Iron laws of arithmetic -- Part MMMMCCLIX.

If they [the Fed] could have nipped it [inflation] in the bud, they would have done it. The reason they haven’t done it is because they can’t. And because they can’t fight inflation, that’s why they have to pretend that it’s transitory. Because if they could fight it, now is the time to do it. Don’t wait for it to get bigger. Don’t wait for inflation to get stronger to try to take it on. You want to nip it in the bud while it’s still a little baby.”^[1]

They can't because tightening will send debt service requirements through the roof. That's the arithmetic part. Then there're the facts that they absolutely will finance whatever lunatic spending the Congress and the White House Occupant want; they are firmly committed to taking care of the banksters, corporate America and its worthless stock buybacks, and public employee pension funds; and blowing a massive bubble with ruinous malinvestment are job number one for them. The iron laws of politics, I suppose.

Only yesterday they were talking about their 2% inflation target as though they were serious players in the world of monetary policy. Even their doctored CPI numbers are going to leave 2% in the dust but they'll still sit there sucking their thumbs and twirling their hair.

Then there's the former Fed chairwoman who's hinting about a possible second lockdown. As though there just hasn't been enough destruction of small business so far.

Where do we find these clowns? Aren't these the very same people whom the progressives slobber over who have "the expertise" and enlightened objectivity to order every detail of our lives?

Notes
^[1] Peter Schiff quoted in "Peter Schiff: The Transitory Inflation Ruse." ZeroHedge, 7/16/21.