There is a growing consensus among observers that a recession is almost inevitable, thanks to the Federal Reserve's unprecedented tightening of monetary policy over the past year or so and the increasing likelihood that Biden will agree to a debt ceiling increase tied to spending cuts. After all, hasn't almost every recession in the past 50 years been preceded by a deliberate tightening of monetary policy? And don't spending cuts hurt the economy? My counters: The latest round of Fed tightening has occurred in the wake of a massive and unprecedented increase in the M2 money supply that has been mostly—but not ... (full story)