It seems that the powers that be have decided to roll out a sacrificial lamb to take the heat emanating from the hot streak of elevated inflation prints; Treasury Secretary and former Federal Reserve Chairwoman Janet Yellen. She was rolled out in front of the cameras today to apologize for her prognostication that the higher inflation Americans began experiencing at the end of last Summer would be "transitory". That claim has proven to be "fact check: false" as the months have passed.
Instead of owning up to the fact that the inflation we are experiencing right now was totally predictable, Janet Yellen and other establishment types are trying to gaslight the American people that it is being caused by "unanticipated and large shocks to the economy". Alluding to the war between Russia and Ukraine that has contributed to further disruption of the supply chains for energy and food. The reality of the situation is this outcome was very predictable. Here's what we wrote in this rag on April 7th, 2020 when the world was shutting down and central banks around the world were turning their money printers on overdrive:
If your Uncle Marty, an Internet sleuth, had the ability to foresee the consequences of a centrally planned shuttering of the global economy alongside a significant increase in money printing, one would think that those at the helm of the economy would be able to factor this into their mental models as well. This begs the questions; are these people incompetent or have they been lying? Or are they incompetent liars? Any answer to the above questions should raise concerns.
If they are incompetent we live in a world where a few dolts have extreme control over systems that touch every facet of the global economy. If they are liars we live in a world where a few psychopaths are willing to make life on this planet significantly worse off for a majority of the people living on this rock just so that they can attempt to preserve their reputations. Hoping their lies can keep the system afloat until the next person fills their role and is left holding the bag of shit and is seen as the reason the system crumbles. If they are incompetent liars humanity will have to take a deep look inside and come to grips with the fact that psychopathic dolts have all the power.
Either way you slice it, the situation seems pretty... bad. What we can hope for is that these facts coming to light on a grand scale drives action in people and pushes them to seek out and fortify bitcoin, a network that is significantly more sane and fair than the one being run by incompetent dolts.
Baby number two watch is on high alert at the moment.