Ttoday’s masterclass in rhetoric 👨🏫 is gracefully offered to you by the Honourable Jerome Powell, the Chair of the US Federal Reserve.
This masterclass will teach you how to change your statement… without changing your statement. Spoiler alert : just claim that the words have changed meaning 🤭
This is the Fed’s officials’ recent statements on the subject of inflation:
💬April’21. Jerome Powell warned of the “upward pressure on prices from the rebound in spending”, adding that “these one-time increases in prices are likely to have only transitory effects on inflation”
💬August’21. Christopher Waller: “There is a general concern that this [inflation] is going to last longer.”
💬November’21. Fed statement: “Inflationary pressures are not “transitory” but “expected to be transitory.”
This is how you open the field of possible interpretations. This week’s Jerome Powell’s speech before the Congress has added the final touch to this masterpiece of political cant:
💬30th of November’21. Jerome Powell: “The word “transitory” means different things for different people… I think it’s probably a good time to retire that word.”
What has not changed though, is Jerome Powell’s explanation of the inflation.
No, it’s not the fact that the Fed has created $4Tr dollars out of thin air in under 2 years 😓
According to Mr Powell, it’s all because of Covid and the supply chain 🤷 He told it many times, and he repeated it once again (☝️repetition is key to persuasion):
“Pandemic-related supply and demand imbalances have contributed to notable price increases in some areas. Supply chain problems have made it difficult for producers to meet strong demand, particularly for goods.”
To “drown the fish” even further, he even added that “increases in energy prices and rents are also pushing inflation upward,” not at all concerned that the very definition of inflation is… well, the increases in prices.
Jerome Powell is no doubt a talented politician, even if he has never been elected by the people. That’s not a problem though, for he has ben recently re-appointed by President Biden, who must be really happy to have such a talented person dealing with American people’s concerns over the skyrocketing price of living.
Jerome Powell is giving the Americans a very good rhetoric lesson, but we are afraid that it will be too expensive.
You know what to do. Bitcoin.