There was a remarkable statistic in the latest Flow Show report from BofA’s Michael Hartnett: according to the CIO’s calculations, “the Fed is spending $336 million every 60 minutes buying bonds, while the US federal government is spending $875 million every hour this year”, a staggering amount made possible only by the recent merger between the Fed and Treasury which ushered in not only helicopter money but its socialist offshoot, MMT. It’s also what so many monetarists argue is behind the recent surge in inflation, because Milton Friedman said best, “inflation is always and everywhere a monetary phenomenon.”
Not so according to president Joe BIden, however, who on Monday said he believes the surge in U.S. inflation is temporary and that he has told Federal Reserve Chairman Jerome Powell that he respects the central bank’s independence. But he also emphasized that he wouldn’t interfere with the central bank’s policies:
“As I made clear to Chairman Powell of the Federal Reserve when we met recently, the Fed is independent. It should take whatever steps it deems necessary to support a strong and durable economic recovery.”
Biden says "unchecked inflation over the long term would pose a real challenge to our economy" but adds he's "confident that isn't what we're seeing today" pic.twitter.com/FDGUKGBpmc
— Bloomberg Quicktake (@Quicktake) July 19, 2021
Biden answers ‘unchecked inflation’ question by attacking Trump’s obsession with the stock market
President Joe Biden deflected a question Monday about “unchecked inflation” and turned it into an attack against his predecessor.
Biden fielded a number of questions from reporters after delivering remarks on the economy at the White House and responding to one inquiry on rising prices.
BIDEN TACKLES INFLATION CONCERNS HEAD-ON WITH LATEST INFRASTRUCTURE PUSH
“There’s nobody suggesting there’s unchecked inflation on the way, no serious economist,” he stated. “Look, the stock market is higher than …
Biden tackling inflation concerns head-on with latest infrastructure push
President Joe Biden will use his Monday remarks to counter concerns from Republicans and some economists that his spending proposals are leading the country into a prolonged inflationary period.
White House officials tell the Washington Examiner that the president will make the case that both the Bipartisan Infrastructure Framework and the Build Back Better budgetary request will offset inflation by spreading out the trillions in spending across roughly a decade.
Furthermore, the White House believes …