...help Kamala Harris win the election. They threatened to kill his family if he didn't comply.
See righties, I know how to post bullshit too! I wanted to do it before Lester, willy and CDL had the chance.
http://www.foxbusiness.com/economy/feds-powell-the-time-has-come-interest-rate-cuts
Lester did NOT make the same point Powell did. Lester, repeatedly, said the ONLY cause for inflation in the US was US government policy/spending. He said it time and time again. Powell NEVER said government spending was the "only" cause.
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If you click on the link and actually listened, which apparently you did not, Powell, in ADDITION to citing government spending, was ALSO quoted as saying that supply chain shock from Covid, as well as the Russian invasion of Ukraine, contributed to US inflation and NEITHER of those are "government spending."
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You embarrassed yourself again with your Lester hero worship. Furthermore, I don't remember a single person here calling Lester a liar on this topic. Please prove me wrong. I called him WRONG, not a liar on this subject and I produced his own words below showing how uneducated he is re: the causes of inflation, as Powell states.
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What say you now as you are confronted with the truth on the matter? Mea culpa time, CKS.
"USA inflation is due to USA policy. Period." -Lester
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Need any more evidence that Lester doesn't know shit about the total causes for inflation CKS?
Printing new money. Which is often used to cover federal deficit spending.
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Fed policy is never to allow zero percent inflation. The target money printing rate is about 2% per year. They feel that the economy/ wealth creation expands on average 2% per year, so they print new money to match..
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They fear that if wealth increased but the money supply did not, people would hoard cash as a fixed supply would grow in value. So the slowly debase it over time to keep people to get rid of their cash.
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So the gov is always inflating money as a matter of policy. However when the government goes into extreme deficit spending they have to crank up money printing like they did with the stimulus deficit spending bills of 2020-2022.
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The Fed has not tamed inflation to their target 2% but with an election coming up it is better to let inflation go up again rather than face a downturn. So they are kicking the can down the road so Kamala doesn't get bad economic news until after the election.
Robert, give us a SPECIFIC example of how the money supply can increase (except illegal counterfeiting) that doesn't involve the Federal Reserve printing new money. (And by "printing" I mean all forms of money creation including electronic ledger balance adjustments.)
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Just one specific example.
How many times, and by how many people, need to tell you that it isn't ONLY an increase in "money supply" that causes inflation? So you are either lying to cover your ass about past statements you have made here or you simply don't understand all the different ways inflation occurs.
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Are you really telling us you know MORE than Powell on what can trigger inflation? More than the Harvard Business Review? Covid DIDNT increase inflation due to sudden supply chain shock???? The Russian invasion of Ukraine DIDNT increase inflation???? Neither of those two things, AGAIN, had NOTHING to do with Fed Policy.
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Stop now. You just look silly.
He quotes Economics Nobel Prize winner Milton Friedman before arm waving him away "The money supply theory of inflation was popularized by economist Milton Friedman who famously said that “always and everywhere a monetary phenomenon.”"
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I'll take Milton Friedman over RespectfulRobert, thanks all the same.
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But you avoided answering the question, give a specific example of the money supply increasing outside of the actions of the Federal Reserve.
Take your argument up with Powell. You are clearly smarter than he is. Now I see why cks ran away from you.
Specific example of how the money supply increases without Federal Reserve action? Just one tiny example. In your own words to demonstrate you understand. Don't run away.
Wall Street at an all-time high and mortgage rates and credit card rates going down in September.
Fucking Democrats are so bad for the economy.