I present to you the President of the San Francisco Federal Reserve Bank of San Francisco, carrying on that fine tradition of an ostrich like former President Janet Yellen:
So if inflation rages out of control and the inability to purchase goods at the consumer level allows the supply chain to catch up and cause an overbuild of inventory that’s better?
Does this idiot understand that by allowing inflation to rage uncontrolled that the rapid price acceleration will create the very deflation these morons are trying to avoid in the end? Eventually suppliers and consumers will be unable to afford the goods that this idiot thinks unicorns can pump out of China at pennies on the declining US dollar.
I always wondered how ignorant these people were when Yellen said in 2008 (paraphrased)that the Indymac failure was not indicative of just how “stable” housing was in California. Now I have little doubt that they are doing nothing but talking up their own personal book.
Check this story from Zero Hedge out about the “saint” Richard Clarida who used to make the rounds on CNBSBBGFBN to preach about his “economic” knowledge:
Thus the reality; for these clowns, including Jay Powell, it is all about padding their own personal fortunes along with those of their political allies, the American people and our nation’s future be damned.