How is Janet Yellen Getting Away With It?
Why is Janet Yellen Treasury Secretary?
They get away with it for a while. Then when the consequences hit, they duck, bob, and weave desperately to try to avoid blame for their policies.
“Deficits don’t matter,” said Vice President Dick Cheney.
That was in November 2002. The national debt was $6.325 trillion.
Today the national debt is $30.420, almost five times the size. How did it get so large? Because of the accumulation of Cheney’s “don’t matter” deficits year after year.
So, deficits decidedly do matter.
Janet Yellen, the former chairman of the Federal Reserve insisted that rapid growth of the money supply would not lead to inflation. The old verities about debt and money printing were outdated, she said. So, inflation was “manageable,” “small risk,” and “not a problem,” she said.
No wonder the Fed created $8 trillion since 2008. The old verities had been overruled by geniuses named Yellen, Powell, and Biden.
Except that now we have the highest inflation in most people’s lifetimes. And record-high gas prices. And sharply higher mortgage rates slamming both buyers and sellers.
So now that the inflationary cow is out of the barn, Treasury secretary Yellen is on an apology tour confessing that she did not “fully understand” inflation.
Then why should she be the Treasury secretary?
Yellen’s tune has changed. “I do expect inflation to remain high, although I very much hope it will be coming down now.”
She hopes? Do we get the foolish drug of “hopium” in the place of badly needed insight? That’s Yellen for you. Five years ago, she shared her hope for the rest of our lifetimes and her doubt that there would ever be another financial crisis:
“Would I say there will never, ever be another financial crisis?” Yellen said. “You know probably that would be going too far but I do think we’re much safer and I hope that it will not be in our lifetimes and I don’t believe it will be.”
More hopium. More ungrounded beliefs.
The truth is that inflation has been understood for centuries. It is the destruction of the purchasing power of the currency.
We warned you about it while the money printing splurge was going on.
Now there’s a hurricane headed your way. Preserve your wealth from the mismanagement of our money by Yellen and Powell. Protect yourself from Biden inflation with gold and silver.
Speak with a Republic Monetary Exchange gold and silver professional today. Before the next shoe drops!