The Fed, in deep need of keeping its IOU-driven (i.e debt-driven) façade of "recovery" in motion, has no choice but to invent a respectably controlled (i.e. LOW) CPI inflation rate in order to make US Treasury bonds look even moderately attractive to others.This isn't something that started this past January; it started over a decade ago. If not longer.
After all, the US lives on those IOU's. They need to look pretty.
If, however, the more honest and much higher 10% inflation rate were honestly reported on an honest CPI scale, the inflation-adjusted yield on the US 10-Year Treasury would be negative 8%--which hardly makes it a pretty bond for the world to either admire or buy.
...[T]he Fed now prints over $120B per month (to buy $80B in unwanted Treasury bonds and another $40B in unwanted, toxic MBS paper) with no apparent inflationary effect (despite the fact that inflation is defined by money supply) beyond its 2% "allowance."
I think we've come to the endgame of the fiat dollar. Thanks, Nixon.
* * *
The blacks in Evanston are rejecting reparations because the reparations are the wrong kind. Specifically, a group of black leftists in Evanston don't like getting $25,000 towards housing because they want $25,000 in cash.
I'll say it again: I'd be all-in on reparations if in exchange we got an end to all the "raciss!" nonsense, an end to Affirmative Action, an end to all the careers of the race hustlers (like Jesse Jackson and Al Sharpton), an end to the riots that follow the death of a black criminal at the hands of police, and so forth. If American society would actually get something out of it, something tangible and useful, I'd support it wholeheartedly.
But if you pay the Dane his geld, the Dane comes back for more. Reparations are nothing but racial danegeld; it's not one payment for one black person one time, but an ongoing, permanent payment: "Here, you were never a slave, but have free money to show that wealthy, white leftists aren't racists." The idea is to turn all blacks in America into permanent slaves of the democrat party: pay them to vote democrat. "If you elect [republican], he'll take away your reparations!" will go the ad campaign, and the blacks who have reliably voted democrat since the Johnson administration will go right on voting democrat. And if the money ever stops, they riot.
Well, guess what? Read the first vignette again. The money is going to stop. It cannot be otherwise.
* * *
I'm a ray of sunshine, I know. I've been suffering eyestrain all day long.
I learned, not long ago, that migraines can be painless: you can get all the weird side-effects of a migraine headache without actually having the "headache" part. "Silent migraine", they call it. I actually think that's what I'm experiencing, but if that's the case, this one has been going on for most of 12 hours. It's mild, but it's affecting my left eye and making it feel weird, and it's really hard to concentrate.
Or, who knows, maybe this is just eyestrain coupled with another exciting way to have a panic attack. But I have gotten the "migraine aura" symptoms before, like that time I woke my wife up to ask her if the words I was speaking made sense, because I wanted to rule out a stroke.
Well, anyway--10 degrees cooler today than yesterday, but very nice, even so. Got a few things done at work, making progress in my list of tasks, knocking things out; but I didn't get to go to lunch until 1:55 PM.
Came home from work at the usual time and collapsed into bed, and slept until a little while after Mrs. Fungus got home. Gonna go to bed at the usual time, but I have to get the trash out first (garbage night).
And, thank all that's holy, tomorrow is Friday--though I don't really expect the weekend to be very restful, I'm hoping it will be moderately relaxing. We'll see, I guess.