Let’s give Janet a break, amirite? After all, no one could have seen inflation coming -
Oh.
By the way, if you think $5 a gallon - and rising - gas isn’t going to put the United States into a recession, you apparently weren’t alive in 2008. (Which would make you under 14 and probably not reading this.)
Keep in mind that prediction is a lead-pipe lock NO MATTER WHAT HAPPENS TO INTEREST RATES. And remember - the Federal Reserve has just started a TIGHTENING cycle right now, and no matter what happens to the economy, that tightening MUST continue for a while because inflation is such a problem. In other words the Fed is not going to be able to come to the rescue with cheap money even if we go into recession.
This is bad for the real economy but WORSE for the stock market, because it means the Fed put is dead. In other words, this feels like 2008 all over again, but worse. The banks are better capitalized but the risk has actually moved UP a level, to the Fed’s balance sheet. No one is left to bail us out if everything goes wrong.
Fortunately all that risk is priced in! It’s not like the market is up six-fold since its 2008 lows and trading at price-earnings ratio that suggests we have permanently banished the business cycle (I am old enough to remember when we had permanently banished the business cycle, until we hadn’t).
But what do I know?
This has been The Pandemic’s Wrongest Man, an occasional series.
Hate to be a downer, but I invest in energy for a living...there is a joke (that's not really a joke) going around in my circles right now: "Enjoy these low gas prices while they last!"
Everybody knows inflation is caused by Putin and the SCOTUS repealing Roe V. Wade. Women were in high demand because they do the same job for less pay but now they will be forced to be pregnant all the time because that's how it was before Roe V. Wade. We will have to rely on more men transitioning into women to cut labor costs. This is a mess.
"I am old enough to remember when we had permanently banished the business cycle, until we hadn’t."
Alex, you win the internet today, just for this comment, IMHO! The number of Ph.D. types who do not understand simple economics is terrifying, simply because most of them currently work in positions of authority!
I have two years of college and worked in a bank for 15 years and I swear I have forgotten more than they will ever know! The combination of arrogance and ignorance is deadly and it is currently large and in charge...this doesn't end well for us, I'm afraid!
Why are ANY of these idiots still employed? She has almost always been wrong. The COVID idiots have, in fact, always been wrong. When do we stand up and demand something different? Alex, you have a big platform...what do you suggest? Seems milque-toasty to say "wait for an election and then die of old age:...
Unfortunately 99% of the politicians spend like drunken sailors. What ever happened to being fiscally conservative? And F the fed. Ron Paul always has been right!
Everyone with half a brain saw inflation coming, except those invested in MMT. Historical data prove that you can't print money that has no intrinsic value, unabated for decades and not debase your currency. So, does Janet Yellen have half a brain, or is there another agenda here?
Brandon could solve the gas price issue with one stroke of the pen (well 2). Approve new drilling and get the Keystone Pipeline back under construction. But alas, this will not happen. it's an "incredible transition"!
1. Our national debt is higher as a proportion of the economy than ever (including two World Wars and The Great Depression)
2. Nobody knows what the magic number is where the economy crashes and ushers in a new dark age for the world (We're the largest consumer economy in the world. We're China's biggest customer, the pain will be global).
Be afraid. Be very afraid. Anyone who says it can't happen here should be challenged with, "why not? If we enact policies of a banana republic, how can we be immune to banana republic outcomes?"
These economic realities are FAR beyond the grasp of a compromised mainstream media being directed to focus on Johnny Depp and Amber Heard 24/7 as "the" story. Distract. Distract. Distract. What will be the newest distraction? Oh right, guns are bad and people who own them are simply awful people.
That Yellen admits she's an idiot was yesterday's big story. Today's big story are the charges against admitted vote harvesters in Arizona. We didn't have to go down this road...it was a planned diversion. Americans are realizing the lies more & more each day. Keep shining lights on the corruptocrats.
If you can get a home equity line or 0% balance transfer on credit cards i would do it in the next 2 wks. Get that debt down as fast as you can. Being nimble financially will get you through the next 2 yrs.
