The Epoch Times tells us that the Fed’s Clarida acknowledges “much more than moderate overshoot of inflation target.  Federal Reserve Vice Chairman Richard Clarida said on Nov. 8 that inflation this year has been far higher than the Fed expected, and while he still believes inflationary pressures are transitory and will dissipate “over time,” a longer run of elevated prices would amount to a policy failure on the part of the central bank.

No Shinola, Sherlock.

But of course the inflationary pressures will dissipate “over time.”  Time heals all wounds, unless the wound kills you first.  So how long must we put up with this policy failure of the central bank?  That depends.

From an interview with Karl Denninger with Dennis Tubbergen on Retirement Lifestyle Advocate (you can listen at the link):

Dennis Tubbergen:

So let’s talk a little bit about the obvious, the Fed said that a year ago, inflation would be transitory, which is an interesting choice of words, but it appears now that it’s here to stay, how do you see it?

Karl Denninger:
Well, yeah, let me cite the notable Milton Friedman. Inflation is always and everywhere, a monetary phenomenon, which, I mean, there’s plenty of people that think that he ought to be regarded to the tin foil hat brigade, but I don’t think so. I mean, yeah, it’s definitely, that’s an issue. And the reality is, is that we’ve spent the last two years violating every legitimate rule of reason to monetary and fiscal policy. All of it emanating from Congress when you really get down to it. I mean, you can excuse it as being an attempt at COVID counter measures or whatever you want. But the fact of the matter is, is that we’ve admitted an utterly enormous amount of unbacked credit into the system and exactly what you would expect to have happened when you do that happened. So, I mean, it shouldn’t surprise anybody that when you put several trillion dollars they go do it with… What’s the total now? Six or 8 trillion or something like this. That’s been put into the economy by congressional . . .
Dennis Tubbergen:
8 trillion dollars. Yeah.
Karl Denninger:
Yeah. And this was all by congressional Fiat. All right. This was not the federal reserve doing something. This is Congress passing bills that said, this is what we’re going to do. And we’re going to pay people $600 a week to sit
at home and drink beer and smoke bong hits instead of work because they’re not essential. And your essential worker neighbor has to go to work a nd make sure that you have groceries in a grocery store. Okay. Well, that’s fantastic that you did all these wonderful things, but for the people that got the benefit, of course, they certainly liked it, but what ends up happening inevitably when you do this? And the other thing is that over time, we’ve already seen this on a 12 to 18 month time lag. It’s every time, 12 to 18 months before it shows up. And then geeze, it’s about 12 to 18 months later, isn’t it?
Dennis Tubbergen:
Well, Karl, when you bring up that time lag, which I think is extremely interesting, if it’s a 12 to 18 month time lag, I mean, we’re just seeing the beginning of this aren’t we?
Yup, we are just at the beginning and it is going to go on for quite a long time because the Let’s Go Brandon Administration isn’t going to take corrective steps any time soon – or ever, if given the chance.  Your Irascible Correspondent will suggest to you that the destruction of the economy is not a matter of hapless incompetence much less misguided good intentions, it is deliberate policy.  It is a calculated Cloward Piven Strategy to set us up for the final collapse of America.  They intend to drive us into such financial despair that we will welcome anyone who promises to save us.
Hello, Claus Schwab and the Great Reset.  What a surprise!  And what a bargain, eternal slavery for crust of bread today.
We are living in unprecedented times.  Yes, we are being pushed into collapse, but it is clear that it is not going all their way.  The increasingly desperate measures they are taking prove that whatever their plan it is not going according to plan.  This is good and bad.
On the one hand circumstances are pushing them into a corner.  They are all in, win or lose, they can’t back out at this point.  Which means they’ll get even crazier and more dangerous.  As more people wake up to what’s happening they are more and more exposed, caught in a trap designed to catch us.
On the other hand, more and more people are waking up.  As they do so the ability of the Globalist Propaganda to move them in predetermined directions fails.  Crowds become antagonistic to the regime, and act in unexpected ways, witness the Let’s Go Brandon meme which spread everywhere overnight.  The American People are becoming oppositional, refusing to conform or comply.
The rule is: we win, they lose.
Stock up on food and ammo, stay away from crowds, spend more time on your knees before the King of Creation.

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