Treasury Secretary Janet Yellen
asserted Friday that the administration’s infrastructure spending proposal will lower inflation
by reducing costs vital to households.
Economic officials, including Federal Reserve Chairman Jerome Powell, have become less willing to use the word “transitory” to describe inflation
as price pressures already have lasted longer than anticipated.
Yellen said she still expects inflation to ebb over time and return to its longer-run average around 2%, which is the Fed’s goal.
Euro zone inflation hit a new 13-year high in October, as the currency bloc battles surging energy costs.
Headline inflation on Friday came in at 4.1% for this month, according to preliminary data from Europe’s statistics office Eurostat. This was the highest level since July 2008, according to Reuters data, and was ahead of a consensus forecast of 3.7%. September’s figure had come in at 3.4%
The rise has been driven higher by surging energy prices
, deepening concern among policymakers. The energy component to the inflation data was up 23% year-on-year, by far the biggest contributor.
WHAT DOES THIS MEAN FOR BITCOIN AND THE INTERNET ECONOMY?
These closing October headlines are more of the same highlights we have been seeing since the corona printing explosion.
The only difference is now we are seeing inflation at an accelerated rate.
“Transitory” inflation implied prices would began to ease off, not speed up!
The consistency of headlines can be attributed to governments knowingly going all in on “Modern Monetary Theory.”
MMT postulates that there is no consequences to printing dollars or monetizing debt.
Amazing really, especially since even the live data itself shows that MMT is wrong!
Despite data, and history itself, proving these MMT pseudo-scientists incorrect, people like Janet Yellen (current US Secretary of the Treasury) can make a statement that “more government printing and spending will be anti-inflationary.”
AN OUTRIGHT LIE. What is it with these people?
Girls are boys and boys are girls, and some are both or they are just an it.
Does not matter that one could simply practice basic science and check the biological gender of a person!
Corona is a pandemic and we need to shut down the world to save it.
Does not matter that one could simply check CDC data and see that less people died in 2020 than in 2019. Less people die in pandemics right?
Government can print money and monetize debt with no consequences.
Does not matter that official FED data, economic performance, and the free market itself are signaling the opposite is true.
Honestly, there is nothing government can do to save the economy. The system is dead, this bus is heading high speed towards the cliff and the breaks do not work.
Those same people who think girls are boys, corona is a pandemic, and government can print money with no consequence are the ones driving the bus.
Get off that bus while you can!
No human drives the Bitcoin bus, the code applies bus rules fairly to all.
Arguably, Bitcoin facilitates the only true free market in the world.
The headlines, and more importantly the Laws of Economics, tell us that marketplace participants will continue to be pushed by government policies to transition to the better incentivized internet economy.
The key is to make the transition before everyone else realizes they need to make the transition.
Time is running out…
A pension fund for firefighters in Houston has made a purchase in bitcoin and ether facilitated by bitcoin investment firm NYDIG.
The Houston Firefighters’ Relief and Retirement Fund’s (HFRRF) purchase marks the first time a public pension plan in the U.S. has announced an investment in digital assets
, according to an announcement
The fund has invested $25 million in bitcoin and ether, though it has not disclosed how this is split between the two.
The fund holds over $4 billion in total assets, according to Bloomberg
BUT ITS NOT ONLY A U.S. MOVEMENT…