We are going to be in a world of hurt come this fall when Ukraine doesn't have any grain to export and there's no Russian oil being bought by western nations. And we haven't begun to feel the effects of the China shutdowns. Hang on people.
Can we just cut to the larger main point here? Biden Democrats are actively pursuing a collusatory agenda with the billionaires and the globalist corporatist cabal, that leverages the woke mob, that is fomenting social and economic chaos on purpose to support their Great Reset goals.
Karine Jean-Pierre was asked today "when are you guys going to admit you were wrong about inflation?"
Her response?
"The President's economic plan, as we see it, is working."
Yep. It is working. This was the plan all along. They are trying to make it too expensive for normal Americans to drive their cars. They are making it too expensive for people to have big houses that require lots of heat and air conditioning. They are making it too expensive for people to have their own cars so they will be forced into public transportation.
This is all part of the big plan for a "transition".
After the transition, you'll own nothing. And you'll be ruled by global government.
Just read a great biography of Salmon P. Chase, who among other things, was Lincoln's Secretary of the Treasury. He was responsible for the first "legal tender" currency. He financed, in part, the Union war effort by the printing of money. He knew, even back then, that this would cause inflation. He was very careful to supplement increasing the money supply with other measures such as what would today be called war bonds. That today's Dems saw no relationship between their spending and inflation is mind boggling. Thank God for the two Democratic senators who blocked the BBB bill, or things would even worse now -- much worse. Time to throw the rascals out!
P.S. The name of the book is "Salmon P. Chase: Lincoln's Vital Rival," by Walter Stahr. I highly recommend it. He was a most interesting man, deeply religious and strongly in favor of equal rights for African Americans.
Saw on CNN (do not question why I had it on I was at work eating dinner lol) and Biden said nothing he can do about rising gas and food prices. If you bitched about trump daily and then said nothing since Biden got elected, you truly suck.
If you weren't of driving age in the 70's, then you missed gas rationing, the misery index, and the Carter years " Malaise " ! Only this time, it'll be WAY worse!
She caused it when she was at the Fed and endorsed 'Quantitative Easing' - Fed Speak for creating new money .. 7 trillion dollars.. the government issues debt - say treasury notes - the Fed creates money and buys the government debt - yes one branch of our government issues debt and the other branch buys it..read The Lords of Easy Money - Leonard
i love that economists like Robert Reich and Paul Krugman keep trying to convince us that THIS inflation is caused by corporate greed but they never include Pfizer and Moderna in that pool of corporate greed and neglect to mention that someone has to pay for all those "free" vaccines. have they suddenly forgotten everything they've ever known?
I barely passed 2 semesters of university economics (did great in finance though) and I’ve been WAY ahead of Yellen. Of course I go to the grocery store and buy gas.
How many Nobel prize winning economist signed into the notion that there would b no inflation? Was it 18, 19? Anytime you hear "experts say" or "research shows ", be very cautious
Yellen is a perfect Yale graduate flag-bearer for the Idiocracy. Her entire generation has gorged on immense wealth they did not earn and are determined to saddle with the next 5 generations with debts that can never be repaid.
Heck, aunt Janet could have simply talked to me (or just about anyone in manufacturing) for some insight into what was coming. But what do I know, I work in the real world and don't have a phd.
One day, you'll realize this is all part of the plan. The Ponzi scheme of pensions, social security, etc. is now actually over. The Fed tried to be the issuer and the buyer to no avail, except to contribute to runaway inflation. There's nothing they can do. Now you'll start to see governments all over the world defaulting, leading to a sovereign debt crisis. The plan is to convert government bonds into a payment plan...they'll simply service their bonds but will never repay them.
Yellen knew exactly what path it would take. Anyone who has taken a basic ECON course did.
Her lay-on-the-sword announcement yesterday was bedded in market manipulation. They all front run their manufactured news to get rich at everyone's elses expense.
Yellen was receiving high-dollar speaking gigs from Goldman and others once they determined that she would get the nod for the position. It's all just a one big game they play to keep the money flowing to those at the top.
Politicians used to care about their legacy. Now it's just how much money they can amass during their tenure. All grounded in new age nihilism.
