Boy I’m glad she decided to take one last question at the end of her G7 Finance Minister press conference, because that one question was the one that mattered…. and it didn’t come from a U.S. journalist (go figure).
In this Q&A with Treasury Secretary Janet Yellen she is asked about massive ongoing inflation and why she is not worried about it from a U.S. monetary policy perspective. Her reply is jaw dropping. [Video at 25:10 prompted]
First, note the words used “my personal opinion is“, that’s a key *tell* that she is now shifting from economic discussion into the manipulated words of a U.S. political appointee who is in place to support the absolutely insane policies of the JoeBama administration. However, what she follows with is beyond absurd… it’s professionally false and filled with gaslighting.
Yellen says the COVID pandemic caused “DEFLATION” in 2020 and we are now circling back to year-over-year comparisons in pricing, and that is creating the illusion of inflation where no inflation exists. She claims pricing is returning to where it was at pre-pandemic levels. This is an absolutely absurd statement that every single reader of this site can see, feel and absorb in their own lives.
Her example of Airline prices returning to pre-pandemic levels is devoid of reality. Airline prices are dramatically escalating because fuel and energy prices have risen 40% or more over the past five months. When the airline industry was hit by COVID impact, to manage costs they shut down operations – reduced flights, put planes out of commission, eliminated on flight services (food beverages), and downsized their entire industry. They did not significantly lower prices.
Secondly, Housing prices did not drop…. rents did not lower… mortgage rates did not decrease… grocery store food prices did not drop (they went up)… “Away from home” food prices did not drop (they stopped or stayed the same),…. the cost of cars, hard goods, durable products, did not drop. Nothing dropped in price. Instead the sellers of products and services modified their businesses (or shut down) to adjust to the drop in customers. Barbers and hair stylists did not lower prices…. nothing dropped.
Businesses did not, DID NOT, lower prices. If anything, they added surcharges for modifications to their business.
Inflation rates this year have absolutely nothing to do with lower prices last year and “return to normal” prices this year. She is selling nonsense.
THAT is professional gaslighting from the Treasury Secretary of the United States. Quite remarkable.
Sundance you hit it out of the park with Moonbat Parseltongue. I envy your way with words, I would not have been nearly as polite.
Parseltongue
I have more econ credit hours than Geithner and Obama together.
She is out of touch.
She down loaded a word salad app.
She is into word salads and SloJoe gets his speeches looking down into a bowl of alphabet soup.
Transitory is the key word. We can only hope she, and this band of transitory actors, are transitory. The transitory occupation of our Forbidden City on the Potomac will quickly pass as the transitory use of our transitory military as a wall of protection is, in fact, transitory.
“Perhaps I have made a fool of myself, but that can always be remedied with a little bit of dialectics.”
— Karl Marx
AKA, The Fudge Factor.
The field Yellen practices – neo-classical economics – is pseudo-science dressed up with mathematical equations. That’s why every statement by these charlatans is laced with obfuscation, hedges and escape clauses. One day historians will examine how these charlatans got in a position of power over us & conclude it was by convincing everyone with propaganda and scams, such as the fake Nobel prize in economics, that they practice something resembling hard science. They don’t.
G. Edward Griffins book on the ‘FED’ , Creature From Jekyll Island calls the creation of money from nothing – ” The Mandrake Mechanism ” , after the famous magician.
His you-tube talks are well worth a look.
This crap has its origins in Babylon
Bought / red the book mid 90’s, time to watch,
What’s with this Marxist Xiden cabal and their “circling back” nonsense???? Is that a NWO Great Reset code for liar deflection?
what we are experiencing is the changing back from the economic train America was on..
with Trump we were on the America First train.. a train that takes care of its own crew first..
but not anymore.. it’s back onto the international train.. where other countries decide where Americans belong..
a train that economically forces Americans to sit at the back of the bus.. in third world class..
where the current regime thinks Americans belong..
American GDP pays for much of the worlds needs after the City of London gets done redistributing it. The Federal Reserve Act is a case study on the virtues of Capitalism over any Collectivism
That’s how Obama likes it.
Many are posting about the differences of buying power during different eras. I am a new contributor and not quite up to speed on posting links but I have found links in a few posts so I will throw out a link I found quite interesting. Inflation Calculator allows you to see the buying power of the USD over time.
