The Inflation Problem Goes Much Deeper Than Biden
Joe Biden has committed more than his share of mistakes and missteps during the first 15 months of his administration. Some, including a new federal spending spree combined with decisions to limit U.S. oil production and to weaponize the U.S. dollar against Russia, are contributing to the surge in price inflation.
These rising prices are great political fodder for his opponents who want to see Democrats get pounded in this year’s midterm elections.
Biden and his handlers certainly deserve some blame. However, today's price inflation has more to do with the policies rammed through during Biden’s decades serving in the US Senate, than his first year as President.
There are others who cannot be allowed to avoid scrutiny and blame. Biden is just one of hundreds of feckless and irresponsible politicians who spent the last 50 years undermining the U.S. currency.
Decades of unrestrained federal borrowing and spending and policies which hollowed out the U.S. economy have left the Federal Reserve Note vulnerable to rapid depreciation.
While Congress is certainly a key player, the Federal Reserve is the organization most responsible for the predicament we are in today. The banking cartel has been the great enabler for the reckless Congress, acting as the buyer of last resort for vast quantities of Treasury debt.
Fed officials must also be held accountable for engineering an over-financialized US economy which is hopelessly addicted to easy money and ultra-low interest rates. The Fed is the “manufacturing powerhouse” which made dollars into the United States’ leading export.
Yes, decades of reckless monetary policy have consequences.
The Fed is now in an impossible predicament. Central bankers there have one tool, and it isn’t going to work. They can stimulate and throw gasoline on the raging inflation bonfire, or they can tighten and crush the stock market and wreck the federal budget.
The chickens are coming home to roost now.
It is vital for Americans to understand that these central planners played the leading role in the end of the dollar’s hegemony. If the Fed dodges blame, officials there will be trotting out the next disaster for Americans – a central bank digital currency.
Sure, it is perfectly valid to blame Biden for rising prices of late. He is as responsible as anyone.
But the socialists and globalists in the Mariner Eccles building should be held accountable as well. Unfortunately, very few Republicans or Democrats are interested in fundamentally reforming the Fed.