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Yellen Throws Biden Under The Bus On Runaway Inflation: She "Wanted" $1.9 Trillion Stimulus Cut By A Third
Perhaps the most idiotic thing to ever come out of the Biden administration - and there has been plenty to choose from - was the repeated lie that (trillions in) stimulus does not cause runaway inflation, but rather lowers it. ...
Only instead of taking one for the team of senile, clueless economists and Putin puppets (because if there is any admin that has done the Kremlin's bidding by sending oil prices to near record highs, it is Biden's) especially after the so-called "president" made it clear he will blame Powell and the Fed ahead of the midterms for his admin's catastrophic MMT policies which have assured an avalanche this November that will hand control of Congress to republicans on a silver platter...
... Yellen has decided to strike back, and as Bloomberg reports citing an advance copy of the Treasury secretary's biography- due out on Sept. 27, just weeks before the midterms - the treasury secretary initially urged Biden administration officials to scale back the $1.9 trillion American Rescue Plan by a third "worried by the specter of inflation"... the same stimulus plan that she herself said last March would not lead to an inflation problem. But, in retrospect, she appears to have changed her mind. ...
Of course, it's too little too late now, and with even the liberal media turning on Biden, Yellen's last-ditch attempt to preserve some of her reputation in the twilight of her career, and life, will be a miserable failure just like Biden's entire administration...
assured an avalanche this November that will hand control of Congress to republicans
Why didn't people just immediately buy gold or silver when they got money? At least it would hold value more or less.
richwicks saysTEOTWAKI
should be AWKI.. as we know it
Buy silver chains and cheap rings. Preferably at the Flea Market from a long time vendor there.
You don't want to be flashing gold coins and expensive bling at the Black Market when TEOTWAKI. The security guards will call their gang pals (probably the same group hired to be guards) and follow you home, and they will have more weapons and be more of them.
Say "Oh, this is my last thing, my grandma gave me this for my Communion, but my kids really need to eat."
AmericanKulak saysTEOTWAKI.
The
End
Of
The
World
but I don't get AKI.
We will see at least 50% inflation from 2020-2026
Creditors are going to get shafted hard. Couldn’t happen to a nicer bunch of ASSHOLES!
That means your million dollar shack will be worth $1.5 million, but your $800,000 debt will be “worth” $600,000 in inflation adjusted value.
Shaman saysWe will see at least 50% inflation from 2020-2026
If my arithmetic using the exponential is right, 50% price rise in 6 years is 6.7% annualized. Yikes.
Inflation will be higher for longer — and you’re not going to like what comes next
Prices for oil, natural gas, food and other goods will stay elevated while economic growth slides, bringing stagflation. Let’s review six factors now shaking the U.S. and global economies that set the stage for stagflation:
1. Oil
2. Natural gas
3. Food
4. Interest rates
5. Supply-chain problems
6. Deglobalization
https://www.marketwatch.com/story/6-reasons-inflation-will-stick-around-longer-and-youre-not-going-to-like-what-comes-after-11653415808?mod=home-page
Inflation costing Americans an extra $460 per month, analysis says
https://nypost.com/2022/06/10/inflation-costing-americans-an-extra-460-per-month-analysis/
Inflation costing Americans an extra $460 per month, analysis says
notthebee.com/article/come-read-this-thread-on-why-inflation-is-way-worse-than-theyre-telling-you
I also think inflation is clearly far higher than the supposed 8.5%.
https://thegoodcitizen.substack.com/p/i-am-uncle-sams-inflation
Here’s my alternative view; what if monetary actions mostly serve to impact the price of risk assets, while fiscal mostly impacts the economy’s growth rate, and government policy mostly controls for inflation? As I’ve experienced the interplay of these three factors over more than two decades as an investor, I increasingly think that this is the case.
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https://patrick.net/post/1344548/2022-04-11-putin-s-price-hike-failing-administrati
Frankly, I prefer my spaceship to have big tits and not fake inflated ones.
EDIT - numbers drop:
America goes back to the 80s: Surging gas prices and higher rents push inflation to 41-year high of 8.5% as White House blames it on Putin invading Ukraine
The consumer price index rose 8.5% in March from a year ago, the fastest increase since December 1981
Housing costs, which make up about a third of the index, have escalated and show no signs of cooling
Gasoline prices soared 49% in March from a year ago as the war in Ukraine rocked energy markets
Biden's administration tried to get ahead of the dire inflation news by blaming Russian leader Vladimir Putin
But Republicans place the blame for soaring prices on 'Democrats' reckless spending and failed policies'
https://www.dailymail.co.uk/news/article-10711311/Inflation-soars-new-41-year-high-8-5.html?source=patrick.net