But without question, Mr. Powell deserves much derision for waiting until inflation reached a multi-decade high before starting to taper asset purchases, let alone begin to raise interest rates off the current level of 0%.[1]
There’s much more in this article which taxes my non-existent financial acumen. At some point I suppose I should, like, resort to looking at an actual textbook rather than grazing the likes of ZeroHedge for the odd tidbits of insight. BTAIM, Mr. Pento ends with a somber assessment of the Fed’s options: allow the economy to implode to fix inflation or again borrow and print trillions of dollars that will increase inflation already at a 40-year high, thus collapsing the economy anyway.
Hold me back.
Recently, Sen. Manchin was one man in the Senate who made like Horatio at the bridge on the particular issue of spending. So far that’s one guy out of 330M. A bit of a deficit of such types you might say. Well, add MTG, Tucker, Bronx Tina, Katie Hopkins, and a few I’m blanking on just now. But, mostly, Karens, grifters, race baiters, snowflakes, and milquetoast, neutered-at-birth conservatives stretch to the horizon and so far not much of a ground swell for sanity.
Anyway, it’s off to the races one way or t’other. Well into Ayn Rand’s “can’t avoid the consequences of reality” territory. And God bless the Fed for its stellar contribution to the coming disaster. Two percent annual inflation was the least of their brilliant innovations aimed at the middle class. Just a tiny bit of theft each year. Hope you don’t mind.
Notes
[1] “The Great Reconciliation Of Asset Prices In 2022.” By Michael Pento, ZeroHedge, 12/21/21 (emphasis removed).
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“Reality is that which if you stop believing in it, doesn’t go away.” –Philip K. Dick.