EDITOR’S NOTE: The article you’re about to read presents a crucial truth about inflation—namely, that it’s a “monetary” phenomenon—but it does so clumsily as the author allows his own bias to undermine the very truth he is trying to deliver. This shouldn’t reflect poorly on the underlying principle of his argument; if anything, it should only reflect on the author’s ineptitude as a journalist. Inflation begins with excess money in the system. That began in 2020 when the Fed unleashed an unprecedented torrent of liquidity into the money supply. Its “effects” (remember, inflation is already underway prior to its effects on prices) began when President Biden unleashed stimulus checks following the stimulus efforts already implemented by the Trump administration. Yes, Biden’s stimulus “triggered” the inflation, but it’s important to get the facts and the history straight—that the Fed loaded the monetary gun. Similar to the author’s own efforts in this piece, Fed chief Jay Powell is also attempting to gaslight the American public by claiming the Fed’s analytic authority over others who might challenge it: if the Fed can’t figure it out, then nobody can, despite the fact that many saw it coming out of sheer principle versus prognostication or calculation. According to the Fed, the US economy happens to be in a strong position. And the night is day?
Last week Federal Reserve Chairman Jerome Powell told reporters that the current inflation rate was unpredictable.
Jerome Powell: “I think we now understand better how little we understand about inflation.”
Host: “That’s not very reassuring”
Jerome : “This was unpredicted”
Only the “experts” and the media didn’t see this coming.
Just about everyone else did.
Jerome Powell: "I think we now understand better how little we understand about inflation."
Host: "That's not very reassuring"
Jerome : "This was unpredicted"
Only the "experts" and the media didn't see this coming.
Just about everyone else did.
Sound ON pic.twitter.com/6Gv35rXPrW
— Wall Street Silver (@WallStreetSilv) June 29, 2022
Inflation took off immediately after Joe Biden was sworn in and never stopped. That’s what happens when Democrats spend like drunk socialists.
Inflation has risen nearly every month for a year now. How could Powell be so blind?
Earlier today Jerome Powell said the US economy is in “strong shape” during testimony.
Fed Chair Jerome Powell says the US economy is in “strong shape” and the central bank can reduce inflation to 2% while maintaining a solid labor market, even though that task has become more challenging in recent months https://t.co/wMj0eIN6fJ
— Bloomberg (@business) June 29, 2022
Apparently, Jerome Powell missed the news that the US economy is in recession after the second quarter downturn.
Recessions are typically marked by an economy shrinking in back-to-back quarters, measured by gross domestic product — sort of like what we have now.
You’d think Powell would know this?
Originally published on The Gateway Pundit.