This article was originally published by Austin Litman on Proofofwork.ca
“FOMC” stands for “Federal Open Market Committee”. But I like to think of it as “Fear of Market Crash” because the population tunes in to see if the market is going to crash. How do they tell? One man tells them. Powell (the man who controls the money printer) said the following to the American public on 11/2 during the FOMC meeting:
- GDP is 0
- He will continue to raise interest rates until inflation is 2%
- He needs unemployment to go up before he lowers rates.
That’s the important stuff. It tells you everything you need to know. And then for the fear mongering/blame displacement, here are some quotes he dropped to the public:
- “Russia vs. Ukraine is causing this inflation, not the dollar printing.”
- “The conditions are more uncertain than I initially thought. We’re surprised.”
- “I don’t know when we will have to stop raising rates until the goal of 2% inflation is hit. And I will not stop until 2% inflation is hit.”
- “I will reduce the size of the balance sheet”.”
- “The strong dollar is hard for some Countries.” (He refers to the millions of people dying worldwide because of inflation, like in Lebanon).
- “A recession might be coming.”
Lol. He really said “a recession might be coming” for his closing remarks.
