The economic gurus who drove the world into the current disaster are filling the pages of the Western media with wild “explanations” for rapidly expanding inflation.
To the Editor:
Hyperinflation is systemic — ignore the fools’ talk about “transitory,” “supply and demand,” “temporary shortages,” etc.
The economic gurus who drove the world into the current disaster are filling the pages of the Western media with wild “explanations” for the current rapidly expanding global inflation. For the most part, they have stopped pretending that it is just a temporary phenomenon, that things will soon return to “normal.” Federal Reserve Bank of Atlanta President Raphael Bostic said that the inflation will continue and could increase, and that after weeks of loose talk of “transitory” inflation, now, “transitory is a dirty word.”
Even Larry Sommers, the former chief economist at the World Bank and the former Treasury Secretary who oversaw the takedown of Glass-Steagall in the 1990s, said this week “we’re in more danger than we have been during my career of losing control of inflation in the U.S.”
But what do these “quackademics” (a term coined by Lyndon LaRouche in 1996) say is the cause of the emerging hyperinflation? They all, without exception, name one or another of the categories which have serviced them in analyzing the current economic system. The fact that their policies have been such utter failures — and that their predictions of things to come have been universally wrong — is precisely due to the fact that they can not think outside of those systemic categories, when the actual problem lies in the failure of the system itself.
“The closer the collapse of an empire, the crazier it’s laws,” Cicero said. Listen also to the wise program presented by LaRouche, his “Four Laws” and his call for the “Four Powers” — Russia, China, India and the U.S. — to come together to lead a New Bretton Woods conference, to replace the broken Western monetary system with a new system with universal Glass-Steagall policies, national banking and “American System” directed credit into nuclear and fusion power, space exploration and the building of modern agro-industrial nations in every country on Earth. See “The Coming U.S. Economic Miracle on the New Silk Road.”