We've maintained that the inflation we're seeing is a result of bad decisions made by George W Bush, Obama, and Trump, all of whom spent money like drunken sailors. Yes, they were supported by Congress (Paul Ryan being a major jackwad here). But besides Congress, there is the Fed, which had to print the money these ..........f'n politicians.........were spending.
Along comes an essay about a retired Fed governor named Hoenig, who voted against every one of those "Print Mo' MONEY!!" schemes. He was concerned about the inflation--and more.
...“Between 2008 and 2014, the Federal Reserve printed more than $3.5 trillion in new bills. To put that in perspective, it’s roughly triple the amount of money that the Fed created in its first 95 years of existence. Three centuries’ worth of growth in the money supply was crammed into a few short years....
...Throughout 2010, the FOMC votes were routinely 11 against one, with Hoenig being the one....
...While Hoenig was concerned about inflation, that isn’t what solely what drove him to lodge his string of dissents. The historical record shows that Hoenig was worried primarily that the Fed was taking a risky path that would deepen income inequality, stoke dangerous asset bubbles and enrich the biggest banks over everyone else. He also warned that it would suck the Fed into a money-printing quagmire that the central bank would not be able to escape without destabilizing the entire financial system....
And here we are! We still have General Motors, the President of which fought Trump tooth and nail over manufacturing respirators!! (She lost). We still have JPMorgan Chase, which turns over personal bank records to Congressional committees as though they were merely playing cards!! And we still have Goldman, Sachs, which has financed Red China's theft of US manufacturing jobs AND which created a bio-weapon called Covid-19!!!!
The Fed--and eventually, your grandchildren--financed all those predators.
Happy?
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