Powell has continuously offered the canard that, yes, trillions of dollars of fresh fiat have been thrown into the market (mostly his banking buddies), but, magically, inflation will just be a blip. Well, month after month of data seems to be contradicting that, as this morning’s latest report indicates.
The producer price index has become a persistently strengthening creature. It’s like the 1970s called and wants their economy back.
So, between global chaos, a ruined reputation of the United States as a world leader, grotesque wealth distribution, the end of unemployment benefits for millions, and clear, irrefutable evidence that stagflation is back with a vengeance, the market is doing precisely the kind of thing you would expect in this insane asylum.
