by Martin Armstrong, Armstrong Economics:
Janet Yellen will finally step down from her role as Treasury Secretary in January, leaving a massive mess for her replacement, Scott Bessent. The budget deficit surpassed $36 trillion under the Biden-Harris Administration, with Yellen touting that the US had an endless supply of funds to spend and imaginary success of Bidenomics.
As head of the Federal Reserve under Obama, Yellen was an outspoken advocate for QE. She worked closely with Bernanke and Greenspan, but is actually considered the main architect of the Fed’s now dead quantitative easing program that began in December of 2008. “Potentially anything – including negative interest rates – would be on the table. But we would have to study carefully how they would work here in the U.S. context,” Yellen argued back in 2015. This academic and longtime Fed insider spent her career pandering to the White House.
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Perhaps part of her legacy as America’s CFO under Biden-Harris would be her insistence that inflation was “transitory.” Yellen called the US debt downgrade “arbitrary” when Fitch Ratings downgraded US long-term debt late from AAA to AA+.
She never spoke as an authority on economics, but rather, she spoke as if she were a puppet of the WEF implanted in government to spread economic-related propaganda. Yellen is akin to the Karine Jean-Pierre of America’s financial system insofar as her job is to openly lie to the public and convince them that their reality is not as it seems.
Treasury Secretary Janet Yellen is proof that the establishment is completely clueless when it comes to the lives of the average citizen. “People are better off than they were pre-pandemic,” Yellen touted on national news last week. Perhaps she meant to say “politicians” rather than people, and no, one cannot point at rising US indexes and claim that is sufficient evidence that the overall economy is sound.
Despite millions of Americans struggling financially amid inflation in the post-pandemic landscape, Yellen had the audacity to claim that most Americans are happy with their financial situation despite every bit of data indicating otherwise. “So, they seem to perceive the economy as a whole as doing less well than they are personally. But most Americans feel good about their own economic situation.”
Yellen insisted that inflation was under control. Completely out of touch, Yellen even denied the prevalence of food inflation. “I think largely it reflects cost increases, including labor cost increases that grocery firms have experienced, although there may be some increases in margins,” Yellen, who has a net worth of $20 million, stated before advocating centralized agriculture.
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