Transitory. The buzz word of the Federal Reserve. Treasury Secretary Janet Yellen and her propaganda puppet, the Federal Reserve, are peddling a story of economic recovery. However, Wall Street is finally waking up to the reality that our economy’s relationship with inflation is not a transitory one.
For months I have been listing warning signs of encroaching financial bondage at the hands of an administration more concerned with social control than economic recovery. However, many analysts ignored these warnings, favoring the propagated narrative to protect their books and support their political ideologies. Simple mathematics and logic could have informed their predictions and protected their followers, but facts were not prioritized in their calculations.
With issues such as broken supply chains and no accountability from the current administration, it is hard to imagine how analysts didn’t see this coming, even with their Biden blinders on. One brave Wall Street hedge fund manager admitted as much this week, predicting that what recovery we have will not last and indicating that the Federal Reserve is under mounting pressure from the Treasury Secretary. This is, of course, true and only surprising that it has taken so long for fellow analysts to acknowledge it. Slowly others are vocalizing similar concerns about inflation correction, questioning its “transitory” potential, and speculating about whether the Federal Reserve will need to raise rates.
According to Janet Yellen’s announcement this week, the answer is to raise taxes. Yellen, who sounds increasingly more like a globalist, stated that President Biden needs to push his infrastructure programs onto the shoulders of American taxpayer. In addition to that, she suggests that we need to adjust our pay system. Blaming the inadequacy of pay on big companies, she explained that we need strong intervention from labor unions and a focus on global competition.
We need higher taxes so we can get more “free” stuff. They want the unions to control the labor market — as the politicians control the union leaders. If the left can control the entire labor force of America, they will no longer need to host a press conference to tell corporate America to raise wages; they will have the power to do that organically.
So once again we are fed a message of hope wrapped in social control rather than truthful, mathematically based recovery. And what can be done to stop it? Jerome Powell and America-minded conservatives have little sway on what will happen next. We have no firewalls. Not the House or the Senate. And if the HR.1 legislation is passed this week, whatever Janet Yellen, Joe Biden, or Kamala Harris want for America, it will be so.
It's a bleak picture. While political bias in economic analytics is nothing new, it is confusing to see analysts and U.S. leadership neglect such critical warning signs in our economy. It is a far cry from the American exceptionalism pursued by the previous administration. However, if the goal is economic globalism, then they are laying an impressive foundation.
Dan Celia is president and CEO of Financial Issues Stewardship Ministries, Inc., and host of the nationally syndicated radio and television program “Financial Issues,” heard daily on more than 660 stations across the country, reaching millions of households on several TV networks, including FISM-TV. Visit www.financialissues.org.)
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