Janet Yellen admits she underestimated inflation, but she still does not realize that inflation is not higher prices, but the increase in fiat money that forces up prices.
By late 2021, fueled by trillions in newly printed money, gasoline prices had surged to ten-year highs. Now, even in inflation-adjusted terms, gasoline prices are surging to new highs.
The buzz in Washington is that the Fed is "fighting inflation." But this is like an arsonist fighting the fire he started.
Year-over-year PPI growth came in at over 10 percent for the sixth month in a row. This will put more pressure on the Fed to "do something."
The political class is trying to pull the wool over your eyes. Government spending and debt are just as important as taxes.
During April 2022, year-over-year money supply growth was at 7.23 percent. That's down from March's rate of 7.41 percent and April 2021's rate of 36.8 percent.
The Federal Reserve is raising interest rates in hopes of reversing some of the inflationary damage it has done for more than a decade. Unfortunately, the Fed already has done incalculable damage to the economy.
Peter Schiff once joked that Obama should have appointed Bernie Madoff secretary of the Treasury. The government's easy money policies ultimately lead to Ponzi schemes.
Conventional wisdom says a country should manage its debts, but what if debt has become uncontrollable?
Anyone who doubts whether we are in a recession can stop doubting. The Fed's reverse repos show that we're headed for a crash.