Heck, let's just wipe out some student debt. THAT'll fix it! The entire admin consists of lying ideologues. Except the WH installee who should be in a nursing home.
Alex, even I could see that coming and I have no background in economy - it's simple math. She should be fired along with all the self-serving Dems and Rhinos.
Understanding risk, or the basics of your job for that matter, is not a prerequisite for senior gov't work.
It should be basic in inflation theory that the cause is one of balance between "money" and production. If you read both clauses of Friedman's famous statement you would know that.
The Fed only knows to cause recession in order to reduce inflation...the recession cures inflation strategy relies on demand destruction by taking away income...no income, no purchases, no credit, no demand imbalance!
You could promote production growth (recession reduces production) while holding money supply constant or gently tighter. As production increases inflaton abates...but this is not what Fed can do...this is "Fiscal Policy" driven. It requires Executive and Legislative action and Fed cooperation.
Sad that we have Fed Promoting production/income destruction while Pres & Congress do the same.
What’s fascinating…we have been increasing SINCE Biden took office. Policies have consequences. This is not purely related to Russia - anyone claiming it is Russias fault is truly ignorant.
If she did not understand the risks, why is she still employed by the federal government?
Ron Paul has warned us about the FED and their horrible policies for decades. Too bad everyone accepted the media line on him...
Hate to be a downer, but I invest in energy for a living...there is a joke (that's not really a joke) going around in my circles right now: "Enjoy these low gas prices while they last!"
Everybody knows inflation is caused by Putin and the SCOTUS repealing Roe V. Wade. Women were in high demand because they do the same job for less pay but now they will be forced to be pregnant all the time because that's how it was before Roe V. Wade. We will have to rely on more men transitioning into women to cut labor costs. This is a mess.
I was alive when the peanut farmer was the last time we had a clueless president.
To be fair, Carter didn't have dementia.
But when Biden was elected, I said, Damn. It's Carter all over again.
Now? We have a demented president who is a mere figurehead for the socialists who are pulling the strings.
ALL BIDEN POLICIES ARE DELIBERATE. None of this is an accident.
FDR had a "brains trust." Brandon has a brainless trust. They believe all this foolishness is good policy.
"I am old enough to remember when we had permanently banished the business cycle, until we hadn’t."
Alex, you win the internet today, just for this comment, IMHO! The number of Ph.D. types who do not understand simple economics is terrifying, simply because most of them currently work in positions of authority!
I have two years of college and worked in a bank for 15 years and I swear I have forgotten more than they will ever know! The combination of arrogance and ignorance is deadly and it is currently large and in charge...this doesn't end well for us, I'm afraid!
Why are ANY of these idiots still employed? She has almost always been wrong. The COVID idiots have, in fact, always been wrong. When do we stand up and demand something different? Alex, you have a big platform...what do you suggest? Seems milque-toasty to say "wait for an election and then die of old age:...
Remember: these people are the product of our elite universities ... Couldn't manage their way out of a wet paper bag.
Unfortunately 99% of the politicians spend like drunken sailors. What ever happened to being fiscally conservative? And F the fed. Ron Paul always has been right!
Nobody saw this coming. NOBODY!!!!! Also, why didn't you warn us about the vaccine?
What if it’s all theater, Alex?
We’ve known for decades the debt could not be repaid. The “plandemic” was perfect cover to:
- wreck the economy,
- go to digital passports,
- establish world societal control,
- loss of personal autonomy
In other words: it was all a pretext for the “Great Reset”
Instead there’s also a Great Awakening because not everyone is a MSM sheep
Everyone with half a brain saw inflation coming, except those invested in MMT. Historical data prove that you can't print money that has no intrinsic value, unabated for decades and not debase your currency. So, does Janet Yellen have half a brain, or is there another agenda here?
Brandon could solve the gas price issue with one stroke of the pen (well 2). Approve new drilling and get the Keystone Pipeline back under construction. But alas, this will not happen. it's an "incredible transition"!
The following two things are simultaneously true:
1. Our national debt is higher as a proportion of the economy than ever (including two World Wars and The Great Depression)
2. Nobody knows what the magic number is where the economy crashes and ushers in a new dark age for the world (We're the largest consumer economy in the world. We're China's biggest customer, the pain will be global).
