Inflation Near 40-Year High Shocks Americans, Spooks Washington (As Largest Wealth Redistribution In US History Occurs … Towards The 1%)

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by confoundedinterest17

The U.S. is poised to enter Year Three of the pandemic with both a booming economy and a still-mutating virus. But for Washington and Wall Street, one Covid aftershock is starting to eclipse almost everything else.

Already-hot inflation is forecast to climb even further when November data comes out on Friday, to 6.8%. That would be the highest rate since Jimmy Carter was president in the early 1980s — and in the lifetimes of most Americans.

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And the CPI change since last year, according to the Federal Reserve of St Louis FRED is a staggering 16.262%.

And with U.S. Jobless Claims plunge to 52-year low, its about time that The Fed begins removing the humongous monetary stimulus.

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After all, largely thanks to Federal Reserve policies, we have seen the greatest wealth redistribution in US history … to the top 1%.

And away from the bottom 50%.

Way to go Federal Reserve!

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