As per the fate of all mortals, Bernie Madoff logged out yesterday for the final time. So it is worthwhile to recall why that inexorable event happened in the Federal penitentiary, as Sven Henrich exquisitely reminded in his post this AM:
March import prices came in smokin’ hot at 6.9% YoY. What’s important about that cardinal number, however, is not its probable transiency per the daily palaver from the Fed heads, but something far bigger: Namely, that it actually nails the everlasting folly of the entire Keynesian macro-management project.
The Fed has its share of dim bulbs, but we can only conclude that San Francisco Fed President Mary Daly truly covets the title.
He’s an arrogant lame brain, folks. Jerome Powell told “60 Minutes” last night in no uncertain terms that it’s 2.00% inflation come hell or high water; and that until then, the Fed intends to crush, suppress and flatten interest rates with malice aforethought.
Well, here’s a bit of an eye-popper. The producer price index came in very hot for March at a sizzling 44.1% annualized rate of gain. That’s the largest monthly gain in the last 45 years!
In January 1971, Richard Nixon famously told TV journalist Howard K. Smith that “we are all Keynesians now.”
I am sorry. There is a kind of free market conservative—John Tamny comes to mind— that somehow thinks the massive fiscal and monetary insanity emanating from Washington happens in a vacuum; and that as lamentable as it may be, it doesn’t gainsay the brilliant works of today’s corporate titans in Silicon Valley and elsewhere.
Today’s Wall Street Journal features the highest paid CEO in America that you never heard of. And he runs a company called Paycom Software Inc, which you have probably never heard of either.
Let’s cut to the chase. Joe Biden’s so-called Infrastructure Plan is one of the greatest Washington power grabs ever. It has the Federal government preempting the role and financial responsibility of nearly every other institution in American society—-private companies, state and local governments, school systems, port, airport and transit authorities, even families, nonprofits and philanthropies.
We were interviewed by our friend Rick Sanchez on RT yesterday. As far as we know, there weren’t any Russkies moving our lips! Unlike Sleepy Joe, we do not use a teleprompter. And we do write our own script! https://www.youtube.com/watch?v=xoY16FfDieU