CNN Business/Allison Morrow/10-13-2022
“’This inflation report today was an unmitigated disaster,’ wrote Christopher S. Rupkey, chief economist at Fwdbonds, a financial markets research company. ‘It shows whatever Fed officials are doing, it is just not working.’”
USAGOLD note: This is the 1970s scenario. The central bank talks the talk but it never walks the walk. It stays behind the inflation curve setting the stage for a stagflationary economy and all it portends. When things go bad, politicians tend to blame central bankers, but in this case, both are to blame. The government ran huge deficits that the Fed financed with printing press money. Predictably, inflation was the result. As for the present, it is not just the Fed that losing the war on inflation. The federal government with its continued overspending financed with debt is losing it as well.
