FOMC: Sheer Incompetence At Its Best.

First they didn't see any rise in inflation from the 2-3% benchmark and then it was transitory. So, the morons kept a printing through the digitization creation of money out of nowhere. And surprise, surprise, that was for all practical purposes massively inflationary given the fact that inflation is always, always, solely a monetary policy phenomenon. 

Fiscal policy and stimi-checks didn't help nor did a myriad of other issues we could all rattle off but make no mistake, The Federal Reserve gave life to this monster and hasn't got the balls to tame it à la Volcker. Wasn't inflation close to 18 percent when Volcker over a period of time massively raised rates and that did the trick after a terrible recession -- Volcker quite literally broke the back of inflation while successive Chairs and FOMC members serially chickened out once the economy inevitably fell into a recession. Soft landings were very few and far to come by.

Biden will go down in flames in 24 and has no one to blame but himself. The moment Powell was re-nominated, that was his Waterloo and I say that as a foreigner who leans heavily Democratic. All this BS about women voting in droves and saving the Dems in 22, and Biden in particular in 24 is bullshit. Like I keep saying, just look at how women "pushed thru" ERA with the help of Betty Ford and Company. Exactly...

22 will be a Democratic rout with Republicans having serial orgasms -- they will very likely take control of both the Senate and House. Face it, inflation and the economy is where it's at for Joe and Jane and the Dems just ain't there in force.

Biden is toast hence Newsom's pre-positioning. That my friends speaks volumes not to mention a series of polls where even a plurality of Dems don't want Biden as nominee in 24. Ouch! But I digress.

But back to The Fed: I go berserk when I see the business talking heads blatantly lying about the CPI and inflation. Inflation isn't at 9 percent, it's much higher, more like at 16-17%. Everyone knows that the official rate has been cooked by every administration all the way back to Reagan.

Check out these charts from ShadowStats and concentrate the mind on the blue line in the 2nd chart. It's the most realistic of all given the fact that in Reagan's time manipulation was at a minimum:

Alternate Inflation Charts (shadowstats.com)

Always remember that corporate or network policy is to make sure the public doesn't find out the truth. Well, the American people may not know the real deal numbers but they can sure as hell feel them in the pocketbook.

So like I said, as much as it pains me, the Dems are done, even with Jesus Christ as the next nominee. Personally, I would urge voters to throw out all incumbents. After all, they voted for this mess or worse yet, allowed The Fed to go on its merry way and fatally stab the American economy. Incumbents, especially lifers, should pay the ultimate political price for that. Hope it happens.