I know nothing about Mish besides what a cursory search revealed, that is, that he is an Austrian.
15 years ago, Austrians based upon what is called the Quantitative Theory of Money predicted the existence of hyperinflation just around the corner. As time passed without it arriving, they then turned their attention to the "fake CPI figures", to which a site called Shadow Government Statistics gave ample "evidential support", not by calculating the CPI figures by themselves, but by adding a certain amount to government published figures.
"The Austrian business cycle theory (ABCT) is an economic theory developed by the Austrian School of economics about how business cycles occur. The theory views business cycles as the consequence of excessive growth in bank credit due to artificially low interest rates set by a central bank or fractional banking..."
This excessive credit leads to malinvestment, which requires a recession to be eliminated so that resources can be moved from investment to consumption, etc.
From this perspective the USA must be either already in recession or soon entering one.
One as to say that to a large extent this prediction is not much different than the one from mainstream economics, that argues that inflation caused by excessive aggregate demand needs higher levels of unemployment to be defeated.
Now, something important. Unemployment is a time series. that regardless the deficiencies that critics may find in its compilation, does essentially capture variations with the passing of the time.
