Our Rulers Have Lost Their Minds

Pure Madness Were you forwarded this email? [Sign-up to The Daily Reckoning here.]( [Unsubscribe]( [Daily Reckoning] Our Rulers Have Lost Their Minds - “The bill is coming due and everyone but the masters of the universe is paying it”… - Pure madness… - The biggest hit to living standards since the 1930s… Recommended Link [Strange 2021 Prophecy Rapidly Coming True]( [Read more here...]( America’s #1 Futurist George Gilder is telling American’s to “brace yourself” for the coming $16.8 trillion revolution. This same revolution could redefine millions of jobs and radically transform the way just about every major corporation does business. It could even change the way you get paid, save and invest for retirement. And, says George, it could make you exceedingly rich... [Click Here To See Why]( West Hartford, Connecticut June 2, 2022 Editor’s note: You cannot escape inflation these days. Politicians claim they feel your pain and are attempting to alleviate it. But today, Jeffrey Tucker shows you why he believes their plans represent “a level of policy insanity I’ve not seen in my lifetime.” [Jeffrey Tucker]Dear Reader, Have a look at the shock on people’s faces as they leave the grocery stores these days, or the look as they stand filling up their tanks at the gas station. Their jaws drop and they wonder what is happening to the world. The answer is the policy disasters of the last two years. The bill is coming due and everyone but the masters of the universe is paying it. The value of the dollar is sinking rapidly, more rapidly than in our lifetimes. Nor is it coming back. The people who hold power today seem completely clueless about why this is happening. Actually, that’s a charitable interpretation. They might just think it is great. High gas prices are pushing a shift to electric cars, presumably to manage global climate (I’m a serious doubter that anything like that is possible by policy). Or maybe there is an impulse here just to redistribute wealth and disorient people to create new levels of dependency. Whatever the reason, I’m seeing absolutely no signs that anyone at the top has any intention to put a stop to this. Kill the Snake in the Garden! The Biden administration — total geniuses up there! — have been hunting around for the source of price increases, as if there is some single greatest offender out there in the markets. They won’t blame the Fed of course because the Biden administration considers a monetary policy war against inflation to be a potential political disaster. It would drive the economy into a statistical recession. Then they would doom themselves at the midterm. Better to let inflation rip than risk that. So instead, they are looking to scapegoat market actors. It’s preposterous: Markets are linked in ways that are impossible to trace and understand. You cannot map it. It’s too complex. It cannot be designed. It cannot be gamed. But tell that to the credentialled experts who believe that they have it all going. So some geek in the White House noted that shipping prices are through the roof. They reasoned that these high costs are putting pressure on all producers, which in turn is being passed on to consumers. What to do? Crack down on the shippers! That’s exactly what they have done by unleashing the Federal Maritime Commission, “an independent agency that polices international ocean transportation on behalf of American companies and consumers,” according to The New York Times. What the heck is the FMC going to do? Oh, harass people. Send letters. Investigate. Make big demands. But this much is clear during inflation: Everyone, without exception, has a thoroughly valid reason to raise prices. In this sense, they are all telling the truth that it is not their fault. Finding some single or several or many key offenders during a hyperinflation is like hunting for the offending cloud during a hurricane. Recommended Link [“The Situation Is Getting Worse By The Day”]( That’s what the President of the US Chamber of Commerce just said about the supply chain. If you thought the supply chain issues were over, think again… Things are about to get much, much worse. And everything from your local grocery store to your gas station could be impacted. That’s why I’m urging everyone I can to prepare now… See the #1 move to make before this problem gets any worse... [Click Here Now]( Another Stimulus One of the great independent journalists who has really found his mojo during this crisis has been Jordan Schachtel. His Substack account seems often ahead of the major news. He drew my attention to something so bizarre that I never imagined it would happen. He believes that the politicians are, right now, plotting another stimulus check drop on citizens as a way of helping people deal with inflation. True story! It’s actually a level of policy insanity I’ve not seen in my lifetime. This would be like pushing a drowning man deep underwater: Far from coming to terms with their mistakes and acknowledging their errors, the rulers of our fiat system, in their infinite wisdom, may soon decide to fight inflation with… you guessed it, more inflation. Sounds crazy? No way they would be that ridiculous, right? Well, I have some news for you. It’s already happening in Canada. Quebec has announced that they will give