Posted on 08/26/2022 11:29:50 AM PDT by socialism_stinX
Federal Reserve Chairman Jerome Powell delivered a stern commitment Friday to halting inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause “some pain” to the U.S. economy.
In his much-anticipated annual policy speech at Jackson Hole, Wyoming, Powell affirmed that the Fed will “use our tools forcefully” to attack inflation that is still running near its highest level in more than 40 years.
Even with a series of four consecutive interest rate increases totaling 2.25 percentage points, Powell said this is “no place to stop or pause” even though benchmark rates are probably around an area considered neither stimulative nor restrictive to growth.
(Excerpt) Read more at cnbc.com ...
That’s interesting as I have always argued that de-linking of gold that Nixon did and the creation of SDPRs lead to what was a monetary cause of inflation. Essentially the country moved from having an honest money supply to pure fiat. You are arguing the opposite. I see union wages as a symptom of the problem. That monetary expansion caused inflation and unions responded to that inflation by making it worse through their wage demands. I suspect my view is what a Von Mises student would argue, and yours is supply side view.
The markets did NOT like what the Fed said that’s for sure. Everything was well under water today. I wonder and this is only a guess if the Fed is relying on tough talk will help and does not actually plan on getting aggressive. Because what they propose will destroy the housing market and put mortgage holders at high risk. Not to mention the debt servicing will kill us for the nation.
Money coming from Europe because of their stupid energy deal with Putin.
Euro is dropping causing money mangers to convert it to dollars.
Then congress is spending like drunken sailors (even drunken sailors commit stupid like this).
Definition of inflation, too many dollars chasing to few goods.
Sooo, Powell wants to increase interest rates to throw those who work out of jobs, and causing those same people not to be able to afford a small hubble to live in, all the while congress and money managers are laughing to the bank.
Seems about right!
I need more guns!
You are right about increasing homelessness. I spent some time in Las Vegas a several years ago on a coast-to-coast driving trip, and I was surprised at the huge increase in the homeless population in Vegas. I hadn’t been there since 2004, and there was a huge increase in the homeless population living on the streets there since 2004. They hang out near bus stops, convenience stores, and grocery stores. I was further surprised by the young age of these people. 25 years ago, 90% of homeless people appeared to be men between 35 and 65 years old, some with mental illnesses. But on this recent trip I saw a lot of homeless young people in their 20s living on the streets—even young women. It was a sad sight. The Obama regime and the Great Recession really nailed our economy and hiring by the private sector.
I heard that Las Vegas passed a new law that prohibits living on the streets, so they must have shelters for homeless people now. There was a resurgence of business confidence, hiring, and employment during the Trump presidency, and probably also some drop in homelessness from a peak during the Obama regime. There’s still a long way to go on employment and job training, but we’re moving in the right direction, if the Bidenites don’t screw it up.
even drunken sailors don’t commit stupid like this)
“After this speech today, I think there’s now about a 40% probability.....”
You left one thing out. THEY ARE TRYING TO DESTROY THE COUNTRY, DESTROY THE WORLD AND INSTALL THE NWO. Actually that was three things.
Yeah, the stock market really got crushed today. I’m not sure why that happened. No doubt, some investors were hoping to hear the Fed hint at a pause in rate hikes, and that didn’t happen. Instead they got a fairly hawkish statement from Powell.
Interest rates for short term savings accounts should be 3% above inflation.
The velocity of money is an economically hollow concept. Money is held by individuals and spent by individuals; it is always under someone’s control. The rate at which they spend it neither increases nor reduces its supply.
Trying to turn the individual decisions of millions into a mechanistic formula with predictive powers is seductive but ultimately meaningless.
This man is insane. We were warned about his incompetence but few listened including leader GOP Senators.
We are in a recession now.
Before 2023 we will be in a depression.
IMO
And the marked dropped over a 1000 points TODAY!
And inflation is over 8.5% now.
The .01 is deceptive.
Just like Biden saying inflation was 0 last month.
Actually what happened was it did not increase, zero increase.
It was actually 8% or so.
Yeah
🔝🔝🔝
I think so
Maybe Spring of 2023
The disaster keeps building momentum
I’m wondering if war will become the distraction
Au contraire.
It's not incompetence.
It's intentional destruction of America.
(And the marked dropped over a 1000 points TODAY!)
Wow
(It’s intentional destruction of America.)
I wish I could disagree.
It’s a bit shocking so many freepers STILL cannot see the evil intent of the DNC/Communist party...not just in the political arena but the culture as well.
(AND INSTALL THE NWO)
Daniel 7:23 says you are correct.
The fourth beast world government will be under the authority of Satan’s anti-messiah and the False Prophet, IMHO.
Daniel 7:23
New King James Version
23 “Thus he said:
‘The fourth beast shall be
A fourth kingdom on earth,
Which shall be different from all other kingdoms,
And shall devour the whole earth,
Trample it and break it in pieces.
https://www.biblegateway.com/passage/?search=Daniel+7%3A23&version=NKC
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.