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The uni party thinks this will help to reduce deficits and consequently decrease debt service payments and the debt to GDP ratio.
To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in—or more precisely not in—the country's businesses and banks. This inventory—it should perhaps be called the bezzle—amounts at any moment to many millions of dollars. ...
People think they're going to get paid X, but they're only going the get X/2, either through outright default, or the sneakier default of inflation. ...
No one in Congress objected to the Fed’s “new inflation strategy” of seeking above-2% inflation for an extended period of time. This was a financial war crime. ...
“One of the most profound comments that I’ve heard over the past couple of years was with a labor leader who represents low-income service workers…She said to me, inflation is worse than a recession. That is contrary to conventional economic thinking." - Kashkari ...
Yet there is never any accountability at the Federal Reserve for their horrific policy errors which permanently harm hundreds of millions of Americans.
Beyond the cultural war, is the economic war - and this one we are losing for sure. America alone has $175T (with a T!) worth of debt, and the rest of the world is similarly bankrupt. Balaji has a good post here on it:
This debt is all a function of the fact that no modern state has held itself, or been held in any way, economically accountable. If any of them were a business, they would’ve defaulted a hundred times over by now, and would have been shut down, so that someone more competent could come in and run the show. But that’s not the way it works (to the detriment of you and I). At that high level, the state is in bed with the global central banking cabal, who simply conjure money and debt up out of thin air, resulting in the never-ending destruction of the current and future purchasing power of the money we use to buy goods and services - and the eternal indebtedness of our future generations.
This “inflation” as they like to conveniently call it is not the price of things increasing, but rather the decrease in purchasing power of the unit of account (the money/currency) you’re trading for the good or service. Do you think that McDonald’s has somehow become less efficient at producing burgers than they were 50 years ago? Of course not! But the price of a Bic Mac has gone up tenfold.
THAT IS NOT NORMAL! The Big Mac uses shittier ingredients today, and much of the distribution and production process is streamlined and automated, so if anything, it should now cost twenty cents, not $7.
So long as there’s a money printer, it will dull and even negate whatever other victories we enjoy on the cultural and political fronts.
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It seems that Fed employees know how to get rich betraying the public.