| All hope is lost (at least with the Fed)
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Federal Reserve Chairman Jerome Powell testified before Congress this morning...and it was enough to make your head explode.
There seems to be no one in Congress, the White House or (more disturbingly) the Fed who understands the root causes of inflation.
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If I had Elvis’ temperament, I would’ve shot out my television screen after 15 minutes of watching this clown show.
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It was that frustrating and infuriating to watch Fed chair Jerome Powell testify before the Senate Banking Committee this morning.
That’s because, amidst all the expected questions on the Fed’s commitment to diversity and equity from Senators trying to get face time and viral sound bites, you have the Democrats trying to explain inflation away on Putin and greedy oil companies...and Republicans refusing to ask the hard questions on monetary policy.
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If anyone was truly interested in doing more than scoring political points, they’d ask Powell if the unprecedented level of monetary easing under his and Janet Yellen’s watch...along with the massively stimulative fiscal spending he was vocally encouraging...had anything to do with the surge in price inflation.
In other words, someone should back him against the wall and force him to own up to what they’ve done...or lie and look stupid.
My bet is that he’d take the latter tack, and say something like “the dynamics in today’s globalized economy are much more complicated, and the simple view that easy money creates inflation has been discredited by mainstream economists.”
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In other words, “this time is different.”
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To which I’d ask, “who are these experts who have dismissed Austrian economic theory and deem themselves smarter than the free market?”
Are they the same ones who said the securitized mortgage market was rock-solid pre-2008 (Bernanke)...or perhaps the ones who assured us that any rise in inflation would be moderate and transitory (Yellen and Powell)?
And if so, then perhaps the Fed should consult economists who have not been wrong at every major turn of the economy since 1971?
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Granted, this line of query is a dream scenario...and what we’re enmired in now is truly a nightmare.
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It’s a nightmare in which the captains steering our economy are not just ignorant, but misinformed at the most basic level.
So, yes, if you’re placing the future of your wealth in the hands of these supposed experts, you should move now to insure your wealth in real assets like gold and silver.
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All the best,
Brien Lundin
Editor, Gold Newsletter
CEO, the New Orleans Investment Conference
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