Joe Biden thinks money can be created out of thin air.
But America’s money-printing habit is leading to horrible inflation.
And now Biden’s Federal Reserve is about to destroy the economy completely.
The United States is over $28 trillion in debt. Much of that debt is paid for by “loans” that the Federal Reserve gives to the government – which is a fancy way of saying they create brand new money.
Now, after the federal government spent trillions more dollars on COVID relief (or perhaps more accurately – corporate welfare under the guise of COVID relief), the debt is skyrocketing, and the Fed is pumping out even more fake money.
Many economists are now saying that these practices are going to lead to enormous inflation, which will destroy the savings of virtually everybody.
CNBC wrote an article on May 10th about how Americans are expecting the highest rate of inflation in many years.
According to CNBC, “Expectations for how much more consumers will spend on homes, rent and the cost of a college education all rose in April.”
This will have a tremendously negative effect on the economy, and lead to an even greater destruction of the middle class. After all, the middle class tends to have the most money in savings, and they are the most vulnerable to inflation.
In other words, the constituency groups of Democrats (the very rich and the very poor) will benefit, while everyone in the middle suffers.
The Federal Reserve, of course, has a long history of helping the wealthiest Americans at the expense of everyone else.
Inflation has been chipping away at middle class savings for decades, and the Fed has kept pumping out loans with near-zero interest rates to their friends in the banking world and corporate America.
But now with COVID and the government lockdowns hitting the American economy, and a spending-happy President who thinks debt and deficits are just fine, those trends are accelerating like never before.
These scary trends, and the general sense that America is speeding towards an economic calamity, have fueled the rise of competing cryptocurrencies, such as Bitcoin.
These currencies, similar to gold, hold their value because of their scarcity, while the dollar keeps inflating. In a time of great inflation, they are a safer place for people to put their savings.
However, the Biden administration, and Treasury Secretary Janet Yellen, have been threatening to ban or restrict cryptocurrency practically since the first day Biden took office.
According to a Wired article from Jan. 22nd, “Cryptocurrencies could come under renewed regulatory scrutiny over the next four years if Janet Yellen, Joe Biden’s pick to lead the Treasury Department, gets her way.”
A Federal Reserve that is addicted to printing money and hopelessly corrupt, as well as a ban on cryptocurrencies by Biden’s Treasury Secretary, could be a lethal cocktail that would doom the middle class. Families could see decades of savings wither away.
Joe Biden’s economic decisions and his misguided belief in printing and spending fake money, are a threat to middle-class Americans everywhere.
