During a conference a few month's ago addressing Biden's "Build Back Better" proposal, House Speaker Nancy Pelosi was challenged with concerns about increasing inflation. She went on to deliver probably the stupidest (or most devious) denial on the origins of inflation that I have ever heard, after referring to increasing petrol prices as the "Putin Tax." She said,
It's vital to discourage some of those who say, well, it's government spending while we're having this conversation." No, it does not. Government expenditure is accomplishing the opposite, lowering the national debt. It does not cause inflation.
Anyone with a rudimentary grasp of economics and how central banks work must have had their heads burst when they heard this. I certainly did. But, before I get into the numerous reasons why this claim is completely false in every way, I want to warn you: it's very easy in this situation to assume that Pelosi and even Biden are making these arguments because they're too stupid to understand the fundamentals of debt creation, money velocity, and fiat. That being said, never confuse evil with ignorance.
Before answering any inquiries on inflation, all higher-level White House spokespeople are briefed by economic specialists (spin doctors), and their responses are meticulously rehearsed. It's conceivable that Pelosi jumbled her falsehoods a little, but the establishment's story is carefully thought out. Asserting that money production is a counterweight to inflation rather than the cause is not smart, but it is not intended to persuade many people, merely to confuse them.
Let us not forget that just a year ago, these same folks were assuring the public that inflation was "transitory" and that there was nothing to be concerned about. They are now attempting to disguise their tracks and the Federal Reserve's involvement. I think the purpose here is merely to buy time till the stagflationary collapse takes place. They have the ideal scapegoat as they initiate an economic war with Russia (and, more likely, China in the short future), the consequences of which will harm the US and Europe considerably more than many think.
To rapidly dissect Pelosi's strange comment, I'll offer two key observations:
To begin with, lowering inflation has NOTHING to do with paying down the national debt. Even if you could amass enough assets to pay off the national debt without printing new money, the existing inflationary concerns would endure. There would still be the issue of the tens of billions of dollars that have already been manufactured and are circulating about the global economy. Money supply and money velocity are closely tied to inflation. The national debt is incidental to the problem.
Second, we must address the obvious question: If government spending "reduces the national debt" by paying it down, why hasn't the national debt decreased?
In 2020 alone, the Fed and the US government generated almost $6 trillion in fiat money, as the national debt increased. In reality, the increase in the national debt is DIRECTLY proportional to the amount of money generated by the Fed to fund different stimulus initiatives and bailouts throughout the years. At the start of the financial crisis in 2008, the national debt was about $10 trillion. It takes hundreds of years to get to that point. In just 14 years of Fed money creation, the debt has TRIPLED to well over $30 trillion.
I'll say it again: government spending and Fed stimulus have more than quadrupled our national debt in less than 14 years. And, of course, inflation has risen as the number of dollars poured into the global economy causes our currency's purchasing value to plummet substantially. More fiat money = less purchasing power. This is the truth.
Using Russia as a scapegoat also fails to pass the logic test. Pelosi, Biden, and many other establishment lefties have claimed that limiting Russian oil exports to the US is causing inflation in numerous areas of the economy, but that it is "essential" to halt Putin's invasion of Ukraine. One would think that we rely heavily on Russian oil. No, we don't.
Russian crude oil accounts for barely 3% of US imports. As a result, sanctions on Russian oil are neither the cause of increased prices, nor do they have any influence on the Kremlin. In December of last year, far before the Ukraine crisis, inflation was at a 40-year high. In fact, news about the Fed raising interest rates influences the oil market significantly more than news about Ukraine.
To conclusion, I have a special message for Nancy Pelosi: Please do us a favor and stop talking, you blood sucking crone. The American people are wiser than you, and your propaganda script is riddled with flaws.
On to more vital matters...
This story is about more than just defending the Biden administration; it is also about defending the Federal Reserve. Former Fed Chair Alan Greenspan explicitly declared that the central bank reports to no one, including government authorities. Many people believe that the bulk of policy choices for governments are made by central banks and multinational banks, with politicians having very little input in the issue. Given the amount of financial elites and globalist Council on Foreign Relations members that appear to pervade every presidential cabinet (including Trump's and Biden's), I'm inclined to concur.
