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Federal Reserve Chair Jerome Powell admits 'we now understand better how little we understand about inflation' and insists 41-year high prices were 'unpredicted'
UK Daily Mail ^ | June 29 2022 | MORGAN PHILLIPS, POLITICS REPORTER FOR DAILYMAIL.COM and ASSOCIATED PRESS

Posted on 06/29/2022 12:27:08 PM PDT by knighthawk

Chair Jerome Powell said that the Federal Reserve has over the past year learned 'how little we understand inflation' in remarks Wednesday.

'I think we now understand better how little we understand about inflation,' the chair divulged at the European Central Bank (ECB) Forum in Sintra, Portugal. 'This was unpredicted.'

'That's not very reassuring,' quipped Bloomberg TV's Francine Lacqua.

(Excerpt) Read more at dailymail.co.uk ...


TOPICS: News/Current Events
KEYWORDS: economy; federalreserve; incompetent; inflation; jeromepowell; unpredicted; unqualified
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To: knighthawk
Maybe this guy will show up and save us all...

21 posted on 06/29/2022 12:40:44 PM PDT by Repeal The 17th (Get out of the matrix and get a real life.)
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To: knighthawk

Almost anyone who was an adult in 2008 (or a teen in the ‘70s for that matter) knew this was coming as soon as slow Joe was inaugurated.


22 posted on 06/29/2022 12:41:00 PM PDT by madison10
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To: Little Ray

Inflation across the globe because most of the other countries were printing as fast as us because of the wuhan virus


23 posted on 06/29/2022 12:42:20 PM PDT by bboise
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To: knighthawk

Anyone vaguely familiar with economics was predicting inflation.

Only people like Powell who didn’t want to see it didn’t see it.


24 posted on 06/29/2022 12:42:56 PM PDT by Starboard
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To: knighthawk

‘I think we now understand better how little we understand about inflation,’ the chair divulged at the European Central Bank (ECB) Forum in Sintra, Portugal. ‘This was unpredicted.’

Who’s flying the plane?


25 posted on 06/29/2022 12:43:00 PM PDT by Flick Lives
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To: Vendome

Post of the Day!


26 posted on 06/29/2022 12:43:53 PM PDT by Starboard
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To: knighthawk

Wait. This supposed trained expert genius had no idea that money printing would fuel inflation? This is insane on so many reasons. The first being is why is this position filled by an incompetent idiot? Not to mention that it proves how worthless the school is where he got his degree.


27 posted on 06/29/2022 12:45:32 PM PDT by Seruzawa ("The Political left is the Garden of Eden of incompetence" - Marx the Smarter (Groucho))
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To: knighthawk

Too much money chasing too few goods induces price increases.

Inflation is a monetary phenomenon......Milton Friedman


28 posted on 06/29/2022 12:46:01 PM PDT by bert ( (KWE. NP. N.C. +12) Promoting Afro-Heritage diversity will destroy the democrats)
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To: aquila48

Powell’s ability to ignore the obvious is exceeded only by his lie about it.


29 posted on 06/29/2022 12:46:11 PM PDT by Starboard
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To: knighthawk

I had just two classes in economics in Jr. college. I know more than this guy.

That is not saying much; but I could do a better job than him.


30 posted on 06/29/2022 12:47:05 PM PDT by jeffersondem
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To: Col Frank Slade

He had to have known better. He was simply following the will of his political masters.


31 posted on 06/29/2022 12:49:32 PM PDT by The_Media_never_lie (Brandon's got this.)
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To: knighthawk

Yeh like he’s too stupid to have known what Biden was going to do.


32 posted on 06/29/2022 12:50:46 PM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped)
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To: DoodleDawg
None of the other countries in the world did any better job of predicting their inflation either so Powell isn’t alone. The problem is that the factors feeding inflation this time - COVID, stimulus payments, supply chain, tight job market, oil shortage - haven’t come together in the past like they have now. Will historical weapons for fighting inflation like higher interest rates be as effective? Time will tell.

All countries have a similar beginning of this inflation... restricting the supply of oil in the global markets. All items produced and transported by oil derivatives (pretty much all products) increase in price as a result. Stimulus, supply chains, jobs, and sanctions have added since (and are the reason our inflation is higher than others) but it all started with restricting the supply of oil. It's simple supply and demand... demand is fairly constant... restrict supply and prices rise.

33 posted on 06/29/2022 12:50:56 PM PDT by pgyanke (Republicans get in trouble when not living up to their principles. Democrats... when they do.)
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To: knighthawk

My God, he’s an idiot.


34 posted on 06/29/2022 12:51:36 PM PDT by rockabyebaby (THE BEST IS YET TO COME - (PRESIDENT DONALD J. TRUMP))
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To: EEGator

This is all so stupid. The fed is essentially admitting they don’t know what the hell they are doing but they are doing it a 90 mph figuratively.


35 posted on 06/29/2022 12:52:59 PM PDT by pfflier
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To: knighthawk

That’s funny, many of us commoners understood what causes inflation long before now.


36 posted on 06/29/2022 12:53:11 PM PDT by Rusty0604 (" When you can't make them see the light, make them feel the heat." -Ronald Reagan)
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To: Flick Lives

So he’s effectively admitting that he cannot see anything that doesn’t have an analog to que him as to what to expect.

Not everything in life is going to have a convenient precedent.


37 posted on 06/29/2022 12:53:45 PM PDT by Starboard
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To: knighthawk

Damn! This guy must have failed Econ 101 and 102.


38 posted on 06/29/2022 12:56:10 PM PDT by Chgogal (If Democrats are not aborting babies they are starving them. )
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To: Boogieman

And many in government have bought into modern monetary theory,

Modern Monetary Theory (MMT) is a heterodox macroeconomic framework that says monetarily sovereign countries like the U.S., U.K., Japan, and Canada, which spend, tax, and borrow in a fiat currency that they fully control, are not operationally constrained by revenues when it comes to federal government spending.

Put simply, such governments do not rely on taxes or borrowing for spending since they can print as much as they need and are the monopoly issuers of the currency. Since their budgets aren’t like a regular household’s, their policies should not be shaped by fears of a rising national debt.

https://www.investopedia.com/modern-monetary-theory-mmt-4588060


39 posted on 06/29/2022 12:56:38 PM PDT by Rusty0604 (" When you can't make them see the light, make them feel the heat." -Ronald Reagan)
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To: Vendome

Lol


40 posted on 06/29/2022 12:58:02 PM PDT by Rusty0604 (" When you can't make them see the light, make them feel the heat." -Ronald Reagan)
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