It’s the Fed, Stupid! By Bill Bonner and Joel Bowman

Oligopolies don’t have printing presses. From Bill Bonner and Joel Bowman at bonnerprivateresearch.com:

Plus, a year of “I told you so’s” and plenty more to come…

Bill Bonner, reckoning today from Normandy, France…

Last year was such a hoot we are reluctant to say goodbye to it. It was one ‘I-told-you-so’ moment after another.

The Fed raised rates…trying to recover from the embarrassment of failing to see the approaching inflation.  The higher rates caused stocks to go down. The biggest losers were those that had just made the biggest gains – especially the big techs and cryptos.

It all happened pretty much as it should have happened. See, ‘I told you so.’

People try to complicate it. Disguise it. They aim to distract your attention from what is right before your eyes. They claim ‘capitalism failed’ or ‘corporate greed’ suddenly imposed itself or, for those with no ax to grind, simply that there were ‘supply chain interruptions.’ Here’s the hopeless Robert Reich, former US Labor Secretary, in The Guardian. He says corporate monopolies are to blame:

Worried about sky-high airline fares and lousy service? That’s largely because airlines have merged from 12 carriers in 1980 to four today.

Concerned about drug prices? A handful of drug companies control the pharmaceutical industry.

Upset about food costs? Four giants now control over 80% of meat processing, 66% of the pork market, and 54% of the poultry market.

Worried about grocery prices? Albertsons bought Safeway and now Kroger is buying Albertsons. Combined, they would control almost 22% of the US grocery market. Add in Walmart, and the three brands would control 70% of the grocery market in 167 cities across the country.

And so on. The evidence of corporate concentration is everywhere.

Put the responsibility where it belongs – on big corporations with power to raise their prices.

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