Source: https://www.usinflationcalculator.com/
The second edition of Yellen is worse than the first.
Shes one of the worst JoBammy appointments.
only geitner is worse than Yellen
Why are you all concerned with inflation? You simply take your million dollar Chinese bribe money and invest it in stock market and you will have plenty of money to buy steaks and gas and electricity at Biden rates. Hunter is doing great.
Beware of the smart, dumb. Dumb, dumbs know their limitations. But smart, dumbs don’t.
Money. What a fun concept. What is money? It is a “unit of exchange” which allows a worker to accept a certain number of UE for each hour of work and then to exchange those UEs for goods and services. The vendor of the goods and/or services agrees to accept the UEs at a set rate called the “price”. The vendor then uses the UEs to replace his/her stock of products/services. In theory, the value of the UEs is based on the quantity of them available for use versus the demand for them by the market place. Supposedly the value of the UEs is set by the issuing institution based on its “full faith and credit.” As faith in the worth of the supply of the UEs and the credit of the issuer decline, the price of goods and services rises. We call that “inflation” when it is actually a decline in the desire of the workers to accept the UEs as exchange tokens for their work. For a true look at “inflation” one needs to examine the ‘purchasing power parity’ of a good over time, i.e., how much work did it take to buy a gallon of milk in 2018 versus 2021.
Yes. But don’t use milk. Use beer.
Both are regulated.
But only milk is “price controlled.”
Yellen looks and sounds like you grandmother’s pinochle partner at the Retirement Home, giving a lecture on String Theory.
When I listen to anyone chosen by the Obama/Biden administrations, I’m always amazed at how these obvious dolts ever managed to rise to the levels of authority and income they’ve achieved. As my dad always used to say, “they make money in spite of themselves”.
This is the Rothschild “black Magic” I often refer to. The more public the deceit the stronger the magic. Two thirds of America thinks she has their best interest at heart
That would require one actually having a heart!
WTF….
The whole of this administration are in over their heads…..
Well Ms Yellen it’s been said,”Quicksands got no sense of humor, but I’m still laughing like hell”
I think she (Yellen) is a hybrid moonbat/dingbat.
This whole conflict since HRC got her ass kicked is an accelerated NWO plan by the Central Bankers. We are moving to a decentralized monetary system and the Federal Reserve (NY branch called FOMC) planned to rollout out their own DEFi (Decentralized Finance) currency that was still controlled by them, the Fed
There is a group that I think has been present since at least Bill Clinton that intends to put in place the Quantum Financial System that will use some form of AI to decentralize our monetary system. Blockchain will be included but it will involve payments and disbursals more so than the currency itself. I think the QFS is being rolled out by our military.
If you want to keep score watch where the Federal Reserve is domiciled. Last March PDJT pulled the Federal Reserve into the U.S. Treasury. As long as this continues the Rothschild backed Global Bankers are out of luck. You can also pay attention to the price of Bitcoin (Central Bankers Bridge Digital Crypto- Currency) It is the scoreboard for this non kinetic war.
Inversely Silver and Gold Prices will let you know how the good guys are doing.
Yep. They think we’re stupid. Sadly, the behavior of half the population in reaction to the COVID scam supports their belief.
This is intentional hyperinflation, intended to collapse those sectors of the economy that were not flattened by the plandemic and the lock-ins. Small business was wiped out, the individual entrepreneur crushed and the work ethic of the people eliminated by the plandemic. Most businesses that remain are conglomerates, owned by coke-snorting coupon-slipping scions who are already progressives and democrats, and these are in bed with the state and can be nationalized at any time. When the big enterprises falter under Zimbabwe-style inflation , the regime will “have to” take them over, and we will be China in yet another way. Down with the dictatorship! Biden and Mugabenomics delenda est!
What? That woman is daft!
Prices didn’t drop when the pandemic hit. They went UP! And now, thanks to Biden’s “America Last” policies, they’re going up MORE.
HEY. DO ME A FAVOR, WILL YA?
If you have a friend, a neighbor, or a relative who voted for Biden, tell them I said “Thanks, a$$hole!”
