{"id":56935,"date":"2021-02-27T14:33:57","date_gmt":"2021-02-27T19:33:57","guid":{"rendered":"https:\/\/olduvai.ca\/?p=56935"},"modified":"2021-02-27T14:37:22","modified_gmt":"2021-02-27T19:37:22","slug":"jerome-von-havenstein-inflation-or-bust","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=56935","title":{"rendered":"Jerome von Havenstein: Inflation Or Bust"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"https:\/\/economicprism.com\/jerome-von-havenstein-inflation-or-bust\/\">Jerome von Havenstein: Inflation Or Bust<\/a><\/h3>\n<div class=\"entry-content\">\n<p><a href=\"https:\/\/economicprism.com\/jerome-von-havenstein-inflation-or-bust\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-908 size-full\" title=\"Jerome von Havenstein: Inflation Or Bust\" src=\"https:\/\/economicprism.com\/wp-content\/uploads\/2011\/12\/Reichsbanknote.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/a>This week brought forth new evidence that \u2013 to be perfectly frank \u2013 we\u2019re all screwed.<\/p>\n<p>On Thursday, the yield on the 10 year Treasury note topped 1.55 percent.\u00a0 Subsequently, the Dow Jones Industrial Average, after hitting an all-time high on Wednesday, dropped 559 points.\u00a0 Wall Street must not be listening to Federal Reserve Chairman Jerome Powell.<\/p>\n<p>Earlier in the week, Powell, in\u00a0<a href=\"https:\/\/www.federalreserve.gov\/newsevents\/testimony\/powell20210223a.htm\">testimony<\/a>\u00a0to the Senate Banking Committee, confirmed that the central bank would keep the federal funds rate near zero until maximum employment is achieved.\u00a0 In addition, the Fed, in its recently released\u00a0<a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/2021-02-mpr-part2.htm\">semiannual Monetary Policy Report<\/a>, confirmed it would continue to create credit from thin air to buy $80 billion per month of Treasuries and $40 billion per month of mortgage backed securities (MBS).<\/p>\n<p>What\u2019s more, the Report specified the Fed\u2019s purchases of Treasuries and MBS\u00a0<em>\u201c\u2026will continue at least at this pace until substantial further progress has been made toward its maximum employment and price stability goals.\u201d<\/em>\u00a0 The operative words being, \u201cat least.\u201d<span id=\"more-7466\"><\/span><\/p>\n<p>What to make of it\u2026<\/p>\n<p>Central banking is a form of central planning.\u00a0 And central planning is a form of state control.\u00a0 And state control, as practiced in the United States, pertains not so much to the economics of producing income; but, rather, the methods for redistributing it.<\/p>\n<p>State control, through inflationism, takes money saved and earned by individuals and covertly redistributes it to the central authority \u2013 i.e., Washington.\u00a0 There it is consumed by ever expanding government social programs and colossal pentagon budgets.\u00a0 What remains is wasted away by the endless array of bureaucracies and agencies.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Jerome von Havenstein: Inflation Or Bust This week brought forth new evidence that \u2013 to be perfectly frank \u2013 we\u2019re all screwed. On Thursday, the yield on the 10 year Treasury note topped 1.55 percent.\u00a0 Subsequently, the Dow Jones Industrial Average, after hitting an all-time high on Wednesday, dropped 559 points.\u00a0 Wall Street must not [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[124,125,12043,303,379,426,16888,11763,827,3650],"class_list":["post-56935","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-banks","tag-central-planning","tag-economic-prism","tag-fed","tag-government","tag-inflation","tag-jerome-powell","tag-mn-gordon","tag-united-states","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=56935"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/56935\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=56935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=56935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=56935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}