Hot CPI Sends Gold Higher
On Wednesday evening, Peter took to his podcast to cover the week’s big economic headline: inflation is still running hot. In this episode he covers this week’s alarming CPI figures and the political fallout they caused. These metrics highlight just how unprepared Powell and the Fed are for coming stagflation.
To kick off the podcast, Peter reminds us of his long-held warnings about rising inflation and the Fed’s mismanagement:
I don’t often say, I told you so, but sometimes I just got to say, I told you so. I have been warning on this podcast for over a year that inflation was going to get worse, that the Fed aborted the hiking campaign prematurely, that the Fed never got rates into restrictive territory, that despite the claim that they were fighting inflation, they continued to stoke the fire, and that the fact that we pulled back from 9% to 2.5% or whatever we got down to, that was just a cycle, a temporary pullback that we had formed a base, and that we were headed higher, and that we were not going to get to 2%.
Peter comments on Jerome Powell’s congressional testimony from earlier this week, critiquing his lack of accountability and unwillingness to address critical issues head on:
Every time they ask him about a particular policy … he says, ‘I can’t answer that. I can’t talk about politics. I don’
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LewRockwell.com is a libertarian website that publishes articles, essays, and blog posts advocating for minimal government, free markets, and individual liberty. The site was founded by Lew Rockwell, an American libertarian political commentator, activist, and former congressional staffer. The website often features content that is critical of mainstream politics, state intervention, and foreign policy, among other topics. It is a platform frequently used to disseminate Austrian economics, a school of economic thought that is popular among some libertarians.
