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Inflation: Why Insular Elites Are Completely Detached from Reality

“Nothing sinks rulers, no matter how despotic or autocratic, faster than empty stomachs. Once a pissed-off populace who sees no legitimate recourse for their grievances and who have lost all faith in their institutions, elected officials and media feel like there’s nothing left for the despots to take, look out.”


Mark E. Jeftovic from the Bombthrower blog writes…

After years of bemoaning that inflation was “undershooting” targets, central bankers can no longer deny that inflation is here. From what I wrote earlier this year:

“The stated aim of central banks the world over is explicitly and literally to create inflation, at a rate exceeding 2% per year. They will not tighten monetary policy until inflation has been “achieved” (more accurately, “unleashed”) and then the plan is to softly reign it in once inflation averages above 2%. Does anybody remember what Janet Yellen said about reducing the Fed balance sheet and normalizing interest rates when she was Fed chair? She said it would be “like watching paint dry”. Do you remember what happened when Jerome Powell actually tried to tighten?”
— via The Crypto Capitalist Manifesto, free download when you join the Bombthrower list (emphasis added)

Now comes the characteristic gaslighting, with corporate media complicity, that inflation is (pick one):

Transient,

https://twitter.com/JoeTheberge/status/1457537706779545604

Temporary, or even beneficial….

or just another ‘right-wing’ talking point…

Because for these insular and detached from reality elites, struggling to feed your family, make rent or mortgage payments or keep your small business running are problems for other people. Little people. Deplorable people.

Here’s Biden nominee for Comptroller of the Currency Saule Omarova hoping that oil and gas operations especially the smaller operatorsGO BANKRUPT, in order to combat climate change.

Meanwhile, as Doomberg observes in this recent interview with George Gammon: The same time that we’re literally killing our own oil and gas industry in the name of climate change we’re  simultaneously begging OPEC to boost production. (Also see Doomberg’s “America’s Energy Strategy is Bonkers”, even though it’s not just America. Canada should be an energy superpower but we’re saddled with another coddled, trust-fund Davos-darling for a PM who loathes our own resources and looks down his nose at entire industries.

In what universe is this rational? It isn’t. This is left-wing, champagne socialist logic run wild. Ordinarily that would be annoying but tolerable. If only the governments, academia, media and the Big Tech apparatus of western welfare states weren’t completely captured by woke, climate alarmist, COVID worshipping Marxists…

Continue this article at the Bombthrower.com