Who do you believe truly manages the nation if Biden is an empty shell of a guy barely able to retain a semblance of sanity?
I've been writing a lot recently on how the establishment elites and globalists gain enormously from a stagflationary crisis, as long as they can shift blame to other sources and are not targeted for punishment by the people. One of these advantages is a cover event for an agenda known as the "Great Reset" by the World Economic Forum, which is just another term for "New World Order."
Isn't it amazing how the government and media hurricane of covid fear porn that was pelting Americans just a few months ago has now mysteriously vanished? What transpired? That's what happened: the establishment was beaten. With conservatives and moderates pushing back against lockdowns and vaccination passports in red states throughout the United States and across the globe, globalists must have concluded the battle was lost in the long term. Suddenly, there is no mention of passports or medical despotism.
I understand that some individuals give the globalists too much credit and continue to believe that the covid program was a success. These folks are incorrect. If you want to see what success looks like, go to China, where hundreds of millions of people are still subject to lockdowns and no one can do anything without a current vaccination passport and QR code. In China, vax passports are also used to monitor the populace and as part of their social credit ratings. This is what globalists wanted for all countries, including the United States, but they did not achieve it. As a result, it's on to the next problem.
The possibility of stagflation concerns me the most for a variety of reasons, not the least of which is the potential for catastrophic poverty. As we all know, the "order out of chaos" method entails instilling such desperation in a target community that the people are prepared to give up their liberties in return for a sense of safety and routine. But what kinds of restrictions would the establishment look for?
Stagflation has the potential to cause considerably higher prices in needs while simultaneously dragging down GDP, wages, employment, manufacturing, and so on. There is also the very real prospect of government price limits, which would smother manufacturing and significantly decrease supply. We aren't quite there yet, but the threat is getting closer.
On Friday, Jakob Kern, an emergency coordinator for the United Nations World Food Programme (WFP), warned that Ukraine's food supply lines were failing as Russia blasted essential infrastructure including as highways, bridges, and railways.
"The country's food supply network is in disarray. Goods movement has slowed as a result of insecurity and driver unwillingness "During a video conference from Krakow, Poland, Kern addressed a Geneva audience.
"Inside Ukraine, our duty is essentially to repair the destroyed commercial food supply systems," he continued, calling the reconstruction effort "mammoth."
Corn and wheat are Ukraine's most important agricultural exports. Prior to the invasion, Ukraine was the European Union's second-biggest grain exporter and one of the major providers to rising markets in Asia and Africa. In terms of statistics, Ukraine generated 49.6 percent of world sunflower oil, 10% of global wheat, 12.6% of global barley, and 15.3% of global maize.
According to estimates from the Black Sea research organization SovEcon, Ukraine's grain harvest in 2022 might drop by up to 35%, from 41.9 million tons last year to 27.7 million tons this year, due to all of the disturbances. Diesel and fertilizer are already in limited supply, according to farmers. Wheat yields are also predicted to fall. Some have even suggested that the country's entire agricultural yield may be cut in half.
"With global food prices at an all-time high, WFP is also concerned about the impact of the Ukraine crisis on food security globally, particularly in hunger hotspots," he said, threatening "collateral hunger" in countries such as Egypt, Indonesia, Bangladesh, Pakistan, and Turkey that rely heavily on Ukraine imports.
Because of the worsening situation in Ukraine, the UN Food and Agriculture Organization has warned that global food prices might climb another 8-20% from present levels.
Michael Fakhri, the UN Special Rapporteur on the Right to Food, also warned today that Russia's invasion of Ukraine might lead to a worldwide spike in malnutrition and famine.
"Global hunger and famine rates have been rising over the previous three years. With the Russian invasion, we now face the threat of hunger and malnutrition in additional parts of the globe "Fakhri made the announcement in a statement.
There's also a chance of a spillover for the United States (read: "Media Isn't Warning You" That the United States Is Heading Towards a Food Crisis).
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