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.
Insane – Irrational – to even say something this STUPID !
On the reverse of the $ 1 ‘ dollar ‘ Federal Reserve Note it says :
Novos Ordo Seclorum
New Secular Order or New World Order
( In our face the whole time )
Judging by the comments of yours I have seen in the past, I take you to be one who would not wish to mislead anyone; and, I hope you will view the following as an honest attempt to inform rather than criticize…
I find no source that translates “Novos Ordo Seclorum” to either “New Secular Order” or “New World Order.” However, multiple sources define it as a Latin phrase meaning, “A New Order of the Ages.”
The reason it’s on the reverse of the U.S. Dollar is because that bill depicts both the front and reverse sides of the Great Seal of the United States; which, was designed and adopted in 1782 during the time of the Second Continental Congress.
Having undergone only a very few minor changes during its existence, it might well be considered an American original; and, it’s important to note that one part of its design that has never varied is the motto, “Novos Ordo Seclorum.” As with the original U.S. Constitution, the original intended meaning of the phrase should be regarded as unchanged even today.
One of the Seal’s two original designers was a Patriot named Charles Thomson, a man of many talents and achievements; including, being Secretary of the First Continental Congress in 1774, the Second Continental Congress, 1775–83, and the Confederation Congress, 1783–89.
He also taught Latin at Ben Franklin’s Philadelphia Academy; so, he was obviously proficient enough in Latin to know its true meaning, as accepted at that time, when he stated that the words “Novus Ordo Seclorum” signified the beginning of the new American Era, which commenced from 1776, the date of the Declaration of Independence.
My sources for the above; and, many additional interesting facts about Charles Thomson, can be found by clicking the following two links…
Official 1782 Explanation’ of the Great Seal of the United States
Thomas Jefferson to Charles Thomson, 9 January 1816 (archives.gov) *
*Read past Jefferson’s letter.
I guess it could be interpreted that way.
NOVUS means new, young, novel, or renewed.
ORDO means order, row, or series.
SECLORUM means ages, generations, or centuries.
Roman language from 2000 years ago. RCC is the current Roman Empire and they are attempting the Fourth Reich right now as the try to maintain control of our currency. Keep in mind they want their IMF quotas to be paid in 25% gold “Money” and not currency.
Federal Reserve is about as government backed as Federal Express
She taking one for the team. To admit to high inflation is to open up the question as to what role Xidens policies (I know he has no actual policies he merely recites what’s handed to him but for the sake of argument we ll use “policies” for now). To open him up to questions is to make him .. and more importantly Harris.. vulnerable to blame. Biden is to fragile to be allowed to take responsibility and its too early to jettison him.
She also said Higher Interest Rates arent a bad thing in the same speech. Her group which is the “Empire of the Cities” hidden within the Jewish religion (Babylon Talmud) plans to crash the dollar and bridge to an encrypted digital currency they control. This was their intended replacement of the dollar. The dollar is currently the world’s reserve currency since 1972 Bretton Woods.
Their sequence is to delay by using the term “Transitory Inflation” and then jack up interest rates next year and bankrupt the world . City of London via Federal Reserve (Fed was authorized by our Congress in 1913) will rescue us all with their digital currency that only they will have the encryption for.
The stupid has grown very, very large.
Insane – Irrational – to even say something this STUPID !
That’s what Lewis Gibbs said.
Does Gibbs live in Colorado? 🙂
I don’t see any inflation. I get everything free. I’m a D voting non-citizen.
The other day at my market, several customers were discussing where to get fresh lobster…on LINK. (Frozen isn’t good enough, you see – must be fresh.)
BTW, this is Illinois.
Lumber and Steel are high energy users. Biden’s war on oil is the reason for inflation.
By the way you don’t fight inflation with a discount rate at of .25%. Should be about 5%.
Chy-na Virus spreading in the meat packing plants also caused shortages of certain product.
And then there’s the problem of not enough people willing to work in groceries (and many other jobs), because it pays better for most to stay at home, collect free hand-outs, and party like it’s 1999.
Everything President Trump did to bring jobs, independence, and self-worth to the Black community…Buyden undid in a matter of months.
??
When you federally subsidize unemployment in addition to state unemployment you are going to get a lot of able bodied workers staying at home because they make more.
