The Fed: Too Big to Succeed

Source: American Consequences
by Trish Regan

“Because it’s clearly been a while since the Fed chairman pulled up to a pump himself … I wonder who’s pumping Jerome Powell’s gas. Speaking to lawmakers in a congressional hearing last month, the Fed chairman doubled down on his view that there is no real inflation in the U.S. economy. ‘I graduated from college in 1975,’ Powell told lawmakers. ‘I had a front-row seat,’ he said, referring to the devastating inflation that plagued the U.S. economy during the Carter years. ‘I don’t expect anything like that to happen,’ he said, adding that the double-digit price increases of the 1970s would be ‘very, very unlikely.’ Powell explained that recent inflation has everything to do with ‘this unique historical event that none of us has lived through before’ and nothing to do with inflation spiraling out of control.” (07/15/21)