Be afraid. Be very afraid. Anyone who says it can't happen here should be challenged with, "why not? If we enact policies of a banana republic, how can we be immune to banana republic outcomes?"
These economic realities are FAR beyond the grasp of a compromised mainstream media being directed to focus on Johnny Depp and Amber Heard 24/7 as "the" story. Distract. Distract. Distract. What will be the newest distraction? Oh right, guns are bad and people who own them are simply awful people.
That Yellen admits she's an idiot was yesterday's big story. Today's big story are the charges against admitted vote harvesters in Arizona. We didn't have to go down this road...it was a planned diversion. Americans are realizing the lies more & more each day. Keep shining lights on the corruptocrats.
Well, at least she didn't blame Putin.
If you can get a home equity line or 0% balance transfer on credit cards i would do it in the next 2 wks. Get that debt down as fast as you can. Being nimble financially will get you through the next 2 yrs.
By Fall 2022, $5/gallon will be looking pretty good....
We are going to be in a world of hurt come this fall when Ukraine doesn't have any grain to export and there's no Russian oil being bought by western nations. And we haven't begun to feel the effects of the China shutdowns. Hang on people.
Can we just cut to the larger main point here? Biden Democrats are actively pursuing a collusatory agenda with the billionaires and the globalist corporatist cabal, that leverages the woke mob, that is fomenting social and economic chaos on purpose to support their Great Reset goals.
How is this not treasonous?
Karine Jean-Pierre was asked today "when are you guys going to admit you were wrong about inflation?"
Her response?
"The President's economic plan, as we see it, is working."
Yep. It is working. This was the plan all along. They are trying to make it too expensive for normal Americans to drive their cars. They are making it too expensive for people to have big houses that require lots of heat and air conditioning. They are making it too expensive for people to have their own cars so they will be forced into public transportation.
This is all part of the big plan for a "transition".
After the transition, you'll own nothing. And you'll be ruled by global government.
Just read a great biography of Salmon P. Chase, who among other things, was Lincoln's Secretary of the Treasury. He was responsible for the first "legal tender" currency. He financed, in part, the Union war effort by the printing of money. He knew, even back then, that this would cause inflation. He was very careful to supplement increasing the money supply with other measures such as what would today be called war bonds. That today's Dems saw no relationship between their spending and inflation is mind boggling. Thank God for the two Democratic senators who blocked the BBB bill, or things would even worse now -- much worse. Time to throw the rascals out!
P.S. The name of the book is "Salmon P. Chase: Lincoln's Vital Rival," by Walter Stahr. I highly recommend it. He was a most interesting man, deeply religious and strongly in favor of equal rights for African Americans.
It's stunning how bad it's been since Biden took office. I knew it would be hot air and fluff and damage to some extent but wow I never imagined this.
Would you hire a single one from this Adm, to work in your business?? Anyone? Anyone? Bueller?
We are being governed by idiots and they are all now in plain sight.
Have the EXPERTS been right about anything the past couple of years.
I mean ... anything????
Saw on CNN (do not question why I had it on I was at work eating dinner lol) and Biden said nothing he can do about rising gas and food prices. If you bitched about trump daily and then said nothing since Biden got elected, you truly suck.
If you weren't of driving age in the 70's, then you missed gas rationing, the misery index, and the Carter years " Malaise " ! Only this time, it'll be WAY worse!
She caused it when she was at the Fed and endorsed 'Quantitative Easing' - Fed Speak for creating new money .. 7 trillion dollars.. the government issues debt - say treasury notes - the Fed creates money and buys the government debt - yes one branch of our government issues debt and the other branch buys it..read The Lords of Easy Money - Leonard
As everyone knows, inflation is caused by too many Putins chasing too few margaritas.
They are going to drain 401ks that are invested in the stock market. Just like 2008 but WORSE.
Yelln’ Yellen, is the first to fall on the sword from this administration……who’s next?
i love that economists like Robert Reich and Paul Krugman keep trying to convince us that THIS inflation is caused by corporate greed but they never include Pfizer and Moderna in that pool of corporate greed and neglect to mention that someone has to pay for all those "free" vaccines. have they suddenly forgotten everything they've ever known?
