Posted on 11/30/2021 8:47:28 AM PST by blam
Remember when clueless macrotourists and worthless econo-hacks who have zero understanding of actual economic dynamics spent miles of digital ink convincing their tiny echochambers that they were right and that inflation was transitory (or rather, desperately scrambled to mask their utter lack of grasp of even the simplest concepts):
Team transitory won btw. pic.twitter.com/7CEwdC11h7
— George Pearkes (@pearkes) October 13, 2021
Three month core inflation. Why isn’t everyone calling this a win for team transitory? pic.twitter.com/KB9EawJLo1
— Paul Krugman (@paulkrugman) October 13, 2021
Not out of the supply chain woods but score one for team transitory–used car hyperinflation is behind us@SmokeonCars pic.twitter.com/YLkRkC4MVJ
— Dr. Julia Coronado (@jc_econ) August 11, 2021
Well, one month ago we made it quite clear where in the financial pecking order these so-called ‘experts’ fall…
“team transitory” is officially the new Gartman pic.twitter.com/BKBqUrPLJZ
— zerohedge (@zerohedge) November 12, 2021
… and then moments ago none other than Jerome Powell put to rest any further debate on the topic of transitory vs permanent inflation:
◾*POWELL: TIME TO RETIRE THE WORD TRANSITORY REGARDING INFLATION
◾*POWELL: THREAT OF PERSISTENTLY HIGHER INFLATION HAS GROWN
Powell’s cremation of “team transitory” took place after the Fed chair was asked how long inflation has to run above-target before he decides it’s not so transitory, with Senator Pat Toomey mocking the term “transitory”, saying: “Everything is transitory. Life is transitory” to which he could have also added that “on a long enough timeline the survival rate for everything drops to zero.“
In response, Powell said it’s probably a good time to “retire that word”, a clean and clear admission from Powell that inflation is no longer transitory.
And while it is certainly good news that we can finally stop polluting the airwaves with idiotic discussions whether inflation is transitory or not, it hardly helps Americans because as the latest BofA transitory vs permanent inflation reading shows, both are at all time highs.
The market was not happy either because just moments later, Powell also said the one thing that traders dread, namely that the taper could wrap up a few months earlier:
◾*POWELL: CAN CONSIDER WRAPPING UP TAPER A FEW MONTHS SOONER
But wasn’t the media saying we just need to lower our expectations? They want to wean us off of our standard of living because they know socialism is coming, and with it will come hardship and privation the likes we haven’t seen since 1929.
Team “Transitory” has already been replaced by Team “Omicron”
Necessarily skyrocketing...new normal...
“Team Transitory” is best applicable when it comes to the Biden administration and the current democrat controlled congress. Unfortunately, the country has to suffer another year under ‘team democrat congress’ and another 3 years under ‘Team Biden’.
But, republicans taking over the house and senate, can put a stop to the Team Biden agenda, and make him a lame duck president.
It’s still going to take time to recuperate from the damamge done by ‘team democrat’ for so many decades.
Great Reset on course. Hyperinflation and general misery, then the crash. The Depression that follows will make the 1930’s look like a tea party. But Biden will defeat that bad little omicron so no worries!
They want inflation, it helps in their war against Capitalism.
Nobody and I mean nobody saw that one coming.
Nobody and I mean nobody saw that one coming.
Maroons, all....
How long is transitory anyways?
There are only two conclusions; neither good. Either these experts are truly oblivious to high inflation -or- they’re gaslighting the public about inflation and it’s in their interest inflation is high.
While thousands of criminals stampede across the border daily.
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