If Not Now – WHEN?? by Dennis Miller

The Fed is never going to do anything about inflation. It can’t, the government can’t pay higher rates and the Fed has to keep buying the government’s debt. From Dennis Miller at theburningplatform.com:

My grandfather was a WWII Army Sargent, an uneducated farmer with a Ph.D. in common sense. One of the lessons he preached; the longer you ignore a problem, the more it will grow.

Fed Chairman Jerome Powell never met my grandfather.

This Schiff Gold article confirms my grandfather’s thinking: (Emphasis mine)

“During a webinar sponsored by the Economic Club of Washington DC, Powell said the economy can handle the current debt load. But he did warn that the long-term trajectory of the US budget is unsustainable.

‘The US federal budget is on an unsustainable path, meaning simply that the debt is growing meaningfully faster than the economy. And that’s by definition unsustainable over time. It’s a different thing to say the current level of the debt is unsustainable. It’s not. The current level of debt is very sustainable….’

Powell said the US government will eventually have to ‘get back to a sustainable path.’

‘That is something that is best done in very good times when the economy is at full employment and when taxes are rolling in. This is not the time to prioritize than concern.’

…. Newsflash – this will never happen.

Of one thing you can be certain – politicians will always find a reason to borrow and spend money.

…. Powell is right when he says the federal budget is on an unsustainable path. He’s wrong to imply anything will ever be done about it. The powers that be will stay right on that unsustainable path to the bitter end. And it will be a bitter end.”

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