Submitted by QTR's Fringe Finance
Almost daily, where I reside in Philadelphia, I jog or walk past the United States Mint and the Federal Reserve Bank of Philadelphia. Both institutions are merely a couple of blocks apart in Old City, housed in heavily guarded structures made of marble and cement that appear impervious, even to a Category 5 hurricane.
From the exterior, to the fortified loading ramps for incoming and outgoing 18-wheelers, to the police who diligently patrol on foot and passively survey sidewalk activity — everything about these buildings exudes a sense of security.
However, as tourists walk through the front doors to peruse carefully assembled exhibits explaining our monetary system, the back rooms in these buildings are busy generating pure inflation. There, PhDs in suits hand down flawed monetary policies that are, by mathematical certainty, setting our country down the wrong course.
There are days, like one I experienced early this week, when I simply stand in awe of these buildings. Everything about them screams stability, and their inhabitants will passionately argue that stability is precisely their raison d'être. Yet, it's hard to ignore the facts. Income inequality is widening, and inflation is spiraling out of control, disproportionately affecting the middle and lower classes. Meanwhile, limousine-liberal economists like Paul Krugman take to the airwaves, confidently proclaiming an economic victory utilizing these institutions…for reasons they can't even clearly articulate.
“The economic data have been just surreally good. Even optimists are just stunned,” he recently said on CNN. “This is a goldilocks economy.”
He says inflation is coming down “quickly and painlessly”.
“We don’t really understand why this is happening. I can come up with multiple stories, but it’s important to point out that there’s a really profound and peculiar disconnect going on.”
You can say that again, Paul.
For a good portion of the population, this bullshit commentary cuts the mustard and this state of affairs is perfectly acceptable, as long as it doesn’t interrupt their planned weekend golf trip or doesn’t prevent their football team from kicking off on Sunday.
Many people continue to...(READ THIS FULL ARTICLE HERE).