There are three words you'll never hear come out of the mouth of anyone in a position of power in Washington, DC. In fact, these three words are so difficult to say that it's likely there are more than a few people in your life who will never utter these words.
There are three words you’ll never hear come out of the mouth of anyone in a position of power in Washington, DC. In fact, these three words are so difficult to say that it’s likely there are more than a few people in your life who will never utter these words.
Failing to acknowledge when they’ve been wrong, and doubling down on those mistakes, is not only harmful to the US economy, it’s also harmful to millions of Americans who have been negatively impacted by inflation. And right now it looks like the Federal Reserve, rather than acknowledging what it got wrong, is doubling down on the mistakes it has already made.Looking back at Fed Chairman Jay Powell’s missteps on inflation, it’s easy to see the mistakes he and the Fed made.
But hiking rates now would be to acknowledge that the Fed made a mistake. It would acknowledge that the Fed shouldn’t have paused rate hikes when it did. And it would acknowledge that the Fed has been misreading inflation data this whole time. The Fed has really maneuvered itself between a rock and a hard place, and all because of its repeated refusal to acknowledge that it got inflation wrong. Had Powell and others at the Fed admitted that they were wrong and made a sincere effort to fix their mistakes, we might not be in the position in which we now find ourselves.The latest inflation data throw the Fed’s ability to handle inflation into doubt.
Federal Reserve Dollar Devaluation Gold
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