using the same data collection and calculation methodologies as the Bureau of Labor Statistics used in the 1980s, John Williams, the founder of ShadowStats, determined that headline inflation should be much higher than 5.4%, the latest June release. In fact, speaking to David Lin, anchor for Kitco News, adjusted inflation should be closer to 13.5% and is only going to get higher.
Walter J. “John” Williams has been a private consulting economist and a specialist in government economic reporting for more than 30 years. His economic consultancy is called Shadow Government Statistics (shadowstats.com). He tracks and reports economic data using the methodologies formerly used by government agencies prior to changes being made to make the reported data look more favorable, and estimates the true, real inflation rate to be significantly higher than the reported rate. He received a bachelor’s degree in economics, cum laude, from Dartmouth College in 1971, and was awarded a master’s degree in business administration from Dartmouth’s Amos Tuck School of Business Administration in 1972, where he was named an Edward Tuck Scholar.