{"id":57788,"date":"2021-05-11T11:24:20","date_gmt":"2021-05-11T16:24:20","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57788"},"modified":"2021-05-11T11:24:20","modified_gmt":"2021-05-11T16:24:20","slug":"jim-grant-the-fed-cant-control-inflation","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57788","title":{"rendered":"Jim Grant: The Fed Can\u2019t Control Inflation"},"content":{"rendered":"

Jim Grant: The Fed Can\u2019t Control Inflation<\/a><\/h3>\n
\"\"<\/a><\/div>\n

Federal Reserve Chairman Jerome Powell insists inflation is \u201ctransitory.\u201d As prices have spiked throughout the economy,\u00a0Powell\u2019s messaging<\/a>\u00a0has essentially been, \u201cMove along. Nothing to see here.\u201d<\/p>\n

Peter Schiff has been saying the central bankers at\u00a0the Fed can\u2019t actually tell the truth about inflation<\/a>\u00a0because even if they acknowledge it\u2019s a problem (and it is) they can\u2019t do anything about it.<\/p>\n

In a recent talk, Jim Grant, investment guru and founder of\u00a0Grant\u2019s Interest Rate Observer<\/em>, echoed Peter, saying the Fed can\u2019t control inflation.<\/span><\/p>\n

During a webcast sponsored by State Street SPDR ETFs, Grant said he thinks \u201cthere\u2019s a gale of inflation of all kinds in progress,\u201d adding that he believes it will take the Fed by surprise and \u201coverwhelm our monetary masters.\u201d Grant said, inflation is \u201cclear and present and will manifest itself in our everyday lives.\u201d<\/p>\n

That sounds like the exact opposite of Powell\u2019s \u201ctransitory\u201d mantra.<\/p>\n

Peter has said that once the Fed is forced to admit that inflation isn\u2019t transitory, it will be too late to take action. Grant made a similar prediction, saying inflation will \u201ccatch the Fed flatfooted. In response it will \u201cprevaricate\u201d \u2013 meaning speak or act in an evasive way. In fact, that already seems to be the central bank\u2019s strategy.<\/p>\n

The question is can the Fed actually control inflation. Grant doesn\u2019t think so.<\/p>\n

I think the Fed is under the misconception that it controls events. Sometimes, events control the Fed, and I wouldn\u2019t be surprised if this was one of those times. The Fed thinks that not only can it control events, but it can measure them. It believes it can pinpoint the rate of inflation.\u201d<\/p><\/blockquote>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

Jim Grant: The Fed Can\u2019t Control Inflation Federal Reserve Chairman Jerome Powell insists inflation is \u201ctransitory.\u201d As prices have spiked throughout the economy,\u00a0Powell\u2019s messaging\u00a0has essentially been, \u201cMove along. Nothing to see here.\u201d Peter Schiff has been saying the central bankers at\u00a0the Fed can\u2019t actually tell the truth about inflation\u00a0because even if they acknowledge it\u2019s a […]<\/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":[124,303,426,7863,534,538,963,18779,3650],"class_list":["post-57788","post","type-post","status-publish","format-standard","hentry","category-economics","tag-central-banks","tag-fed","tag-inflation","tag-jim-grant","tag-monetary-policy","tag-money-printing","tag-peter-schiff","tag-schiffgold","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57788","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=57788"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57788\/revisions"}],"predecessor-version":[{"id":57789,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57788\/revisions\/57789"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}