Federal Reserve Chairman Jerome Powell on Friday delivered a stark message on the state of the U.S. economy at the annual central bank gathering in Wyoming: Inflation remains painfully high, and cooling it will require forceful action that could bring “pain” to households and businesses nationwide.
In his hotly anticipated speech at the Kansas Federal Reserve’s Jackson Hole symposium, Powell reiterated a pledge to “forcefully” wrestle inflation closer to the Fed’s 2% target by raising interest rates into restrictive territory for some time.
“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” he said. “These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.”
This is how Powell will fix the inflation that he caused. Meanwhile, Democrats throw more logs on the inflation fire.
Yes, defund the Fed.
Meanwhile, money printer go brrrrr.
They will do nothing (or as close to nothing as they can while trying to look like they are doing something).
To really get inflation under control, they would have to raise the fed overnight rate to something like 16%. At 13% service on debt consumes the entire federal budget.
Hence, they will do nothing and try to inflate their way out of this. Optimistically a 2022 $ will be worth about $0.10 by the time this is over.
Remember, it’s only temporary. The people whose failed predictions caused the problems and fail to a acknowledge that fact surely have all the correct forecasts to fix it. Really.
And now all the working class gets to pay for student loans.
“The Gods of the Copybook Headings”
These @$$holes created runaway inflation, hid the runaway inflation, and now they say that they will fix runaway inflation, but it will unfortunately necessitate pain and suffering for the common man who must now bear the price for these misdeeds.
Is it time to start magically converting financial elites into piñatas? If not now, when?
You’re just lucky Canada doesn’t have any helicopters, black or otherwise, else you would be hearing them about now.
Haven’t you heard?
Even doing comedy bits in Canada can put you in the sights of Canada’s very own LiberNazis.
Dems spend, spend, spend to buy votes and appease the #climatecult, knowing the pain won’t come until after the midterms.
It would help if the US government stopped spending money like drunken sailors on shore leave. The student debt forgiveness plan by Biden comes to mind. As does the inflation reduction act. Only the government could rationalize reducing inflation by spending more money on it. Quick, hand me that gas can and I’ll put this fire out.
Please. Nothing has been forgiven … the student debt has been TRANSFERRED. Transferred to the working class taxpayers
Forgive me! On the one hand I’m glad I’m not a US taxpayer. On the other hand, sadly, I’m a Canadian taxpayer.
Stop blocking cheap abundant energy and inflation will subside quickly.
Of course this won’t happen.
Which reminds me … how is it not inflationary to mandate every Californian buy an electric car that costs at least $20k MORE than its comparable gasoline powered model?
Well, also stop printing money.
After his speech, North American stock markets turned south.
Bad haircut day.
Jeromio loves the desert … Jeromio prays for rain
Jeromio knows that pleasure … is the child of pain
https://youtu.be/qXItGTSh_Nc?t=206
Sorry … another guilty pleasure of mine … the 1970’s Michael Franks. Easy Metalguru … easy.
It’s a forlorn task when the government keeps creating inflation. It becomes then the policy to make people poorer.
It’s a forlorn task when the government keeps creating inflation
I’m old enough to remember when the Fed kept interest rates at ZERO alllllllllll during Obama’s years in the White House … just to make our FIRST half-black POTUS look good. Then jacked up rates when we voted for Trump in 2016
And still the economy roared, because Trumpian economic ideas were so sound.
the demons are doing this on purpose
they are following the commie plan to the letter
they want all of us to die
so they can repopulate north america
district 13 “hunger games”
Yeah … and we are all certain that the Guatemalans flowing across our border will do just as good a job with America as all those old dead white men. If you actually BELIEVE that … you are a clear and present danger to America.
The Case Against the Fed is a 1994 book by Murray N. Rothbard criticising the United States Federal Reserve, fractional reserve banking, and central banks in general.[1] It details a history of fractional reserve banking and the influence that bankers have had on monetary policy over the last few centuries.
Rothbard argues that the claim that the Federal Reserve is designed to fight inflation is sophistry, that price inflation is caused only by an increase in the money supply, and that since only banks increase the money supply, then banks, including the Federal Reserve, are the only source of inflation. He writes:
Unlike the days of the gold standard, it is impossible for the Federal Reserve to go bankrupt; it holds the legal monopoly of counterfeiting (of creating money out of thin air) in the entire country. . . . Neat trick if you can get away with it!
https://en.wikipedia.org/wiki/The_Case_Against_the_Fed#:~:text=Rothbard%20argues%20that%20the%20claim,the%20only%20source%20of%20inflation.
Let’s be completely honest: until and unless we have a mass uprising and literally remove these parasites from office, if not also life, our lives will continue to spiral downward. Their every policy points toward death of the masses; why can’t we return the favor? It needs to be said, and done. Them or us.