Neither Biden nor Powell Understands the State of the Union - Ep 871
The Peter Schiff Show Podcast
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Why Did the Fed Decide That Inflation Need to Be 2%?
The Phillips curve says that as unemployment goes up, inflation goes down and vice versa. That is a Keynesian fantasy, which is still widely accepted today. The most ridiculous answer Powell gave was in response to whether or not he was worried about the absolute size of the national debt. He said that when it comes to inflation, the level of the national Debt is not the problem. Of course it's precisely the problem. It's because the government is running such large deficits that the Federal Reserve has been monetizing them through quantitative easing.
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