An annual avalanche of the Fed’s bullshit falls down upon us from up high in the Grand Tetons.
Elite central bankers casually debate how many of us suckers will get to keep our jobs while they smooze over fancy BBQ dinners, huckleberry old fashioneds and sweeping views of the Tetons for three blissful summer days every August at the Fed’s annual conference in Jackson Hole Wyoming.
The wealth gap in Jackson Hole far exceeds the gaps between its mountain peaks. It is the most unequal county in the U.S. $312K is the average annual income. The average price for a single-family home topped $5 million at the end of 2022.
The local saying is that you either have three homes or three jobs in Jackson Hole. An invitation to this highly exclusive conference in this highly exclusive city is the ultimate sign that you are a macroeconomic insider according to the NY Times establishment Fedwatcher Jeanna Smialek.
Blackrock, the world’s largest and shadiest shadowbank argued at the 2019 Superbowl for Central Bankers that the “next downturn” would require central banks to create new money and find “ways to get central bank money directly in the hands of public and private sector spenders” – what they called “going direct”, bypassing the retail banks.” Enter Central Bank Digital Currency.
CBDC empowers the Fed to completely bypass Wall Street to give money to whoever the Fed wants. Most people do not realize that private, unpopular Wall Street banks like JP Morgan, Citigroup, Wells Fargo, etc. currently create at least 97% of all of the money that we are expected to work ourselves to death for. The Government is NOT currently causing inflation by printing too much money contrary to popular belief, because the Fed is NOT a part of the U.S. government!
Broke-ass Uncle Sam only creates the chump change, literally just the coins that this country uses which is less than 3% of the total money supply. CBDC will empower the Fed and the shadowbanks to throw Wall Street under the bus and let the too big to fail banks finally fail while the Fed takes direct control over the nation’s money supply, including virtually any financial decision any consumer makes.
CBDC will of course enable the Fed to monitor how everyone uses it and to seize the funds of anyone they arbitrarily believe is misusing it. “Critics of a central bank might suddenly find they are not allowed to pay for anything any longer – in a manner reminiscent of the way that protesting Canadian truckers were frozen out of their funds by the Canadian government in February 2022.”
CBDC is one of many reasons why we need to Occupy the Fed right NOW while it is still feasible.
The Fed was aware that it’s new monetary policies would create inflation, as Blackrock later confirmed in a paper which stated that “the Fed is now committing to push inflation above target for some time” Then the Fed bypassed Wall Street and gave Black Rock a no bid contract and a seemingly infinite blank check to buy up billions worthless mortgage backed securities beginning in March 2020 during the peak of the covid lockdowns.
Blackrock helped run the Fed’s balance sheet to nearly $9 trillion by early 2022 and the Fed hasn’t managed to shrink its balance sheet below $8 trillion despite lip service about so called “Quantitative Tightening.”
Meanwhile Blackrock’s assets swelled to over $9 trillion as a direct result of its illegal partnership with the Fed.
The fact that Blackrock manages at least $25 million of Jerome Powell’s personal wealth may or may not have had something to do with this historically unprecedented inflationary monetary policy at Jackson Hole in 2019. Powell also had at least four private, highly illegal phone calls with Blackrock CEO Larry Fink during that wild spring of 2020.
President Biden ignored Powell’s transgressions, including his rampant insider trading, and reappointed Powell to chair the Fed in November of 2021.
Powell threw the stock market under the bus at last year’s Jackson Hole meeting when he now famously warned that the U.S. may need to enter a “lengthy period of very restrictive monetary policy” that will “bring some pain.”
Powell expected us to believe that inflation was “transitory” throughout 2021 while vital necessities such as fruit, bread vegetables, eggs, bacon, chicken, cars, gas, and houses started getting more expensive.
The stock market had been reaching record highs on an artificial influx of easy money with 0% interest rates in the wake of the crash of 2008 and the Covid lockdowns of 2020 when Powell abruptly ended the party at Jackson Hole last year in 2022. Stocks slid in the U.S. and Asia leading up to this year’s annual elite summer celebration of shady central banking.
Inflation cooled from a recent, unprecedented CPIlie high of 9.1% in June of 2022 down to 3.0% in June of 2023, but this wasn’t enough for Powell and his fellow rich people who just indicated that they will probably continue to raise interest rates and tighten the screws on the working class in order to protect the value of all of the dollars that they have hoarded.
Economists have been waiting for unemployment to go up in the wake of the Fed’s insane interest rate hikes, but it hasn’t been happening. “These so-called continuing claims remain low by historical standards, indicating that some laid-off workers are experiencing short spells of unemployment.”
The Fed has lost its illusion of control over the economy in the eyes of the scant minority of Americans who actually pay attention.
The Fed is completely freaking out because too many people are working!
Let that sink in for a second. The Fed actually wants to see more people applying for unemployment benefits. But conservatives continue to complain about Bidenomics rather than Occupy The Fed.
Wall Street continued to complain about the interest rate hikes.
Bigwig economist Jason Furman argued that the Fed should shoot for a 3% inflation target in the Wall Street Journal on Sunday August 20th in a pathetic attempt to influence the outcome at Jackson Hole. Neo-liberal NY Times Economist Paul Krugman backed up Furman’s call for the Fed to adopt a 3% target for inflation on the brand formerly known as Twitter. The next day Krugman admitted in his op-ed piece for the NY Times that “the reaction you get if you suggest accepting current inflation and revising the target accordingly is more or less the reaction I imagine you’d get if you waved a Pride flag at a DeSantis rally (although you’re less likely to get beaten up or shot).”
Mohamed El-Erian, another bigwig wryly warned that the Fed would not compromise. “It is very hard for a central bank to change an inflation target when it has been missing it so consistently,” he told CNBC on Monday.
All of the bigshot investors on Xitter had their fun at Krugman’s expense.
As expected, or perhaps ordered by Larry Fink, Powell decided to stick to the arbitrary 2% inflation target that Bernanke’s Fed adopted in January of 2012 to maintain a veneer of credibility after it completely lost control over the economy in 2008 again at this year’s Jackson Hole meeting on Friday August 25, 2023.
“Two percent is and will remain our inflation target.”
Jerome Powell
Powell made it clear to Wall Street and the stock market in his deliberately vauge FedSpeak that the Fed was prepared to screw the working class over and raise rates higher in order to protect the value of all the dollars that he and his rich people have accumulated at our expense. However, Powell said that he would “proceed carefully” on any further rate hikes. So, the stock market started to go up a little.
“There are no major surprises for the market,” said Quincy Krosby, chief global strategist for LPL Financial, “The market could be upset that he didn’t come out and say we’ll be on pause … the market has been desperate for months and months and wants to declare that the Fed is finished.”
Everyone who works in the stock market understood that the Fed was going to continue to make life miserable for the rest of us but sure as hell won’t do anything about it which is why it is up to the rest of us to Occupy the Fed.
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