Jack Dorsey Gives Us Vindication!
We saw it coming from a mile away. You can’t have massive fiat money printing – even if Covid is the excuse – without consequences down the road. And now that the price of everything is significantly higher, even the Federal Reserve is acknowledging that there’s a problem.
Well, not quite – but Fed Chairman Jerome Powell, who started the “transitory inflation” narrative in the first place and printed the dollar into oblivion, is at least admitting that inflation pressures “are likely to last longer than previously expected,” and projected that they could run “well into next year.”
That’s about as close to an admission of guilt as we’re going to get from the Fed. Much more direct is Twitter and Square CEO Jack Dorsey, who recently tweeted that “Hyperinflation is going to change everything. It’s happening,” followed by “It will happen in the US soon, and so the world.”
Dorsey’s a mainstream-media-approved guy. Clearly, it’s not just the “fringe” commentators who are talking about hyperinflation in the 2020’s.
Crush the Street’s readers have known about the problem for years, but Jack Dorsey’s acknowledgment of rampant dollar inflation and the government’s foolish monetary policy is vindication that we’ve been right all along.
It’s yet another example of how you can’t argue with the data, and ultimately the truth will surface even if the “powers that be” deny it repeatedly. Five consecutive quarters of a 5%-or-greater annualized U.S. inflation rate is irrefutable, and symptomatic of a much deeper problem.
Sometimes, they can sweep the truth under the rug for a while. Now, however, the reality of inflation is so blatant – as Abraham Lincoln once said, you can’t fool all of the people all of the time.
For the time being, they can hide the severity of the problem in the government’s CPI and PPI reports. Nonetheless, hyperinflation remains a persistent threat that will manifest in a number of ways – for instance, we’re just one bad snowstorm away from oil prices surpassing $100 a barrel and natural gas prices potentially doubling.
Or, you can find the symptoms of 1970’s-style inflation easily enough in everyday household items that everyone has to buy. Procter & Gamble Vice Chairman Jon Moeller just told consumers to prepare for a third round of product price hikes, saying, “9 out of 10 categories in the U.S. have some form of price increase across part of the lineup.”
These aren’t luxury items, either; we’re talking about baby care, feminine protection, adult incontinence, home care, fabric care… This will hurt the middle class across the board as a cruel combination of dollar deterioration and supply-chain bottlenecks makes almost every product costlier and harder to get.
Clearly, people immersed in private industry have a more realistic outlook on the inflation problem than anyone with a cushy government job or stuck in the theory-driven Ivory Tower of a modern university.
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While the Federal Reserve hesitates to acknowledge the full severity of the problem, Whirlpool CEO Marc Bitzer is preparing for a long, hard fiscal winter: “With the inflation environment, we will see around us for some time. It’s not going to go away overnight.”
But while the breakneck-speed money printing has brought the inflation issue to the surface, there has been a side effect which the Federal Reserve neither intended nor really wanted: the rise of the Bitcoin price, which just touched an all-time high above $65,000 before pulling back a bit:
As the fiat money supply increases exponentially, the total supply of Bitcoins is capped at 21 million BTC – period, end of story. A major part of Bitcoin’s appeal is that they won’t print them up endlessly, so the long-term value is bound to increase rather than deteriorate.
And that’s precisely what the government hates so much about Bitcoin: they can’t manipulate it, and they can’t just print BTC units up like they’ve done with the dollar, which has lost most of its value as the government is actually giving fiat money away now.
I’m not just talking about the Covid “stimulus” checks, either – the current presidential administration is seriously proposing to pay out $450,000 per person to immigrants separated at U.S.-Mexico border.
Yes, you read that correctly: it’s not $450,000 per family, but per person. Reportedly, the average demand is $3.4 million per family, ultimately coming out of the taxpayers’ pockets of course.
According to the Wall Street Journal, around 940 claims have so far, and the total potential payout could be $1 billion or more – though that’s probably a lowball estimate if we’re looking at shelling out $3.4 million per family.
This is how the current administration is spending the billions of dollars it prints up – and how it’s diverting money away from struggling Americans by force.
With policy like that, it’s no wonder that hyperinflation is happening in America right now. I don’t always agree with Jack Dorsey or anyone else on social media, but this time he actually nailed it on the head.
Chief Editor, CrushTheStreet.com
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