Posted on 03/25/2022 7:54:36 AM PDT by dennisw
President Joe Biden believes the Ukraine war will mark the start of a "new world order." In the middle of the COVID global pandemic, Klaus Schwab and global elites likewise announced a "great reset."
Accordingly, the nations of the world would have to surrender their sovereignty to an international body of experts. They would enlighten us on taxes, diversity, and green policies.
When former President Donald Trump got elected in 2016, marquee journalists announced partisan reporting would have to displace the old, supposedly disinterested approach to the news.
There is a common theme here.
In normal times progressives worry that they do not have public support for their policies. Only in crises do they feel that the political Left and media can merge to use apocalyptic times to ram through usually unpopular approaches to foreign and domestic problems.
We saw that last year: fleeing from Afghanistan, the embrace of critical race theory, trying to end the filibuster, pack the court, junk the Electoral College, and nationalize voting laws.
These "new orders" and "resets" always entail far bigger government and more unelected, powerful bureaucracies. Elites assume that their radical changes in energy use, media reporting, voting, sovereignty, and racial and ethnic quotas will never quite apply to themselves, the architects of such top-down changes.
So we common folk must quit fossil fuels, but not those who need to use corporate jets. Walls will not mar our borders but will protect the homes of Nancy Pelosi, Mark Zuckerberg, and Bill Gates.
Hunter Biden's lost laptop will be declared, by fiat, not news. In contrast, the fake Alfa Bank "collusion" narrative will be national headline news for weeks.
(Excerpt) Read more at townhall.com ...
bump
While 10% annual would be terrible it's not "hyperinflation" and we aren't at 10% (yet).
Hyperinflation is something like 50% per month. It's extremely unlikely that the US Dollar will ever experience that.
The Fed knows how to break an inflation. They will choke off credit like Paul Volcker did, with interest rates spiking. But we also need a President not dedicated to choking off energy production or it may not work and the economy will remain stagnant and Americans will get much poorer.
One of my greatest regrets—and embarrassments, even in the privacy of my soul—is that I ever supported either Bush, father or son.
_________________________
You are not alone in that.
“While 10% annual would be terrible it’s not “hyperinflation” and we aren’t at 10% (yet).
Hyperinflation is something like 50% per month. It’s extremely unlikely that the US Dollar will ever experience that.”
I agree with your definition of hyper-inflation. One of the main reasons The Fed has kept interest rates so low has been to enable the Federal Government to borrow at nearly zero interest rates. Meaning borrowing up the hilt for virtually free. As in getting free money. As in money growing on trees.
If The Fed is forced by worldwide markets to increase interest rates to where the FedGov has to borrow at 3-4-5%, this will make servicing the FedGov debt much more difficult.
The low short rates are ones that the Fed has some control over, but the longer ones are up to what bond buyers have been willing to pay. And for some reason big money has been willing to get very low yields for a long time.
This may be due to a savings glut from the likes of China. It could also be from foreign lenders choosing to be repaid in dollars which has allowed the Fed to increase the quantity of money without it showing up here as inflation until now. The dollars have been sponged up outside the US. These are just possibilities I’ve read of in recent years to explain the low rates despite the growing money supply.
When rates do rise it won’t hurt the government for any already issued debt. It will affect new debt issued by the Treasury. So rolling over maturing issues will be affected as well as any new debt if Congress increases the debt limit.
A very large portion of the debt is held by the Fed for monetary management and those interest payments all revert to the Treasury making them have zero effect.
We are still in an era of very low rates. All through the Reagan years IIRC they were never below 5%. The low rates really didn’t start until right after 9-11.
The Federal Reserve is a semi-make work program. Has a bloated bureaucracy that I am sure has a serious affirmative action hiring program. Compensation is much higher than in in the dreaded private sector.
To pay for this jive, The Federal Reserve does retain some of its earnings. My guess it retains 5-7%, the remainder of earnings are remitted to the Federal Government.
BTW I was listening to Glen Beck last night, for two minutes he was recommending the book, “The Creature From Jekyll Island”
“BTW I was listening to Glen Beck last night, for two minutes he was recommending the book, “The Creature From Jekyll Island”
Glenn Beck is attracted to conspiracy theories and G Edward Griffin certainly appeals to that itch. Jekyll Island apparently isn’t Griffin’s only foray into conspiracy tales. People love them. They are way more entertaining than actual dull history.
The man primarily responsible for the creation of the Fed was the same man who acted as America’s defacto central bank with all of the power that it conferred. And he was accountable to no one. He could have kept that power to himself and continued to have Presidents come to him hat in hand and plead with him to save America’s financial system from collapse.
He did that until the Panic of 1907 and then warned that America’s economy was getting far too big for his bank and his friend’s banks to rescue. America was the only major economy to lack a central bank. It needed a lender of last resort. He pushed the Aldrich-Vreeland Act of 1908 that created the National Monetary Commission. The Commission studied the banking systems in other advanced economies and issued reports suggesting how we could modernize ours. The result eventually led to the 1913 Federal Reserve Act.
It was fortuitous timing. The eruption of World War One in 1914 started another major panic. Europe began withdrawing huge quantities of gold from the United States which under the gold standard has a drastic deflationary effect.
Woodrow Wilson’s Secretary of the Treasury William McAdoo was able to use the Fed to halt this gold drain. Like Alexander Hamilton he was a bit of a financial genius and his action is what ultimately turned the previously second rate US dollar into the world’s premier currency displacing the British Pound.
The man who voluntarily sought to replace himself as America’s central bank was JP Morgan Sr.
P
Awww they’ll willingly freeze to death for globull warming. They should just buy an electric car and have a margarita.
Bump
"The prophets of the new world order sowed the wind and they will soon reap the whirlwind of an angry public worn out by elite incompetence, arrogance, and ignorance."
Similar to Linus Pauling who said to take 6 grams of vitamin C daily with lysine, lived to 92.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.