by Karl Denninger
Market-Ticker.org
Jimmy Carter was famous for his cardigan-sweater talks while imploring people to set their thermostats to 65F in the winter. I remember it well.
For a huge number of people that wasn’t a necessary request; inflation was high enough that people could not afford to run their heat at a higher level. The bill from doing so was simply beyond their ability to pay.
Plenty of people blame Carter for all of this, but in fact Carter wasn’t nearly so much to blame as put forward. Shall we recall that Nixon literally assaulted Fed President Burns during his tenure because Burns was not doing as Nixon wanted with monetary policy?
We continue to believe in the face of evidence to the contrary that is unbroken and has occurred every single time that running large deficits is not only sustainable whenever it seems to falter we should do more of it. The latest insult of an alleged $1.9 trillion “for the people” is anything but; only about 10% of that money will wind up in your pocket. The rest will grease the “betters” palms in one form or another across both failed US State Governments that have done stupid things for decades and their pals.