Jerome Powell held a press conference today during which he fielded questions about the current state of the American economy. As you may have expected and/or heard already, "transitory" inflation was a hot topic as prices of goods and services across the economy have been soaring in 2021. Only a couple of weeks after a trip to Capitol Hill, Chairman Powell continues to articulate his disbelief in the fact that inflation is running hotter than the Federal Reserve expected. This time around Jerome had the courage to admit that inflation "will likely remain elevated in coming months", but he caveated it with a promise that the rise in prices would moderate at some point.
If you've been reading Fed tea leaves for long enough, you'll come to understand that none of their forward looking projections and predictions should be taken seriously. Remember, QE was only temporary. You can trust Jerome when he promises you that this bout of inflation is only transitory. At least that's what he desperately wants you to believe.
The last I checked, QE is alive and well and the Fed's balance sheet is regularly hitting fresh new all time highs.
To think that inflation will only be transitory is wishful thinking in your Uncle Marty's opinion. Especially if the politicians, medical "experts", and the media class are able to gin up enough fear over the Delta variant to convince people to lock themselves in their pods for an extended period of time again. The disruption to supply chains that Powell used as a scapegoat for the sustained high levels of inflation will most certainly only get worse if that becomes a reality, which seems possible at this current moment.
Speaking of supply chains, we're experiencing some supply chain issues of our own at Great American Mining that will begin to affect the price of some of the raw materials we use to build our mining containers later next month.
Again, these are "unprecedented price increases" that won't be passed on to us until a month from now, so one can assume this won't be factored into some inflation measures until then as well. This smells like an extension of the "transitory" period to your Uncle Marty. Of course this is but one anecdotal data point, but I am pretty confident in saying that this is likely a common email many people are receiving right now across many industries.
Shit, here's another anecdotal data point for you freaks. I was at a wedding over the weekend and my good friend who works for Miller Brewing Company and handles the Buffalo Wild Wings account told me that the giant chain has stopped marketing wings in all of their print, digital and TV advertisements because they can't get chicken wings. BUFFALO WILD WINGS IS RUNNING OUT OF WINGS.
They're not the only ones with wing issues either. Here's yet another anecdotal data point that was presented to me in a Telegram group chat yesterday.
This chicken joint seems to have missed the "transitory" instead of "temporary" memo, but they too are having to raise prices.
Despite all signs pointing to the market overheating as a reaction to an influx of insane amounts of liquidity provided by the Fed and the Treasury, Jerome knows he cannot taper. The debt is too damn high and a rate increase would make it impossible to service.
This printing party will continue until US citizens are using cuck bucks as tinder to light their barrel fires as they wait outside of the food bank for their daily rations. And make no mistake, if pod lockdowns make a come back all of this will only get taken to the next level.
Luckily for humanity, Bitcoin exists to provide us with an alternative monetary system to opt-into. If you'd rather not subject yourself to the whims of a few suits sitting around a table making decisions around the manipulation of the most important tool used by humans, money, you can choose to store your hard earned wealth in Bitcoin. A monetary network where this type of manipulation isn't possible. Bitcoin respects your hard work, the Fed thinks it's a metric they can spit into a model to make everything seem fine as they actively work to devalue it day in and day out.
Luca is one of the better Pixar movies to come out in the last decade.