Financial markets swooned on Friday in reaction to Fed Chairman Jerome Powell finally bluntly acknowledging the systemic inflation crisis that confronts our nation. Amid this mini-Black Friday market carnage, Fed officials gave themselves a giant pass on the most painful inflationary crisis to afflict America in over 4 decades.
The Financial and Monetary Ruling Class of Permanent Washington
- Janet Yellen still leads the Treasury after falsely claiming that inflation was merely "transitory"
- Fed officials backed Yellen and the White House in spreading this talking point
- Raphael Bostic, the Fed president with a Stanford doctorate, tried to excuse the central bank's total failure on price stability
- The signs were everywhere - all relevant indicators pointed to an inflationary hurricane
- Even as the inflationary forces gathered steam, evidenced by reams of macro data and micro anecdote, dilettantes like Fed President Bostic completely missed the mark
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