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Powell vs Biden: No, inflation isn't "Putin's
Price Hike"

Original Article

Posted By: Garnet, 6/23/2022 12:27:19 PM

To be fair, hardly anyone has bought Joe Biden’s blame-dodging line anyway, but this stings coming from Jerome Powell. Yesterday, the Federal Reserve chair told the Senate Banking Committee what anyone who can read a chart already knows. Inflation hit corrosive levels in the US long before the war in Ukraine began: (Snip)Sen. Bill Hagerty (R-Tenn.) elicited the remark from Powell at a committee hearing after laying out the fact that inflation grew higher over the course of 2021. “I realize there are a number of factors that play a role in those historic inflation that we’re experiencing — supply chain disruptions, regulations that constrain supply, we’ve got rising inflation

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Reply 1 - Posted by: Solid_Oak 6/23/2022 1:26:59 PM (No. 1194535)
Everybody knows that Biden (really Obama) caused our inflation situation, and it wasn't an accident - it was intentional. Obama is a Marxist, just like his Dad and Mom. Enemy #1 for Marxists is free market capitalism. Obama's goal is to transform this country into a Marxist based socialist/communist country. To do so he has to put our economy in the ditch (if people are enjoying the fruits of free market capitalism, they won't be interested in transforming to anything). Smart Marxists know that an abundance of reasonably priced energy (gas, oil, coal, etc.) is the Mothers-Milk of free market capitalism. So, on day one of this administration a ton of executive orders came out to kill the Keystone Pipeline, kill Anwar, and regulate the hell out of the leasing, permit and pipeline delivery processes. Production (supply) was drastically cut, and the price of energy quickly went up. That in turn sparked inflation across the board. Then they passed the 1.2 trillion stimulus bill in March 2021. That increased "demand" significantly and put inflation on steroids. Obama hopes that things will get so bad people will plead for help from the federal government. If that happens, and it's very possible given where we are as a country, Obama will be ready with the answer - transform to Marxist socialism/communism.
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Reply 2 - Posted by: Solid_Oak 6/23/2022 1:48:24 PM (No. 1194552)
A few more things. Yes, the Fed was slow in responding to the inflation, but they were not the root cause, as outlined above. Also, this has nothing whatsoever to do with climate change (which is a hoax to begin with). Marxists disguise their motivations behind global warming/climate change. Have you noticed that the remedies these people offer in response to global warming/climate always have two features to them. They either make free market capitalism less efficient, or more costly, or both. The environmental movement has been the home of the Marxists around the world for since the 1970s. They are watermelons (green on the outside, but bright red on the inside).
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Reply 3 - Posted by: wakeupcall 6/23/2022 2:50:12 PM (No. 1194607)
Inflation is caused by governments spending money that they don’t have. In the case of today's inflation your Global Marxist Communist democrats/republicratsGOPeRino's and voters have approved the spending of $5 Trillion dollars that they do not have, plus with plans of spending another $3 Trillion dollars before the end 2024. 91% of their first $1.5 Trillion went to democrat controlled states and cities to pay for their debt incurred by their continuous spending billions more than they have incoming taxes. October 25, 2020 Biden himself with a slip of his tongue, for once told the truth of the Marxist Communist democrats. Speaking to former Barack Obama staffers on Pod Save America, host Dan Pfeiffer asked Biden what his message was to people who have not yet voted. https://youtu.be/C6u1uKznCYw --- You need not watch the whole interview. His vote Fraud confession begins at 18:10. Joe Biden: “Well, first of all, you know, uh, what really rankles, uh, my opponent is I say that, uh, the thing that bothers him most is he’s not a patch on Barack’s jeans.” “Secondly, we’re in a situation where we have put together — and you’d [sic] guys, did it for our, the president Obama’s administration, before this — we have put together, I think, the most extensive and and inclusive voter fraud organization in the history of American politics." So there you have the cause of America's historic inflation.
1 person likes this.

Reply 4 - Posted by: DVC 6/23/2022 2:53:32 PM (No. 1194611)
Inflation is NOT a "price hike", it is your money being devalued by the government.
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Reply 5 - Posted by: DVC 6/23/2022 3:05:44 PM (No. 1194624)
The Fed, by creating huge, historic quantities of money by their Quantitative Easing has been juicing up the economy (crystal meth for the economy) for many years. Now the Fed has two tools for putting the inflation that THEY CAUSED, in response to the government overspending, to put inflation back to a lower level. First they can raise interest rates which will crunch the economy pretty badly, but the economy will come back relatively quickly. In the early 80s, this was the only tool available to the Fed. But now, all that "Quantitative Easing" assets acquired by the Fed can be sold in a "quantitative tightening" which could actually SHRINK the money supply directly, a tool never previously available to the Fed. Whether Powell is bright enough to see it, or brave enough to do it.....remain unknown. But his intelligence and bravery have never seemed to be notable previously, so I am skeptical that the Fed will do anything but the standard "raise interest rates high enough to fix it". Last time, they raised the Fed funds rate to 20%, and I had a friend who got a mortgage at 17%!! But because it was so harsh, it helped rapidly reduce inflation, at the price of a serious recession, but a fairly short one. Unfortunately, Powell has said he wants "a soft landing"....which probably means prolonged pain for much longer than having a short, sharp recession. We truly do have idiots, cowards and corruptocrats in charge. They do not inspire confidence.
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