How to screw-up the US economy

 David Horowitz:

Everyone in Washington understands the basic causes of inflation. If you print more money than you have real assets like gold to back it up, you devalue your currency and make everything cost more. If you declare war on fossil fuels, shut down pipelines, close vast oil fields like Anwar, and don’t approve drilling licenses generally, you cause the price of everything to go up, because virtually everything requires energy to produce. If you spend vast amounts of government money inducing individuals not to work, employers will raise wages to entice them to work, and that, too, will cause prices to go up. It’s not rocket science.

Despite understanding these consequences, the Biden administration has instituted all these inflationary measures, and avoided taking responsibility for them and the suffering they cause. They did this to advance their progressive agenda, which is really a reactionary socialist agenda that has not changed its fundamental premises since 1848, when Marx published what is and has always been the progressive agenda. The Biden reactionaries denied their responsibility for the costly and dangerous inflation their policies have created in the way they normally cover up their assaults on the public - with two obvious lies. First by claiming that the inflation was “transitory,” and then by blaming it on Vladimir Putin – calling it “Putin’s price hike.” The brazen character of these lies and the fact that Biden has kept repeating them in the face of devastating refutations reflects the fact that the Democrats know full well what they are doing, which is stoking the fires of a volatile inflation which is causing profound hardship to the very constituencies they pretend to care about – people on the lower rungs of the economic ladder.

There is another consideration to take into account. Runaway inflation has the power to destroy societies. Money is a social glue. It provides incentives to work and to be law-abiding. It is a bargaining chip that can deflect and avoid social violence. When you destroy the value of money you destroy an indispensable social bond. That is what happened to the Weimar Republic in the 1920s, and what led to the election of Adolf Hitler in 1933.

What, then, could the Democrats be thinking in pouring fuel on the fires of inflation? The Biden Democrats who have poured trillions of dollars into an already heated economy look on the United States Treasury as a bank, which can be robbed. As progressives, they feel licensed to rob the nation’s bank by the nobility of their mission, which is to save the planet. In their eyes, the money represents the fruits of exploitation made possible by a “white supremacist” capitalist system. In such a system, money is not earned but is extracted by socially sanctioned power. This is a system which they are pledged to destroy.
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There is more.

Covid was exploited as an excuse for these radical policies and their consequences.  In fact, Biden and Pelosi wanted to even more of this nonsense until the polling told them they were going to get shellacked in 2022.