Seriously.
Bottom line is this: These people are not really that stupid, they just really, truly believe that we are.
The supply chain is clogged and will remain so for a long time due to production and transportation limitations.
When the world is shut down for a year and then opened up, pent up demand is huge. The supply system is not designed for sudden surges and cargo ship, port facility, rail and truck transport cannot supply the demand because to increase most of those requires long lead times.
Plus, manufacturers don’t want to greatly expand production because they don’t want to be caught with expensive excess production capacity when the surge ends. Increased production in the electronic chips that go into almost everything these days has a HUGE lead time and is a HUGE expense and chip shortages are now limiting many things including car production.
So, the increase costs due to a combination of fedgov cash handouts created via massively increasing public debt which increase the currency in circulation combined with this supply chain clog which will not go away quickly means inflation. Combine that with this and we may see stagflation and continuing high unemployment:
35% of Small Businesses At Risk During The Summer of ’21
Jun 2nd, 2021
https://www.alignable.com/forum/alignable-35-of-smbs-at-risk-during-the-summer-of-21
Despite expedited COVID vaccinations, eased restrictions in many states, and accelerated re-openings of several different industries across the U.S., Alignable’s June Revenue Poll shows that 35% of all small business owners are still at risk of closing permanently by the end of this summer.
Conducted among 3,772 small business owners from 5/22/21 to 6/1/21, Alignable’s June Revenue Poll results reflect cumulative negative effects of COVID, inflationary pressures including the rising prices of gas, supplies and employees, as well as increasing labor shortages. In fact, 55% of those polled said they’re having trouble finding employees, up 5% from last month.
Beyond those challenges, several polltakers reported that they are still not fully open. Some say they’ve had to take a second job to keep their small business afloat long enough to see if it actually has a chance to recover after COVID subsides.
“Increased production in the electronic chips that go into almost everything these days has a HUGE lead time and is a HUGE expense and chip shortages are now limiting many things including car production.”
I heard China makes about 70% of the chips.
Who are the idiots that facilitated that?
Yea, that was some kind of double speak. I believe that she lost her train of thought at least 3 times and then realized that she was saying too much and wondering what did that nice young man ask me.
Does she really, really, think that all of US are stupid enough to swallow her BS? Give me a break! Too bad the reporter didn’t push back so that she could have gone even further into the land of moonbats! Who knows, she may have even given us a tour of unicorn village.
Ditto with respect to rising prices in every area mentioned in the post above as I am experiencing here in Southern Virginia.
Gaslighting…why not just outright lying?
Another JoeBama administration liar. Who’d a-thunk it?
Is there anyone in this entire admin. that is not a complete nutcase? Anyone? WTH…where did we find all these losers?
I am so disgusted with every damned one of these mindless fools. Not a single brain cell in all of DC
MACRO ANALYTICS – 04 29 21 – MAY – Covid Has Triggered The Next Great Financial Crisis
Janet Felon. The “labor” economist.
Everyone should work for the state!
We’d have 0% unemployment!
In Janet Stalin we trust!
Bureaucratic Utopia at last!!!
/s
I appreciated hearing PT call inflation the, “stealth tax” the other night. I’ve been calling it the, “silent tax”, after a banker I used to visit volunteering at a nursing home, liberated me from my economic ignorance. RIP Jack.
However, PT’s language is a little more accurate, IMO, so I will adopt it.
Great “translation” of the fed newspeak SD.
Democrat Depression in 5, 4, 3, 2…
I seek accountability for criminal behavior by this administration and the people that committed fraud to put it in place. Yellen remains a problem for the sovereignty and economic health of our nation. This time, she supposedly works for the US government (Treasury not Fed) but seemingly still in concert for foreign entities and bankers.
Sec Wizard Yellen: “pay no attention to the Woman behind the curtain!”
As Toto continues to pull at her curtain and expose Yellen’s furtive gestures to project her Giant Controlling Image, America will see and Feel the futility of Biden’s economic plan to redistribute our wealth and destroy America First and the Middle and Lower classes.
Sure is looking like DeSantis and Trump are very good friends.
I have never heard such drivel from someone who wasn’t president. Sounded like a conversation between my flea-bitten hounds and stump.