The Federal Reserve’s game to nowhere continues. There is neither rhyme nor reason to this idiocy, other than the Fed wants to be able to say it did its best when the economy collapses. What we are seeing now is the utter panic that precedes all disasters. It isn’t pretty. It will get worse. And there are no simple solutions! Prepare for pain and prepare for the long term!
… while Powell may pretend – and even believe – he is Volcker 2.0, once the pitchforks appear in front of the Marriner Eccles building, and once millions of Americans are laid off every month, we doubt the former millionaire private-equity lawyer will have any interesting in perpetuating this hilarious charade.
To be sure, the Fed and its Chair is not a lone villain. Nor are the causes for our mess related to only the recent few years. They began around the turn of this new century. Anyone at the Fed or in charge in government is guilty of what coming. Sure there are different shares of blame to allocate. But those later in the chain deserve more than those earlier in the process. That’s because they condoned what came before them and made matters worse, much worse!
How or why would anyone believe that the Fed could save us from what is coming? In this matter they are the child, dependent upon and taking orders from their parents, the US Government. There would be no inflation without the Federal Government ordering and encouraging it with its profligacy. How does the child get blamed for the sins of its parents? The Fed had little choice in forcing insolvency upon its parents and being moved into a foster home. Like any other child, it would defend its parents and the desire to continue living in comfort. Children, apparently like the Fed, can be extremely delusional regarding the future.
This bind is not one that any child should be placed in. Child Powell committed in spite of a chance to escape. Now he has little to do but “huff and puff” about being in charge and putting inflation back into its box. Do other turkeys really believe they can fly?
Powell’s charade is a last ditch effort to escape the ignominious fate he signed on to, especially after campaigning for re-appointment to the Fed Chair. The man must be power-crazed, stupid or an economic dunce to believe that he had any control whatsoever over where this was heading.
We know Joe Biden is mentally incompetent and being manipulated by forces behind the scenes. But what is motivating Powell? Surely it cannot be his reputation which is unsalvageable as a result of accepting re-appointment! Did he not comprehend this? Is his family being held hostage somewhere? Has a contingent contract been placed on his life? The irrationalities in this entire mess are beyond comprehension.
I highly recommend you read the entire article by Zerohedge entitled Today: Stocks Enter Meltdown “Crash Pattern.” I also want to go on record that I consider the article to be overly optimistic!
We are a long ways from the bottom and a much, much longer way to any return to normal.