Insular Elites Are Completely Detached from Reality, by Mark E. Jeftovic

Not only are insular elites detached, but they laugh at those of us who have to deal with reality every day. From Mark E. Jeftovic at bombthrower.com:

$10 bacon! Sunday November 7/ Kroger store Birmingham, Mich.

After years of bemoaning that inflation was “undershooting” targets, central bankers can no longer deny that inflation is here. From what I wrote earlier this year:

“The stated aim of central banks the world over is explicitly and literally to create inflation, at a rate exceeding 2% per year. They will not tighten monetary policy until inflation has been “achieved” (more accurately, “unleashed”) and then the plan is to softly reign it in once inflation averages above 2%. Does anybody remember what Janet Yellen said about reducing the Fed balance sheet and normalizing interest rates when she was Fed chair? She said it would be “like watching paint dry”. Do you remember what happened when Jerome Powell actually tried to tighten?”
— via The Crypto Capitalist Manifesto, free download when you join the Bombthrower list (emphasis added)

Now comes the characteristic gaslighting, with corporate media complicity, that inflation is (pick one):

Transient,

Temporary, or even beneficial….

or just another  right-wing talking point…

Continue reading→

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