a $500 stimulus check to everyone that makes $100,000 or less. This handout, which is expected to reach 6.4 million Canadians, will "help Quebecers cope with the sharp increase in the cost of living that we have seen in recent months,” Finance Minister Eric Girard said Tuesday. Following Canada’s lead, a group of Democrat congressmen have just introduced a bill to hand out “gas price stimulus checks” to Americans. The timing of this new bill should not go unnoticed, as midterm elections are just around the corner in November. Two congressmen are hyping a bill to give $100 a month to all citizens who live in areas where gas prices are above $4 per gallon. Do the math on this and you end up with an annual bill of $168 billion. This comes after many people in Congress have started to slightly worry about their spending programs. And of course, once you do this with gas, there is no reason not to do this with food, rent, medical bills or anything else. You end up with a mind-blowing system in which government is forever printing up the currency to compensate people for the consequences of previous money printing. Recommended Link [“Financial Nostradamus” makes bone-chilling prediction…]( [Read more here...]( In 2019, this man wrote a book called Aftermath that shocked the world by predicting that “Something on the scale of a global pandemic will be the cause of the next financial crisis” And that “it will happen with 100% certainty” in the next few years. Just four months later we had the first reported case of the coronavirus. Now he’s back with another bone-chilling prediction. A prediction that’s already starting to come true. A prediction I’m urging you to watch right away. Because if what he says is true, within days this single event will have a profound effect on your retirement assets, your banks account and your entire way of life. Warning: What you’re about to see is a REAL exclusive interview with a former CIA and Pentagon insider. The content herein is NOT for the faint of heart. [Click Here To See This Exclusive Interview]( CNN is helping to drum up support: The administration should ask Congress to authorize a payment of $1,100 per household to pay for four months of higher prices going forward, and provide an option for the president to provide a second or even third check to low- and moderate-income families for an additional four months in the event that prices remain high. We don’t know when this crisis is going to end or when prices for essential goods and services will return to more affordable levels. It’s the Interwar Period All Over Again Here we have a scenario straight out of the history books. We are talking about Weimar-level insanity here. But what’s to stop it? The current political winds all lean in this direction. So long as Democrats are in control and the Republicans are stupid and afraid, even as the Fed is embarrassingly bowing to every political pressure, something like this cannot be stopped. If this continues, we could be looking at a full-scale monetary crisis of epic proportions as we approach the midterms. Even then, Congress under Republican control simply cannot manage the Fed, which owes its entire allegiance to the executive in the White House and the deep state. That means two more years even after November of utter policy disasters. Wow, I really do get tired of reporting terrible news! I wouldn’t have to if the major media could cover these topics with any level of intelligence or honestly. But they don’t. And the failure to do so is having a major impact on the standard of living, which is taking a hit much harder than we have seen since the early 1930s. This is both in the U.S. and Europe. Really all over the world. We can hope and pray for policy rationality to return. But we must also be realistic. This is a crisis with no end in sight. Regards, Jeffrey Tucker for The Daily Reckoning Editor’s note: How can you protect your wealth against the ravages of inflation? Some are turning to cryptocurrencies, but the recent crypto crash makes that look like a bad decision. History points to something far more enduring — gold. Gold is real money. It’s private and secure and remains incredibly valuable today. It is also dirt, dirt cheap… for now. When the bug really hits the windshield, gold will likely explode in value, and quickly become out of reach for most investors. When Rome was overrun by barbarians and the empire collapsed… [powerful families survived by storing their wealth in gold.]( [Click here for more...]( Centuries ago, smart families maintained their lifestyle while the rest of Europe plunged into centuries of chaos by owning gold. [Click here to see how gold can potentially save you from chaos today.]( --------------------------------------------------------------- Thank you for reading The Daily Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:dr@dailyreckoning.com) [Jeffrey Tucker]( is an independent editorial consultant who served as Editorial Director for the American Institute for Economic Research. He is the author of many thousands of articles in the scholarly and popular press and eight books in 5 languages, most recently Liberty or Lockdown. He speaks widely on topics of economics, technology, social philosophy, and culture. 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