With Brainard, Jerome Powell, and Treasury secretary Janet Yellen focusing on the climate, the M1 money supply has gone parabolic, from just over $4 trillion in February to $18.6 trillion in March.
M1 measures “currency and assets that either are or can be quickly converted to cash.” So, in some 30-60 days, the money out in the hands of the Deplorables increased by something like 400%. And this was like yesterday.
So there’s four (4) times the amount of money sloshing around competing for the same supply of goods and services and in River City that is a portent of serious impending inflation.
And while this has been going on the Fed has now added “climate change” to its “mandate” and if there’s anyone whose grasp of “the science” of “climate change” I trust it’s Jerome Powell’s. Maybe it’s just me but if you conclusively demonstrate that you don’t understand how to manage the nation’s currency maybe now is not the time to shoulder new responsibilities involving lawn maintenance let alone “doing something” about “climate change.”
Some of this money sloshing around will bleed off into the stock market and real estate thereby exacerbating the existing massive bubble in both areas. But some of it will head straight to the consumer economy and drive up the price of food, clothing, and rent. The casino aspects of our economy — speculation, indifference to risk, desperate search for a hedge against inflation not basic value — cannot continue. Bubbles burst and people panic when helicopter money stops and they can’t buy necessities.
And I’ve not mentioned the stupidity of Congress and the Executive Branch’s lunatic hostility toward Russia and Syria.
What I get out of this is what I always get out of everything in America, namely, that there is nothing remotely resembling “stewardship” at work anywhere. Men and women of vision are nowhere to be found except in the office of Marjorie Taylor Green (oh yes) and wherever Tulsi Gabbard, Laura Loomer, Tucker Carlson, Lauren Boebert, and Ron Paul hang their hats these days.
EVERY political and economic decision is exactly the wrong one and political and economic actors will not face, let alone identify, the fundamental problems of the country. Powell and all the rest are just leaves borne along on a rushing stream. Helpless actors masquerading as men and women of affairs, all with contempt for Donald Trump and his ridiculous idea that America should be great again not least by identifying and safeguarding honest-to-God national interests.
 “The Fed Embraces Its Inner Zimbabwean.” By Doug French, ZeroHedge, 5/9/21.
I consider my generational sense of humor to be outstanding but this gubmint is getting so sick it is stressing even such a perverse sense of humor as mine . Malevolence does not fully explain this idiotic spending . Stupidity can be the only explanation .