Treasury Secretary Janet Yellen pointed out the obvious during a CNN appearance, that she got it wrong when she downplayed the risk of inflation.
CNN’s Wolf Blitzer asked “Was it a mistake, Madame Secretary, to downplay this inflation risk? Did that contribute to the problems we’re all seeing right now?”
“I think I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy — the boosted energy and food prices and supply bottlenecks that have affected our economy badly — that at the time I didn’t fully understand,” Yellen replied.
Indeed, our Treasury Secretary is admitting that she “didn’t fully understand” the link between spending and printing a boatload of money and inflation.
Watch below:
Last year, Yellen, like all of the Biden administration, claimed that inflation was merely “transitory.” The administration has shifted the narrative on inflation from “transitory inflation” to “Putin’s price hike,” and Yellen has hopped on that bandwagon, now saying that inflation will last another year because of Putin.
U.S. inflation hit a 41-year high of 8.5% in March, and still remained near 40-year highs in April, spiking 8.3% (both figures are on a year-over-year basis). Gas prices are hitting record highs regularly, and have hit yet another new record high today of $4.67 a gallon nationwide, up 48 cents in just the past month.
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros
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