Dr. Rasmus discusses the US economy’s current critical juncture: Is recession already here after this past week’s 2nd Quarter US GDP report showing two consecutive quarters now of US GDP contraction? Why is there a debate going on that it’s not yet a recession (Biden, Yellen, Powell) despite two quarters of contraction? The two definitions of recession are described. Why those who say it’s not yet a recession are wrong. It is. Dr. Rasmus next discusses the Fed’s decision last Wednesday to raise interest rates another 75 pts. Why the US stock markets & investors welcomed it and surged. What did Fed chairman, Powell, say in announcing the rate hikes that signaled the Fed has lost control of the economy? How many more rate hikes will follow? Why Powell says ‘no recession’ yet and believes a ‘soft landing’ is possible? Why it is not. What’s response of other global central banks in Europe & Japan and why rate hikes to date won’t happen effect on reducing inflation much.