We will see this trend until at least September so the job reports will be dismal in the meantime.
Pipeline shutdowns. War on gas guzzling vehicles. Higher price at the pump.
The higher the inflation rate, the better the economy, right ? Most popular *resident and best economy in history. Lunch Pail Joe. Wee.
Absolutely. That is why we remember the Carter years so fondly. The wonderful economy with sky high inflation.
Remember to set your thermostat to 80 in the summer, and 65 in the winter.
I believe that was 55, or was my dad just a cheapskate?
55 was our speed limit. ( But 55 can circle back to thermostat settings, also).
Carter years were actually pretty darn good to me , economically>>>> because the credit union gave interest rates at 20% on my CD. (Before Yellen and her ilk wrecked all that).
…. And I didn’t own or drive a car.
… yet my wallet tells me something different
Inflation is too many dollars and cold viruses chasing too few goods. Merriam Webster just changed the definition.
The “elite” live in a bubble insulated from everyday life in America. In other words, despite their education they are completely clueless and devoid of real world experiences. They talk amongst themselves and then speak publicly using the agreed upon language. We aren’t duped.
We are experiencing hyper inflation (gas, food, lumber, housing etc).
#morons
They’re not morons, they’re evil criminals. If they were morons they wouldn’t be controlling us. In fact a case can be made that we are the morons for our lack of vigilance, organization and messaging.
Bingo, also the “elite” aren’t phased when it costs $15 more to fill their gas tank or the meat they buy is 1-2 dollars more per pound.
They do not even know because they do not pump their own gas or buy their own groceries.
They dont know because they print money at will. That is why it is so deflated. There were some excellent comments about Nixon/Carter inflation a few post up. How much was a house in the 1970s, $30K?. What kinda car did you get for $4,000?
They have deflated the dollar by printing so much the great reset is the reset of the dollar
Madam Peasant, greetings!
We must get out of the habit of calling those people “elite”. There is nothing, and I mean nothing “elite” about them. They think they are so high and mighty, we must remind them they are not.
We have a few ‘American Blue Blood Families’…a few. The rest are the ‘political class’. They are not elite. They are not American Royalty.
By calling them “elite”, we are not giving ourselves enough credit for our own dignity and graciousness as Americans. It also has a negative psychological impact on us (us being the unwashed masses, so to speak). I have long believed that the average American probably knows better, which fork or spoon to use at a banquet table, than those in the cocktail party club.
Those in the political class or ‘decision makers’, make decisions and they are out of touch…they make decisions to benefit themselves only.
We must change how we ‘view’ these people….they have forgotten quickly, who they work for and must be reminded. And they put their pants on the same way we do…one leg at a time!
That said, we just should shut our wallets, tightly. Only buy necessities. Cash only. Resale shops, garage sales and farmer’s markets. Keep the old clunker running, change your own oil…
M Peasent, please stop calling them “elite”. They are organized criminals, just like the mob. In fact, the mob
has a better code of conduct than these thugs. They will attack your children, the old, the handicapped. They are
absolutely disgusting piles of repulsive pus. Think of them as dogsh*t, I do.
Well said, couldn’t have phrased it better myself.
“Standing Athwart History Yellin’ ‘Yellen’!”
Might as well–National Review isn’t using it anymore. They’d rather be ruled by the first two hundred Xis in the Beijing phone book.
You win Zinger of the day for that one on NR! Buckley is spinning in his grave…
She was a former colleagues economics professor….Just saying.
OK. Did having her as a professor make or break your colleague ?
I thought she was AOC’s econ prof.
“Transitory factors…”
Could that be 1)stolen election via voter fraud, 2)democratically run major cities allowing riots, 3)ISIS/Taliban/Al Queda coming back from the dead, 4)Iran behaving much more boldly, 5)North Korea returning to agitation, 6)China working faster to acquire Taiwan, 7) Hunter Biden getting a ‘go free pass’ from the DOJ among others via the absent Durham investigation, etc. and of course this list goes on and on…all tranistory like the new illegal immigrants/aliens/criminals/ druggies/terrorists who get all the benefits they don’t deserve while real Americans gather in homeless camps, many combat veterans and mentally ill while Harry and Megan take up air time with Oprah behaving as “privileged elite victims”
who can’ t stand the “bad Orange Man” among others!
