It’s called “Bidenflation” by those including the Boston Herald, Business Insider and Las Vegas Review-Journal. It’s when inflation is at 11% at the point of wholesale, about 8.3% for consumers, but gasoline prices are nearly double from a year or so ago and food prices have surged by well into the double digits.
But Ben Bernanke, a former chairman of the Federal Reserve who led American through what, until now, was considered the most precarious financial moments in decades, has a different term: stagflation.
That’s when a nation is beleaguered by inflation, unemployment and a general malaise in its economy, none of which is good. Those are the facts confronting the United States now under Joe Biden’s economic policies.
For example, he’s repeatedly shut down and attacked energy industry components such as pipelines, resulting in a dependency on foreign energy production, a reversal from the policies under President Trump, who effectively had made America energy independent.
It is DNYUZ that reported on an interview about his new book, “21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19,” about the pandemic, the “overnight pullback in employment” and the “infusion of money not seen in history.”
Bernanke was one of the leaders responding to the recession in 2008, but his focus now was on the 1970s, “which he suggests is the closest analogue to what’s happening in today’s economy and what could happen next,” the report said.- READ MORE