Is the Biden Administration purposely destroying the American economy?
Idiocracy, controlled demolition, or both?
The U.S. economy is on a collision course with economic disaster.
Is it being done on purpose or is this just a symptom of having an idiocracy in charge of the economy? Is it perhaps a combination of both factors?
Given my several years living and working in our nation’s capital, having seen the Washington bureaucracy up close, I generally lean heavily on the idiocracy explanation for our American economic death spiral. But recent events have made me reassess.
Let’s take a look at what’s going on under the control of the current regime:
According to the current Consumer Price Index, inflation is now growing at something close to 1% a month. According to CPI metrics used in the 1980s, inflation is rising at an even higher rate.
Over the course of COVID Mania, world governments, especially including the United States, have printed countless trillions of dollars in fiat “stimulus” cash. This rabid money printing was pursued on the grounds of nonsensical Keynesian Magic Money Theory principles, which declare that you can save an economy by debasing the currency and flooding the system with cash.
The incredible debasement of the currency has allowed the rich to become even richer and defeat inflation through investments in Federal Reserve-inflated institutions, like the stock market. Yet for those who cannot afford to invest, they are being crushed under the weight of the debasement regime. If you haven’t increased your fiat-calculated wealth by 15-20% or more this year, you’ve probably lost wealth.
Sure, we can go with the idiocracy argument when we examine people like Janet Yellen, the lifelong academic and former fed chair turned Biden Admin Treasury Secretary, who is, by all accounts, a true believer in Keynesian economics. Yellen, a central planner to her core, believes that she alone can manage an economy better than free market forces.
There’s also continuing evidence surfacing that several entities within the Biden Administration are purposely increasing our cost of living, and fully aware of the consequences of their actions.
This is best observed in current U.S. energy policy. The White House has effectively put a blockade on new contracts for cheap and efficient natural energy production, leading to skyrocketing energy prices across the nation. Under the guise of “climate action” and “Build Back Better” statism, the government is doing its best to destroy a massive sector of the economy.
Moreover, the Biden Admnistration has elevated ideological radicals to top positions in the administration.
Comptroller of the currency nominee Saule Omarova is an out of the closet marxist (she was educated at communist Moscow State University, and wrote her thesis on Karl Marx) who is waging a direct attack on American energy industries, and is publicly advocating for a governmental commitment to their future bankruptcy.
She is also firmly in the “you will own nothing and be happy” ideological camp, arguing that Americans should not have any sovereignty over their wealth.
The Federal Reserve has also massively contributed to the economic mess.
After all of this, I’m still not sure what to believe.
Remember, a government best controls its population and keeps itself legitimate through the maintenance of a healthy currency. If hyperinflation happens, this could certainly end up hurting the regime in charge and potentially lead to its downfall. If the dollar goes full Weimar, the government would greatly struggle to have the authority to maintain its power.
In the end, we’re probably dealing with a combination of deliberate implosion and a failure of central planning.
There are several competing power factions throughout the Biden Administration. Unfortunately, there are no signs of economic coherence anywhere to be found. There are no “responsible” actors in these meetings.
This is why I’m so bullish on Bitcoin, which relies on the free market. The dollar, however, is entrusted to idiots and radicals, such as AOC, Joe Biden, Janet Yellen, and The Fed.
In the end, the idiocracy and the ideologues are achieving the same economic goals through either their incompetence and/or purposeful destruction. Their motives are unclear, but they will end up achieving a negative result anyway.
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On the one hand, generations of kids trained to hate America and the American way of life, and actually bought into it, are now attaining positions of great power and influence. (As I saw it said, Rittenhouse is lucky his judge is a boomer because when millenials take the bench we will be living in a very different county.
On the other hand these people are in DC because they are grifters who can't make an honest living and neither know nor care what impact their policies have on anyone outside their privileged circle.
And then there is narcissism. I always go back to Peter Thiel's observation that narcissists are inherently reactive, short term thinkers. So despite their best intentions to wreck the USA they are too self-absorbed to actually do it methodically and it may mostly backfire. That's a sort of "third option" but might be the best of the lot.
I think it is both. In the early Obama days I suspected him to be a planted sabateur. When he lost the house in the midterms, it slowed him down somewhat. Same thing happened with the Clinton administration. Obama is on tape in an interview about having a third term via proxy, and mentioned an ear piece. The video is out there. All of this has been planned for years. The Trump thing was only a mere speed bump for this horrible and destructive agenda. Great reporting Jordan.