Federal Reserve Chairman Jerome Powell admitted the obvious in his senate testimony today when asked about U.S. inflation. However, his testimony directly contradicts the White House claims.
Senator Bill Hagerty (R-Tenn.), member of the Senate Banking Committee, walked through the inflation timeline and asked Chairman Powell about the cause of the escalated inflation in 2021. Powell admitted the massive rise in inflation had nothing to do with the Russian invasion of Ukraine. WATCH (02:16 Prompted):
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Powell did not have an accident……
He’s old but he will learn how to do back flips unless he wants to “spend more time with the family”.
What do you think the Insider Trading Scandal was trying to do? And what caused it to fail?
Powell is retiring to spend more time with his family.
He just got a new term despite them trying to oust him. He’s on a Revenge Tour now.
Good for him. I expect this is the last time he’ll have a public forum though.
“The way to crush the bourgeoisie [middle class] is to grind them between the millstones of taxation and inflation.” ~ Vladimir Ilyich Lenin
The quote by Edward Mandel House – on this page , is the answer to the mystery that not one person in 10,000 understands …the ancient system of ” pledging ” … you and your children are declared a ‘ banker asset ‘ … G.Edward Griffin covered this in his book – THE CREATURE FROM JEKYLL ISLAND .
The quote will be enough for now : GlobalistAgenda.org
about halfway down the list
“The banks… have the regulation of the safety-valves of our fortunes, and… condense and explode them at their will.” –Thomas Jefferson to John Adams, 1819
^^^^^ this guy gets it.
“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output…” ~ Milton Friedman
“only by a more rapid increase in the quantity of money”
Yes .. but then go on. Increased money, means increased borrowing (=debt) since money is only borrowed into existence (aside from limited amounts of currency and coin). What drives the borrowing? Lower rates (until recently). Why did rates fall? Because central banks bought 100s of billions in bonds every month (floated by our insolvent federal govt), driving down market yields. So inflation (higher prices) is always and everywhere a CENTRAL BANK PHENOMENON where central banks COUNTERFEIT electronic money to buy those bonds. The Fed creates the electro cash to buy those bonds OUT OF THIN AIR. At our expense.
Even the high priests of finance have failed to understand this process (claiming they are merely asset swaps). Yes they are swaps, but only after they have snapped their fingers to create the requisite amount of money of zero maturity (MZM) with which to do the swaps.
Yes, lets go one again. Why did they do it? I would suggest it was a way to tax the populace to deal with our massive dept payments and to free up some room for more spending. If in the process there was some laundering it would not surprise me.
Well it’s part of the general economic news but it is good kind of bad:
Kellogs is suffering. They should suffer even more and hopefully the future will bring that about.
Anyone who isn’t already boycotting Kellogs is supporting one of the most woke corporations around. I make a point of buying alternative brands for anything they offer.
https://donsurber.blogspot.com/2022/06/kelloggs-goes-woke-gets-broken-up.html#more
Kellogg will spin off its North American cereal division, which was its only product when the company began in 1894.
Cereal sales have stagnated for Kellogg, hence the Hail Mary gay promotion. (I always had my suspicions about Froot Loops.) Less than 20% of its revenues come from North American cereal.
“The Kellogg Co.’s board of directors have approved a plan to break the company up into three independent businesses — global snacking, North American cereal and plant-based foods.
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Plant based food is their fake meat operation. Because there is so much customer driven demand for fake meat. Hopefully, it too will die a death it well deserves.
Snacks is the big one. 80% of their revenue comes from that. Not surprising that such a woke corporation earns its living selling empty calories.
And, assuming for the moment they COULD get us to eat faux meat “plant BASED food”, who’s to say they wouldn’t add ground up “bug meal”, …hey, bugs EAT plants,..so they are “plant based”,…..right?
Joe Biden has been producing Disinformation. I am stocked.
Too bad the shelves at Walmart aren’t
Recession is coming with or without Federal Reserve Chairman Jerome Powell and for that matter so is inflation. Tapping the interest brake is too late.
And these are the ones saying they can accurately predict and therefore prevent climate change, while admitting their ECONOMIC modeling was WAY off.
NOW-SOOU!
Not Our War-Stay Out Of Ukraine.
Would you risk your career and reputation for Joe Biden?
He is not about to do that. Especially when it is so obvious that Putin has nothing to do with the crap Biteme has caused..
Not bad. Not sure who the questioner is but, he appears to know what is going on. The Fed cannot save us. If the peoples’ representatives wish to build a large enough noose to hang us all, the Fed will have little choice but to provide the financing. Of course, they cannot literally manufacture money. If a nation could print its way to wealth, there would be many many nations far richer than us. Try explaining what seems so simple to a progressive, however. The recent increase in the targeted fed funds rate of more than stated reflects a fear they see inflation accelerating probably. It is certainly having a cooling effect quickly with the rapid rise in mortgage rates virtually shutting down the housing market. Equities have been sliding all year with a bona fide bear market declared after a 20% decline in the benchmark S&P 500 from its high. That is making people feel poorer especially the boomers retiring or already retired and watching their nest eggs decrease in value. Unfortunately, fossil fuels being such an integral part of our standard of living and providing cost efficient fuel for a wide variety of uses are going to continue to increase in price as people pretend battling an imagined climate crisis as more important than people eating or even living. The Fed cannot stop that. And that means they cannot really stop inflation when it is structurally built into regulatory and fiscal policy. I guess they will keep handing out money they print to help pay for it since that is all they can do, I just read they had Joe sign his name to a piece of paper suspending the gas tax, lol. That will buy you another day or two maybe.
Powell went off script … therefore, such comments will be avoided by Biden’s media lapdogs … it’s always Russia, Russia, Russia as the drumbeat to blame …
Another no shit Sherlock moment.
Jerome must be planning to retire before his 401k vanishes.
CYA , but Powell hasn’t done much looking in the rear view mirror.
My first thought was, “If a tree falls in the forest…”
I have learned not to buy any S&P Put contracts when this guy speaks publicly. He always juices the market with his hopey hope talk. I heard him say they cant do anything about energy and food inflation and the idiots still bid up the price.
Oh well it should crash through 3690 tomorrow.
Gee, JEROME, Ya THINK???? What happened, did you have a “brain trust” session with “I have no clue about inflation” Yellen?
With Biden friends like this- you get economic crashes like we have now
Whoa! Whoa! Whoa! Wait up there buddy! Whadaya mean its not Russia? Putin bad…
Despite Biden’s lies, anyone with a functioning brain cell in their head already knew the inflation was due to Biden’s policies.
Well then that excludes pretty much everyone in the swamp and the very fake news hysterical drive by media. You’d need a special microscope to find one nano particle of a brain cell among that lot.
What a load of fecal excrement from all sides !
What ever hourly wage one earned in 2000 to be at the same economic level in 2022 you would need at least a $70 dollar per hour raise added to your 2000 hourly wage .
We all know that cannot happen . The very existence of the Federal Reserve System is the problem along with government policies destructive nature for American working people who were tossed under the bus 50 years ago and now those insulated from the damage they have caused want to back over all who are under that bus !
Note the vaccine Plandemic though still killing people it’s not fast enough for their ultimate WEF/NWO plan . Thus the maneuvers to make fuel and food unaffordable while pressing ever forward to disarm American citizens especially those under that bus backing over us !