Last week I talked about the Federal reserve policies and the role they've played in our current inflationary environment because it's really hard for me to understand how those in charge of the most critical part of our economy can still have jobs after multiple and quite spectacular crash-and-burn failures just in the last two years.
Of course, there are plenty of reasons to suspect that these "failures" aren't bugs but rather features of a long term policy whose purpose is to inflate and then crash monetary bubbles each time transferring real wealth from the population to a wafer thin group of bankers.
Regardless of the motivations, these policies have long been revealed to cause harm so why don't the ones in charge pay the price by losing their jobs? I don't mean getting replaced by another minion and taking a cushy job on Wall Street, I mean getting fired, investigated and, if found to be dirty, then prosecuted.
In Greece where my family is from there's a saying: "Vultures will feast on any carcass except other vultures"
"Then they engaged in a campaign of misinformation insisting with hundreds of speeches & interviews that inflation was going to be transitory which was completely wrong."
"Then all year since last year they put out positive GDP growth forecasts in the 4% range which they had to continually revise down again revealing their incompetence in assessing how the real economy works. Completely off base."
"And now that there original 4% GDP growth forecast has turned admittedly to 0% they continue to insist on positive GDP growth for 2023 when major banks and business CEOs are all expecting a recession next year.How is this credible, believable, realistic or trustworthy?"
The tinkering with the critical infrastructure of our economy continues unabated with the same ones who have failed EVERY-SINGLE-TIME still there and in charge. They will make new decisions today, tomorrow and every day from now on until someone removes and replaces them. The decisions they make will affect everything in our lives next week, month and for years to come.
The markets take longer to adjust to new realities especially when they're imposed by out-of-control officials who make decisions with no consequences to themselves. In 2020 when the covid restrictions were imposed heavily on west coast companies the ports were backed up all the way the China. I remember hearing about hundreds of stranded container ships waiting to unload for months.
Now the west coast ports are suffering as a result since merchants and shippers switched to different venues. Now the port workers and their families get to lose their jobs directly due to those policies.
"The West Coast ports’ share of the total sank to 45%. That’s a nine-point swing from February 2021, when the West Coast boasted a 54% share. According to John McCown, author of the Container Volume Observer, August marked the West Coast ports’ lowest share of U.S. imports “since at least the early 1980s."
Inflation which they spend hundreds of hours telling us was only "transitory" is now raging and destroying decades worth of labor and wealth accumulation:
"Inflation is systematically destroying our standard of living, and the middle class is shrinking a little bit more with each passing day. The Social Security Administration just released wage statistics for 2021, and the numbers that they have given us are quite stunning. As you will see below, half of all American workers made less than $3,133 a month last year. Once upon a time, you could live a very comfortable middle class lifestyle on $3,133 a month. But thanks to inflation, such a wage now puts you just barely above the poverty level. The decisions that our leaders have been making are absolutely eviscerating the middle class, and that should deeply trouble all of us."
Anyone in the real world making these kinds of mistakes would be terminated immediately with extreme prejudice but yet, here we are getting micro-managed straight to Heck by unaccountable, unelected minions who are driving us all off the cliff.