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Date Posted: 9:06:48 12/28/22 Wed
Author: Jasper
Subject: The torch bearer burns

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It’s all been a massive leveraged loan bubble built on trillions in the most egregious spending of future seed corn in the history of the planet. No wonder Climate Change and ‘sustainable growth’ are such an easy sell to the Millennials, they’ve never really known anything other than the debt casino.

To bitch now about Powell being behind the inflation curve is just churlish back seat driving.

As I pointed out time and again, Powell’s reappointment was the subject of intense political struggle on Capitol Hill. He was only reconfirmed 6 months after he should have been and was under direct fire before that.

The policy differences between “Biden” and Powell placed “Private Equity Jay” behind the curve not because he was too chickenshit to start sooner but because “Biden” needed an excuse to not re-nominate him as FOMC chair. Raising rates in anticipation of incoming inflation while wrangling over “Build Back Better” and its $6+ trillion in spending would have given us Lael Brainard, MMT and UBI to eternity.

And the US dollar bears would have rejoiced in having been right all along while Davos grinned like the proverbial Cheshire Cat eating all the canaries.

This willful blindness to the politics of monetary policy is bad enough. But the whining about taking the punch bowl away is just selfishness masquerading as analysis. Like it or not, Powell had no choice but to monetize COVID-19 spending. That’s on Congress and Trump.

https://www.lewrockwell.com/2022/12/no_author/rate-hikes-recessions-and-the-death-of-spiritual-boomerism/

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