In light of the absurdity of Sleepy Joe meeting with Powell and Yellen to blather about an inflation fix, our friend Gary Kaltbaum let loose of a rant that deserves to be quoted in full. After all, when it comes to concentrated incompetence, this picture surely warrants a strenuous expostulation, at least!
Oh joy. President Biden is meeting with Jay Powell today. We’re thrilled.
The man Powell, who screwed savers with 0% rates…to the rescue. The man Powell, who enabled and created massive bubbles and debt…to the rescue. The man Powell, who distorted all price and yield…to the rescue.
The man Powell, who lit the fuse on inflation with unimaginable amounts of money…to the rescue. The man Powell, who never saw the inflation coming…to the rescue. When inflation hit, the man Powell, who said no biggie…to the rescue. When inflation worsened, the man Powell, who said it was transitory…to the rescue. When inflation really started to kick in, the man Powell, who we were told was the solution to the inflation he started….to the rescue.
And then there is the President. Our President has stated that higher taxes and more government will cure inflation. Our President says a massive $5.8 trillion spending bill will lower debt and deficits. Our President who agreed with everything Powell has said is telling us everything will be just fine. Yup! Logic!
And then there is Yellen. Our guardian of our treasure. The Treasury Secretary who wants global taxes, higher taxes, massive government spending, continued huge debt and deficits and major league increased oversight over us. We have news for her. The oversight should be on them.
The Keystone Cops would be proud.
You could spend a lifetime unpacking that one— as friend Kaltbaum did manage to hit virtually every hot button of sound money and economics.