Political Policy Confusion
The US economy “is in a better place than it has been historically.”
So says President Biden’s press secretary Karine Jean-Pierre from the White House briefing room. And we thought Powell and Yellen were confused.
It is said that a diplomat is a person paid to lie for their country. But they can’t hold a candle to presidential flacks.
Only a flack or a sociopath could look you straight in the eye at telling you that we’re in a better economic position than ever before. Obviously, Karine Jean-Pierre doesn’t pump her own gas.
“We are in a good position to take on inflation,” she announced. “We are in a good position to really start working on lowering prices.”
Right. One of the reasons White House aides are so shameless in defending their boss is that he has switched gears. He was blaming corporations and Russia for inflation. Now he has switched to blaming his PR people for not doing an adequate job defending him.
But in any case, we don’t need to “take on” inflation. We need the monetary authorities to refrain from inflating. But it’s a little late for that. The $8 trillion in funny money they conjured up out of thin air in the last 14 years is going to exert its cost.
But if they truly believe the economy is in a better place than ever in history, why don’t they leave things alone and they can bask in their success?
Because, as we all know, the economy is on the verge of something very unpleasant. You don’t have to be skilled at reading between the lines to know that they are ready to make everything worse.
Would you like an example? Here’s one from the popular financial blogger Michael Shedlock:
Last September, 20 House Democrats introduced the Fossil Free Finance Act, which would require the Federal Reserve Bank to take steps to stop banks from investing in fossil-fuel production. The bill’s goal was “no financing of new or expanded fossil fuel projects after 2022,” the Naderite group Public Citizen noted approvingly.
Sticking with $5.00 plus gasoline, someone wrote a piece in the Wall Street Journal called “Why Energy Companies Won’t Produce.” Simple. It’s because they expect the war on fossil fuels to resume when the current crisis ends. Here’s a snippet:
President Biden has urged oil and natural-gas companies to ramp up production, and you’d think, given the current high prices, that it would be in their interest to do so. But the industry has been slow to respond, with some justification. Companies expect that as soon as the current turmoil subsides, the Biden administration will shift back to hostile rhetoric, anti-energy legislative proposals, and oppositional regulatory policies.
Just remember that the same confused philosophies, policymakers, and presidential appointees who have made a trip to the gas station a heart-stopping experience have been subverting the value of our money for a very long time.
We say get out of their way. Preserve your wealth with gold and silver and do it now. Because the proverbial chickens are coming home to roost.
You need to own gold and silver because Washington remains as confused as ever!