As the Shepherd and Treasury Spend $ 1.2BN Per Hourly Biden Says Invoice “Temporary”, Respects Fed’s “Freedom” – Real Pundit


There is a remarkable statistic in the latest Flow Performance report from Michael Hartnett of BofA: according to the CIO’s calculations, “the Fed is spending $ 336 million per 60 minutes buying bonds, while the US federal government is spending $ 875 million per hour this year ”, an astonishing amount made possible only by the current merger between the Fed and Treasury that started not only helicopter money but its socialist offshoot, the MMT. This is also disputed by many monetarians who support this coming rise in inflation, as Milton Friedman is best said, “Inflation is always and everywhere a monetary phenomenon.”

Not like the statement of chief Joe BIden, however, who on Monday said he was bELIEVE the surge in U.S. inflation was temporary and he told Federal Reserve chairman Jerome Powell that he respected the independence of the central bank. But he also stressed that he would not interfere with central bank procedures:

“As I clarified to Chairman Powell of the Federal Reserve when we met recently, the Fed is independent. It must take whatever steps it deems necessary to support a strong and resilient economy.

Biden said Monday at the White House that the price hike is now “temporary,” in response to heated controversy – not just from Republicans but also from the likes of Bank of America and Deutsche Bank and even living democrats like Larry Summers – that the president’s economic spending plans could cause inflation to move out of control.

That said, we wonder if Biden will respect the Fed’s “freedom” if the Fed stops monetizing every dollar of debt the Treasury spends to fund the various stimmy programs launched by Democrats. As for interfering with central bank policies, one wonders how Biden would do that: tell Powell to stop monetizing all debt? – READ MORE

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