The Briefing Room
General Category => Editorial/Opinion/Blogs => Topic started by: mystery-ak on July 03, 2022, 02:33:13 pm
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July 3, 2022
Jerome Powell and Janet Yellen should be fired
By Jack Hellner
Janet Yellen and Jerome Powell are supposed to be economic experts yet they continue to show their pure ignorance on what causes inflation or when it will occur.
One is the Treasury Secretary, the other is the Chairman of the Board of the Federal Reserve. But neither knows beans about inflation, which is why we have so much of it.
The Federal Reserve has two jobs: Watching unemployment and controlling inflation, but Powell said he really doesn't understand what caused the current inflation. He's a fan of the junk economic thought known as "Modern Monetary Theory" and it shows.
Before we ended up with the inflation we see today, Yellen and Powell repeatedly claimed that inflation was transitory and so their delayed actions to put a stop to it compounded the problem. Powell kept interest rates artificially low for too long, which punished savers and pushed investors into chasing the prices of other assets such as stocks, bonds, real estate, and artificially created assets like cryptocurrencies.
more
https://www.americanthinker.com/blog/2022/07/jerome_powell_and_janet_yellen_should_be_fired.html
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Should be, but won’t be
Incompetence and failure is a résumé enhancer for this administration