Exactly the wrong way to cure inflation, but the best way to cause a recession.
On May 20th, we posted, “”First do no harm.” How ‘Dr.’ Jerome Powell will worsen the inflation and cause a recession.”
Bingo!
Notice how curing inflation, i.e., fixing shortages, requires more federal spending, not less.
Of course, the expenditures must be targeted toward eliminating the scarcities.
Powell’s interest rate increases only make reducing shortages more difficult.
Those higher rates impoverish consumers and hinder the ability of suppliers to produce.
Powell has found the ultimate way to increase shortages, worsen inflation, and cause a recession.
In effect, Powell is applying leeches to cure anemia.
Rodger Malcolm Mitchell
Monetary Sovereignty
Twitter: @rodgermitchell Search #monetarysovereignty
Facebook: Rodger Malcolm Mitchell
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THE SOLE PURPOSE OF GOVERNMENT IS TO IMPROVE AND PROTECT THE LIVES OF THE PEOPLE.
The most important problems in economics involve:
- Monetary Sovereignty describes money creation and destruction.
- Gap Psychology describes the common desire to distance oneself from those “below” in any socio-economic ranking, and to come nearer those “above.” The socio-economic distance is referred to as “The Gap.”
Wide Gaps negatively affect poverty, health and longevity, education, housing, law and crime, war, leadership, ownership, bigotry, supply and demand, taxation, GDP, international relations, scientific advancement, the environment, human motivation and well-being, and virtually every other issue in economics. Implementation of Monetary Sovereignty and The Ten Steps To Prosperity can grow the economy and narrow the Gaps: Ten Steps To Prosperity:
- Eliminate FICA
- Federally funded Medicare — parts A, B & D, plus long-term care — for everyone
- Social Security for all
- Free education (including post-grad) for everyone
- Salary for attending school
- Eliminate federal taxes on business
- Increase the standard income tax deduction, annually.
- Tax the very rich (the “.1%”) more, with higher progressive tax rates on all forms of income.
- Federal ownership of all banks
- Increase federal spending on the myriad initiatives that benefit America’s 99.9%
The Ten Steps will grow the economy and narrow the income/wealth/power Gap between the rich and the rest.
MONETARY SOVEREIGNTY
Source: https://mythfighter.com/2022/07/31/exactly-the-wrong-way-to-cure-inflation-but-the-best-way-to-cause-a-recession/
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