The fuck it was. That inflation was already brewing in the wings; Covid just hypercharged it.
This falls on the Fed for their inane 14 YEARS of open purse monetary policy, despite the economy requiring no stimulus. They (Fed again) finally threw the brakes when it was impossible to avert disaster.
Meanwhile, Jerome Powell and Janet Yellen happily spent their public appearances gaslighting the country that inflation was “transitory,” while the average American faced 40-YEAR inflation, on the backs of ongoing stagnant wages and a Federal minimum wage that hasn’t increased since 2009.
It was absolutely not Covid; it was willfully bungled monetary policy from a hack Wall St lawyer, non-economist.
Even that doesn’t tell the complete story. The most proximate cause was Trump bullying the Fed to lower interest rates in late 2019, to bail him out for his disastrous tax giveaway to the rich and trade war with China (which he’s about to restart, by the way).
I made some comments earlier about how Trump will soon have Powell turning tricks in a back alley. Nevertheless, it has been Powell’s hand on the tiller, and ultimately the responsibility for the work is his purview.
The fuck it was. That inflation was already brewing in the wings; Covid just hypercharged it.
This falls on the Fed for their inane 14 YEARS of open purse monetary policy, despite the economy requiring no stimulus. They (Fed again) finally threw the brakes when it was impossible to avert disaster.
Meanwhile, Jerome Powell and Janet Yellen happily spent their public appearances gaslighting the country that inflation was “transitory,” while the average American faced 40-YEAR inflation, on the backs of ongoing stagnant wages and a Federal minimum wage that hasn’t increased since 2009.
It was absolutely not Covid; it was willfully bungled monetary policy from a hack Wall St lawyer, non-economist.
Even that doesn’t tell the complete story. The most proximate cause was Trump bullying the Fed to lower interest rates in late 2019, to bail him out for his disastrous tax giveaway to the rich and trade war with China (which he’s about to restart, by the way).
100%
I made some comments earlier about how Trump will soon have Powell turning tricks in a back alley. Nevertheless, it has been Powell’s hand on the tiller, and ultimately the responsibility for the work is his purview.