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.