Powell and USG Will Destroy the U.S. Economy

Today's Senate confirmation of Powell confirms that there are no politicians in Washington who will stand up to the Federal Reserve or lift a finger to stop runaway inflation. Not that I thought there were many there, but I thought maybe they would try to defend their political lives. Nope.

The Federal Reserve will not act to stop inflation. As I have repeatedly said, there is still as risk of a drop, but after today's hearing, there is a green light for rampant, unrestrained commodities and energy speculation. It's possible today's spike was a short-term top, but far higher highs are coming. The oil vigilantes are inside the Federal Reserve's OODA loop. It takes the Fed months to debate monetary policy, but it only takes minutes for oil traders to realize they are unopposed. If crude can make it past the October high, $100 here we come.