Look at the dummies trying to run this country into the ground! White haired grandma shaking her head as she spins one lie after another.
Are we Americans really that stupid? Keep printing money, keep interest rates low, keep spending this newly printed money going deeper into debt….no longer is it necessary to “balance the books” in government.
But if I don’t pay my taxes Mr. Government Man comes calling really quick and with great anger! Yea, Jan. 6th was a real riot in Washingon, DC, but not in the way most think!
Tell me again how white is now black and black is now white…oh, you can’t without calling most of us racists! These are our leaders that were elected?
“At this point, what does it matter?” Take your choice: Sleep with the fishes or Hillary…we are committing suicide!
“Are we Americans really that stupid? Keep printing money, keep interest rates low, keep spending this newly printed money going deeper into debt….no longer is it necessary to “balance the books” in government.”
It has to be a plan. Something to do with the switch to make believe electronic currency. and the domination of China.
There is no way the people in control could be this ignorant.
Once you understand that the plan is to destroy America, it all makes sense
They want to use a bankrupt American farmland to feed China
Tell the lie. There are so many people eating this garbage up they won’t stop. Unfortunately the useful idiots are prohibiting our progress in making our country better. In my eyes they’re enemy number one.
Enemy Number One is the media. They bring the insane message to the public without questions or any type of scrutiny.
There are several groups I could list as enemy 1, academia included, but I choose those who don’t challenge the religion of leftism. They are more accessible to me and I feel I’m able to at least reach out and challenge their way of thinking. Somebody has to because when their heads are buried in social media and they only get more BS to consume it’s almost impossible for them to see truth. So the American left is my enemy number one. The more of their minds I can change the more damage it will cause the lying corporate media. They lose another sheep and we gain another soldier for truth.
Central Bankers?
What ?
Is Covid also to blame for Joe Biden’s drop in IQ this past year, going from an estimated 82 to an estimated 72?
The absolute arrogance of these people who have continued for decades to pee all over us and insist that it is raining… and I do not have the words to sufficiently express my hatred for the MSM who continues to provide cover for them!
Yellen is answering with all the understanding of economics she has. Don’t be fooled by her title; it’s only to fool you to think she’s recognized because she’s the smart one when it only means she’s the front-man, the one who says what she’s told so you do what you’re told.
Stupid is the modern Democrat. What a sick, demented cult. If it were not for decades of cheat, these miscreants would be in the trash bin of history.
Moonbat is very apropos.
Eric in Virginia, do the lefties you live among feel Yellen speaks truth?
I doubt it.
No inflation-That is not the way WallstreetSilver (on reddit) which has grown since it’s formation in late Jan to 100,000 silver stacking people around the world. This group is active in educating people about the value of saving real assets like PM especially silver. Silver has met the test of time during inflationary periods of history. Silver prices have been manipulated lower by selling paper in hedge funds. The world supply of physical silver is dropping as demand exceeds supply. The WSS group is exposing the manipulating by Banks and hedge funds that do not represent the true value of or needs in a high tech world for the metal.
According to Sprott, paper silver is oversold and any run could cause a Gamestop-like situation with silver. Time will tell, but either way silver is a nice hedge against inflation or any USD currency issue.
Our Military via the “Space force’ put in 24 Quantum Satellites these past 2 years. The Federal Reserve SWIFT system which is the network for international payment and money transfer went down February 24th of this year. I believe this is when the new Quantum Financial System was put in place alongside the current Fed Monetary System.
I also believe that this new Quantum Financial System will be activated in very short order once Election 2020 is resolved. It will be an unhackable 3.5 trillion beams of light a second that process internet data packets not 64 bytes and bits. This is not a recommendation but the new QFS will be currency backed by Gold and Silver. Silver should do very well
Snake oil salesmen doing what they do best and hoping there are enough suckers to take the bait. Ignore your dwindling funds, higher cost of goods & services etc…it’s all normal. Only a dolt would believe such BS.
