@BROKEmeansBROKE The saddest part is that very few (and I mean very, very few) people, journalists, analysts will even talk about this stuff. What the Fed did in 2008 (and since) is the biggest story in economics in over a century, and NO ONE TALKS ABOUT IT.
The latest fear-mongering is that people say a Trump victory means less Fed Independence from politics. Give me a break. The Fed massively increased its power after 2008 by ballooning its balance sheet. It’s like the accounting department taking all the money from R&D to spend on itself. Moving that money back to R&D, reverses that power grab, but doesn’t take away independence. It is just moving the independence back to the same level it was before the power grab.
The US is spending trillions, and costing consumers trillions more, in an attempt to reduce CO2. A useless battle, not just because man-made climate change is not real, but because CO2 is continuing to rise. Standards of living are falling, and inequality is increasing. Follow Robert Bryce on Substact, or @pwrhungry on X…fantastic information regarding the efforts at Energy Transition.
If interest rates were the real cause of inflation, the US would have seen inflation 2008-2015 when the FFR was 0% for 7 years. But there was none. That’s why fighting inflation with higher rates makes no sense. It’s about money supply, not rates.
Because the government got away with the mistakes of 2008, it quadrupled down with $5 trillion of spending and $4 trillion of money printing. The result: the highest inflation in 40 years. We’ve been warning about this since July 2020. It’s sad because it was avoidable.
How in the world can we have a press conference with the Federal Reserve Board chairman and no one, not one single reporter, asks a question about the money supply! Our press is failing us on a daily basis.
If you’ve ever wondered if “it is wages that drive prices or vice versa,” ask yourself this question. Does the crankshaft drive the pistons or vice versa? Answer: oxygen, fuel and spark create the power, not the parts. Same with inflation…it’s the money, not the components.
Evidently the Fed thinks that by raising rates, slowing the economy down and pushing unemployment up, it can stop inflation.
Does anyone know? How many staff has the Fed laid off?
Let’s be clear: President Biden did not cancel student debt — he transferred it on to the backs of millions of hardworking Americans who chose not to go to college for expensive degrees. (1/2)
Business class in 2060…
Student..”so wait…they added 40% to the money supply in a short time and then they argued about what caused the inflation???”
Professor..”yes”
Yes and no. She knew. She's arogant. I get your point and genetically agree. She's been going to Russia for years. Yes, nine years is insane, but this l potential trade is what Russia wants.
They’ve tried all this before. This sick book was published in 1971 - the world was supposedly running out of everything so we needed population, environmental and behavioral control. Now, after TARP, COVID and QE, they’ve numbed people into accepting it. Begging for it.
BlackRock and Vanguard shun the U.S. coal industry yet invest billions in a Chinese company whose name is literally “China Coal Energy Company,” without saying a peep about ESG over there.
The hypocrisy is staggering.
Washington doesn’t care. A $50 billion bill for semiconductors turned into $250 billion. Now, we can add another $433. They can’t help themselves! Tax hikes, too, of course. Revenues are already at a record. Please Sen Sinema. Save us! https://t.co/zHypGSA4S3