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 ...
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.
Inflation across the globe because most of the other countries were printing as fast as us because of the wuhan virus
Anyone vaguely familiar with economics was predicting inflation.
Only people like Powell who didn’t want to see it didn’t see it.
‘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?
Post of the Day!
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.
Too much money chasing too few goods induces price increases.
Inflation is a monetary phenomenon......Milton Friedman
Powell’s ability to ignore the obvious is exceeded only by his lie about it.
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.
He had to have known better. He was simply following the will of his political masters.
Yeh like he’s too stupid to have known what Biden was going to do.
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.
My God, he’s an idiot.
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.
That’s funny, many of us commoners understood what causes inflation long before now.
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.
Damn! This guy must have failed Econ 101 and 102.
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
Lol
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