{"id":23597,"date":"2023-05-04T05:00:48","date_gmt":"2023-05-04T09:00:48","guid":{"rendered":"https:\/\/orionscoldfire.com\/?p=23597"},"modified":"2023-05-03T23:07:21","modified_gmt":"2023-05-04T03:07:21","slug":"can-powell-and-yellen-thread-the-needle","status":"publish","type":"post","link":"https:\/\/orionscoldfire.com\/index.php\/2023\/05\/04\/can-powell-and-yellen-thread-the-needle\/","title":{"rendered":"Can Powell and Yellen Thread the Needle?"},"content":{"rendered":"<p>Trying to disguise the US economy&#8217;s virulent case of stagflation by alternately increasing interest rates and printing multi-trillions of dollars of phony money seems to be a very difficult balancing act.\u00a0 Lately it has resulted in a string of large banks failing as the depositors pull out their cash to find interest bearing government bonds.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Jerome Powell and Janet Yellen would have more credibility if they didn\u2019t repeatedly say such ridiculous things.<\/p>\n<p>Can you imagine how amazing it would be to have a Fed Chairman be a straight shooter and just say:<\/p>\n<p>\u201cThe system is phucked. Things are going to get really bad.\u201d <a href=\"https:\/\/t.co\/6mLCOEjAxc\">pic.twitter.com\/6mLCOEjAxc<\/a><\/p>\n<p>&mdash; Wall Street Silver (@WallStreetSilv) <a href=\"https:\/\/twitter.com\/WallStreetSilv\/status\/1653939598915928066?ref_src=twsrc%5Etfw\">May 4, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Now I hear they&#8217;re talking again about minting some &#8220;trillion-dollar coins&#8221; to get around a battle with the Republican House leadership about balancing the budget.<\/p>\n<p>Will Biden and company be able to blame the crash of the economy on the Republicans?\u00a0 Well, it wouldn&#8217;t surprise me too much.\u00a0 Do I care?\u00a0 No, not really.\u00a0 There doesn&#8217;t seem to be any limit to how much damage the Democrats do to this country without any noticeable consequences to their re-election chances.<\/p>\n<p>But it is interesting to speculate on exactly when the economy may collapse catastrophically.\u00a0 Banks collapsing, even somewhat large ones doesn&#8217;t seem to worry the Masters of the Universe.\u00a0 Apparently, we only need five or fewer ludicrously large banks to handle all the corrupt financial operations needed to facilitate wealth being sucked out of the rest of the country and into the coffers of the obscenely rich.<\/p>\n<p>So, if it&#8217;s not collapsing banks, what will signal the final chapter of the country&#8217;s death spiral?\u00a0 I suspect it will occur when the last of the middle-class disappears into poverty.\u00a0 After all that was always this county\u2019s strength.\u00a0 And in fact, all the way back to 5<sup>th<\/sup> century BC Athens a large flourishing middle class was the engine of a healthy democracy.\u00a0 Now that we\u2019re no longer a democracy it makes sense that the priorities of the aristocracy will sooner or later kill off the golden goose that created their wealth.<\/p>\n<p>And when that happens, I expect the aristocracy to start reducing their ranks to make their shrinking rents from the serfs stretch a little farther.\u00a0 That\u2019s going to be a rude shock for the bugmen who have groveled and scraped to remain in the various concentric circles of the outer hive.\u00a0 Being forced out of the hive as winter sets in will be truly sad.\u00a0 But the death by freezing of drones is a fact of life.<\/p>\n<p>Of course, it\u2019s likely the House Republicans will fold before much damage is done and give Biden his trillions out of fear but I have an almost morbid fascination with guessing when the death blow will fall.\u00a0 Maybe the day is close now when the rot to the commercial sector becomes so pervasive that even the major banks like Morgan Stanley and Bank of America just can\u2019t make the math work any longer.<\/p>\n<p>At that point will the \u201cpeople\u201d finally revolt and beyond the scope of even ballot harvesting norms could the Democrats be hurled out of power?\u00a0 I guess it could happen.\u00a0 At that point probably the ultra-rich will gather up their assets in the form of tons of gold and platinum ingots and fly off to New Zealand to ride out the cannibal zombie apocalypse and plan their return to a pristine continent swept clean by the four horsemen of the apocalypse.<\/p>\n<p>Well anyway, let\u2019s just enjoy the spectacle of \u201cexperts\u201d explaining how bank runs are really a sign of strength in the banking sector.\u00a0 And someone please put Jim Cramer out of his misery.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trying to disguise the US economy&#8217;s virulent case of stagflation by alternately increasing interest rates and printing multi-trillions of dollars of phony money seems to<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[2431,4051,3253],"class_list":["post-23597","post","type-post","status-publish","format-standard","hentry","category-current-events","tag-defibrillating-the-us-economy-back-to-life","tag-failing-banks","tag-stagflation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can Powell and Yellen Thread the Needle? 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