Powell Is No Hero
The financial media’s praise of Powell and the Fed is misplaced.
Below is Powell’s legacy - an exploded money supply (M2) and significantly increased price levels (CPI).
Who cares if the rate of year-over-year CPI increases has abated? The damage is done. The absolute CPI level will remain elevated.
Powell ought to be ashamed to appear in public given how CPI and M2 have increased on his watch. Trump, Biden, Mnuchin, Yellen, Congress and the corporate interests that control Congress and the Executive branch are also to blame. Powell is no hero.
