The Fed is Out of Touch Because Fed Presidents are Out of Touch

 Perhaps it is time to give Consuela a few weeks off and buy your own fucking groceries and gas.

"An ominous sign about today's high inflation environment, and quite clearly the Federal Reserve is behind the hiking curve, is a contact close with the Fed complaining about out-of-control golf membership prices. 

Yes, you heard that correctly. Federal Reserve Bank of Philadelphia President Patrick Harker's speech cited "one of our contacts," presumably a Wall Street banker or corporate elite, complained about the "whopping membership fee increases at his golf club."

"The Fed member continued to say "generous fiscal policies, supply chain disruptions, and accommodative monetary policy have pushed inflation" to a four-decade high. 

Notice Harker's listing of inflation's culprits and how "accommodative monetary policy" is last. In our view, that should be first, though the Fed will never admit creating money out of thin air is the root of all inflation." 

The perfect example of what the Fed did is the story of how Jay Gould and Jim Fisk swindled Cornelius Vanderbilt out of millions by printing up new shares of the Erie Railroad Line as he was attempting to take over the lucrative rail line that ran from Chicago to New York.  It was not illegal at the time according to the company's charter but it was highly unethical.  Gould and Fisk got rich and Vanderbilt lost a lot of money.  Watering down the stock - watering down the currency.  No difference.  The Fed is mostly a collection of swindlers and hustlers.