Why surprised? She’s part of one of the biggest crime syndicates….The Federal Reserve, a crime family on the “commission” of global banking. She’s a criminal on an individual level and on a corporate level. If the Fed was ever audited, RICO would be a useful tool
Exactly!!! This is what the Federal Reserve is there for–it’s a wealth stealing mechanism. Private bankers took over our money supply/currency in 1913:
https://www.lewrockwell.com/2021/05/gary-d-barnett/controlling-all-money-is-necessary-in-order-for-the-ruling-class-to-dominate-the-world/
This is what is happening now in this fake Covid fraud, which is leading to a reset and complete restructuring of all monetary systems. Make no mistake about it; this is about power and control, and it should be understood that without control over the money, control over the people is not possible. That is why this effort to digitize every transaction, eliminate cash, manipulate and possibly seize precious metals, and to control and regulate all crypto currencies, is so vital to the powerful criminal syndicate called the ruling class, and so devastating to the rest of society.
This all began with the Federal Reserve System, which has been a criminal organization since its inception, but has grown into something much worse. This private operation, its central banking partners, and the fractional reserve system, have caused all of the recessions, depressions, ups and downs, and extreme volatility in this country and beyond since the early part of the 20th century. This is a world banking system, and has become the head of the snake of world monetary policy. The U.S. government and governments around the world are now controlled by what has become a global banking cartel with the goal of global domination.
It is no secret that this crime syndicate called the central banking system, is actively pursuing a grand agenda of monetary consolidation never before seen in history, and with every part of government and its large corporate allies participating in this takeover, this is obviously a major attempt to finalize this coup in order to reshape the world so that all control will be held by the few in a new dictatorial system of technocracy.
Cash is being scrutinized and disallowed worldwide, and replaced by fully controllable digital transaction processes. It is imperative to understand that cash is private and untraceable, and no ruling ‘elite’ class will ever seek to allow privacy, whether in money and monetary transactions, business, personal behavior, and even personal thought. Privacy means freedom, and a fully digitized system means total surveillance and control of every aspect of life.
“Some people think the Federal Reserve Banks are US government institutions. They are not… they are private credit monopolies which prey upon the people of the US for the benefit of themselves and their foreign and domestic swindlers, and rich and predatory money lenders. The sack of the United States by the Fed is the greatest crime in history. Every effort has been made by the Fed to conceal its powers, but the truth is the Fed has usurped the government. It controls everything here and it controls all our foreign relations. It makes and breaks governments at will.”
~ Congressman Louis Thomas McFadden (hero)
These globalist bankers should face the gallows just as the Nazi war criminals at Nuremberg.
What an ignorant woman. I thought she would never stop talking. How insulting that she would think anyone with a brain would buy this.
Bumbling Aunt Agatha Yellen is nothing but an Obumwad retread. She sucked then and she sucks now. No credibility.
She’s got the same demon eyes as the rest of them.
But yeah, that was probably a misstep on their part. No one is going to actually believe that.
Is there no one in this administration that is competent? From the head of lettuce, occupying the Oval Office, and everyone in key positions, they are all idiots and un qualified to be in charge of anything. This administration is truly an embarrassment and a pathetic joke.
I remove slugs with beer in a small cup in my flower pots outside….good way to get rid of unwanted critters.?
” It became necessary to destroy the currency in order to save the currency ”
Just like a day in The ‘Nam
We have to pass it to find out what’s in it.
~pelosi
“We have to gut them to see what they’re made of”….
Me, just now.
Anyone who went to the grocery store knows that prices skyrocketed during the 2020 Covid panic. There were shortages (as Sundance repeatedly outlined in his supply chain seminars). Shortages cause price increases…I knew that in 6th grade. Will any so-called financial reporter, besides Charles Payne, point out the absurdity of this statement? Doubtful.
Absolutely nothing to do with “Money printer go brrr!”
Even if there were deflationary forces during the pandemic, one could still replace YoY prices with Year over Two Year prices (e.g. 2019). And the notion of “transitory inflation” vs underlying inflation is just a little too “just so.”
Personally, Speaking of circling back….which seems to be the communist regimes catch all phrase, I think its time to circle back to President Trump in the white house. At present its not a white house.
More of a whore house.
Think about it.
I remember when President Trump was trying to decide who to appoint as head of the fed.
He asked Lou Dobbs on his show who he liked and Dobbs replied “why not Yellen”.
Fortunately Trump didn’t pick her.
Say it ain’t so Lou. Say it ain’t so.
Ugh. This woman makes me sick.
She was a major perpetrator of the Wall Street/Mortgage scam back in the middle 2000’s, too.
