While Joe Biden is wholly responsible for the unbearable inflation in the United States, the American president and his pro-left propaganda machine are making every effort of giving a false impression stating Russian President Vladimir Putin is responsible for the inflation and gas crisis. With such wrong propaganda, one may argue, whether Joe Biden believes, Vladimir Putin is running America.
To hide his failures, Joe Biden shameless keep saying: “We’ve never seen anything like Putin’s tax on both food and gas. … Putin’s price hike is hitting America hard. … I’m doing everything in my power to blunt Putin’s price hike and bring down the cost of gas and food”.
But, majority of Americans, save those blind supporters of Joe Biden know – American president is lying.
US Secretary of Treasury Janet Yellen showed she has a little more integrity than her boss [Joe Biden] by admitting the inflation situation was a result of mismanagement. Referring to her observations last year that escalating inflation was a “small risk” and wouldn’t “be a problem”, she said: “I think I was wrong about the path that inflation would take”.
Joe Biden sees that Russian President Vladimir Putin has some accomplices in ravaging Americans with escalating prices. Among these, according to Biden, are the ports, the supply chain, foreign shippers and the oil industry.
“One thing I want to say about the oil companies, they have 9,000 permits to drill. They’re not drilling. Why aren’t they drilling? Because they make more money not producing more oil. The price goes up”. Rejecting Biden’s statement, economic experts said, “Our present demonstrates that his understanding of economics is less than any college freshman”.
They said, “Oil markets are global and competitive. Any single company, even a gigantic company like ExxonMobil, for example, controls the market. Even the biggest company is just one participant in a competitive market”.
“Unless President Biden wants to argue that American oil producers are a cartel, like OPEC, that controls about 40 percent of total world oil production, no one company causes the price to move”, they added.
But the unfortunate reality in today’s America is – the late Nobel prize winning economic Milton Friedman, who explained the causes of inflation, has been washed away by the woke culture.
Friedman’s famous observation was that “inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output”.
Friedman is unpopular with liberals because once it is understood that inflation is the result of the government printing excessive amounts of money, we understand that inflation can only be caused by government, because only government can print money.
Once it is clear that only government actions, in the way of creating excessive amounts of money, cause inflation, then those in government cannot blame others, as the US president is now doing.
Economists Steve Hanke and John Greenwood, looking at the rate at which the Biden government was creating money, wrote in the Wall Street Journal in July 2021, “By the end of the year, the year-over-year inflation rate will be at least 6 percent and possibly as high as 9 percent”.
Responding to Biden’s recent explanations about inflation, Hanke and Greenwood point out, “China, Japan and Switzerland also face elevated oil prices, supply-chain problems and fallout from the war in Ukraine, but their annual inflation rates are 2.1 percent, 2.5 percent and 2.5 percent, respectively. They have avoided the ravages of inflation because their central banks haven’t produced excessive quantities of money”.
But Joe Biden or his Democrat cronies shall not listen to realities or accept their failures and blunders. Instead, they will continue play a nasty blame game by stating Russian President Vladimir Putin is responsible for ongoing sufferings of the American people, without admitting, it was Joe Biden who had led the mad rush of imposing sanctions of Russia and Russians without considering adverse consequences of it. And now, unfortunately Biden has no way of recovering the situation, as he already has dug his nose deep into the trap set by Volodymyr Zelensky and his Nazi cohorts.
The only solution to salvaging American from a real socio-economic catastrophe is to exert pressure of Zelensky in immediately halting the war and sit on negotiation table with Moscow. Unless it is done forthwith, following November’s midterm elections, Joe Biden will most definitely pay a heavy price by getting impeached.
Please follow Shoaib on Twitter @Salah_Shoaib