I barely passed 2 semesters of university economics (did great in finance though) and I’ve been WAY ahead of Yellen. Of course I go to the grocery store and buy gas.
How many Nobel prize winning economist signed into the notion that there would b no inflation? Was it 18, 19? Anytime you hear "experts say" or "research shows ", be very cautious
Yellen is a perfect Yale graduate flag-bearer for the Idiocracy. Her entire generation has gorged on immense wealth they did not earn and are determined to saddle with the next 5 generations with debts that can never be repaid.
Funny, EVERYONE I know saw this coming.
Heck, aunt Janet could have simply talked to me (or just about anyone in manufacturing) for some insight into what was coming. But what do I know, I work in the real world and don't have a phd.
Look at that woman lie! Stares right into the camera and doesn't crack a smile! She really has some talent there, it's clear to see.
I don't think it was a accident though.
Pretty sure.
Pretty damned sure, because you cannot make EVERY SINGLE DECISION WRONG, unless you are TRYING.
Biden hates America, and so do the 'democrats'.
One day, you'll realize this is all part of the plan. The Ponzi scheme of pensions, social security, etc. is now actually over. The Fed tried to be the issuer and the buyer to no avail, except to contribute to runaway inflation. There's nothing they can do. Now you'll start to see governments all over the world defaulting, leading to a sovereign debt crisis. The plan is to convert government bonds into a payment plan...they'll simply service their bonds but will never repay them.
They wanted inflation all along. And they got it.
Yellen knew exactly what path it would take. Anyone who has taken a basic ECON course did.
Her lay-on-the-sword announcement yesterday was bedded in market manipulation. They all front run their manufactured news to get rich at everyone's elses expense.
Yellen was receiving high-dollar speaking gigs from Goldman and others once they determined that she would get the nod for the position. It's all just a one big game they play to keep the money flowing to those at the top.
Politicians used to care about their legacy. Now it's just how much money they can amass during their tenure. All grounded in new age nihilism.
Heck, let's just wipe out some student debt. THAT'll fix it! The entire admin consists of lying ideologues. Except the WH installee who should be in a nursing home.
Alex, even I could see that coming and I have no background in economy - it's simple math. She should be fired along with all the self-serving Dems and Rhinos.
Well, you're lucky you have the feds. Here we have the EU. Guess what you do when petrol prices go up? Ban Russian oil, because that will show them...
Understanding risk, or the basics of your job for that matter, is not a prerequisite for senior gov't work.
It should be basic in inflation theory that the cause is one of balance between "money" and production. If you read both clauses of Friedman's famous statement you would know that.
The Fed only knows to cause recession in order to reduce inflation...the recession cures inflation strategy relies on demand destruction by taking away income...no income, no purchases, no credit, no demand imbalance!
You could promote production growth (recession reduces production) while holding money supply constant or gently tighter. As production increases inflaton abates...but this is not what Fed can do...this is "Fiscal Policy" driven. It requires Executive and Legislative action and Fed cooperation.
Sad that we have Fed Promoting production/income destruction while Pres & Congress do the same.
Sadly, I check this everyday —> https://www.gasbuddy.com/charts
What’s fascinating…we have been increasing SINCE Biden took office. Policies have consequences. This is not purely related to Russia - anyone claiming it is Russias fault is truly ignorant.
The camera shot of your monitor (?) showing the tweet is what did it for me
The COVID Cult Did Lasting Damage to Our Kids
New ‘discoveries’ of the harm caused by school closures are as disingenuous and politically motivated as the original policies themselves
By Alex Gutentag
Read Article: https://www.tabletmag.com/sections/news/articles/the-covid-cult-did-lasting-damage-to-our-kids
Janet Yellen downplayed the housing bubble that was occurring when she was Head of the Fed Reserve Bank in San Francisco from 2004 - 2010.
https://www.reuters.com/article/us-usa-fed-yellen-insight/insight-yellen-feared-housing-bust-but-did-not-raise-public-alarm-idUKBRE99T05G20131030