Looong history of hating the regular people of this country.
Wasn’t surprised At. All when Biden tapped her for “service”.
Reporter: Tell me you’re clueless without saying you’re clueless.
Yellen…
Germany needed her when they were carrying wheelbarrows full of marks to buy a loaf of bread.
The next Financial Crisis will be caused by fiat money.
Therefore we won’t have the luxury of fiat money to fix it.
She and the FED are lying. They have no choice but to continue printing money to finance the government’s debt. The end result will be disastrous. The timing of the worst effects can not be specified, what is happening now is the beginning.
Economists and lawyers; build nothing, design nothing, sell nothing, finance nothing, manage nothing … in short they know nothing of about economics nor economies.
I always thought the lawyers were the worst till I looked at the International Bankers a lot closer
Sure, Jan.
(2x4s disagree)
The smaller packages at the grocery store are transitory, because, before long, the packages will get even smaller.
Or stay the same size with a lot more air inside.
I am suddenly getting a lot fewer pots of coffee out of each bag….
When old people smoke crack…
Old Yeller be tweaking.
Sundance refers to her as a professional gaslighter. I just call her a damned LIAR!
We’d be totally back to normal with President Trump. And now we’ve got these incompetents already making excuses for the rest of their term. Doesn’t she just fill you with confidence. Let me translate, “A bottleneck” is an economic shortage, intrinsically associated with command economics. Everything we’re seeing is intrinsically associated with command economics. This is going to be a train wreck. And you watch in three years they’ll still be trying to blame it on Trump.
They’re total incompetent boobs and that’s literally all they can do. That’s why it never ends. If Trump hadn’t come along they’d still be blaming President Raegan.
Spoken like a true elite. She’s probably never shopped for a family in her life.
Actually this is just standard moonbattery from Delusional Joe’s team.
She’s gonna’ keep an eye on it and circleback.
Man, I can sleep better tonight.
There’s nothing elite about her
She says – now some people may have lost jobs, those people may want to move to different sectors of the economy –
Um NO! Maybe these people want their old jobs and businesses back! WTH ! Maybe there shouldn’t have been a economic shut down that ruined peoples livelihoods that they may have worked to build for years. She is disgusting, a brainless bureaucrat. I loved President Trumps economic team, they were so smart and so dynamic.
More Yellen gaslighting. She’s just a O-puppet.
https://www.armstrongeconomics.com/market-talk/market-talk-march-23-2021/
FTA: Treasury Secretary Janet Yellen is calling for a “big” additional stimulus package. “I think the price of doing too little is much higher than the price of doing something big. We think that the benefits will far outweigh the costs in the longer run,” Yellen told reporters on Thursday night. Yellen has previously stated that she is not concerned with inflation, citing that there would be more long-term damage if additional aid was not provided. “Inflation has been very low for over a decade, and you know it’s a risk, but it’s a risk that the Federal Reserve and others have tools to address. The greater risk is of scarring the people, having this pandemic take a permanent lifelong toll on their lives and livelihoods.”
https://www.armstrongeconomics.com/market-talk/market-talk-february-19-2021/
Her Primary Objective according to our congress is full employment and control of inflation
We’ve had shrinkflation for years, primarily under Obamao. This is where product size gets reduced while price remains the same. Well, it’s back.
I fly airplanes for a living and this is most noticeable in hotels and airlines where services and amenities have completely evaporated. Gym? Ha. Jacuzzi? Forget about it. Room cleaning? Only by request. Snack service on a flight? Are you smoking crack?
It’s a scam/sham. Meanwhile $150 at the grocery store buys next to nothing when during my flight school days in 1998-99 that amount provided my family a month’s supply of food. My $2 Whataburger is now $5. Nothing to see here!
Just a Shill.
After turning trillons of dollars from monopoly money to real money, there will be consequences. Printing money out of thin air and making it real money is the scourge of inflation. It’s coming sooner than you think, folks.
Stercus!!!!!
Cryptocurrency is something the Federal Reserve Central Bank has a fear. Cryptocurrency takes fiscal power from the Bank and transfers fiscal power to the people. Cryptocurrency is gaining credibility throughout the World and not the other way around.
They don’t control it, until they do. Once upon a time they didn’t control banks either.
They created Bitcoin with the help of CIA. Bitcoin will go to zero