The Progressive Left Wing War on Fossil Fuels vs. The Central Banks, redefining recessions, PRICE CONTROLS, and GOVERNMENT Interest rates – February 9, 2023
In most western nations, there is some sort of war being waged against fossil fuels; before you blame the politicians, I remind you that most of these progressive politicians were voted for by the people, many of whom have ZERO financial education and/or have little knowledge about Austrian economics. Even if you REJECT Austrian economics, it should be easy for you to see why consumer price inflation is running rampant.
If you’re unaware, fossil fuels are DIRECTLY responsible for a standard of living in developed nations and declaring war on fossil fuels equates to higher costs to produce ENERGY. In Canada, as an example, the prime minister created a CARBON TAX, and all consumers of fossil fuel-derived energy have to pay for it; obviously, this leads to higher prices, but it gets worse.
In most developed nations, UNIONIZED workers have wages that keep pace with consumer price inflation, and once these wage earners get a pay raise, usually there’s no reversing it, thus making the new higher wage the new FLOOR. Wage is nothing but a fancy word prices and price controls equate to deflation of specific prices impossible to achieve in the future.
Couple that with a central bank that exists primarily to help the Federal Government grow larger, and you’ll have a better idea of why many of us were against central banks, to begin with. As I’ve stated in other posts, I DO NOT want a GOVERNMENT gold standard because, as we’ve seen in the past, a gold standard equates to the government having the ability to invade your privacy if it feels as if you have too much gold that it needs to finance its objectives.
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The war against the rich is one of the first wars waged by the government, and being that a medium of exchange can literally be anything, I see no reason to give the government a gold standard it will abuse soon after having it. In the modern era, something called Bitcoin reached as high as $ 60,000 USD for a single bitcoin, and bitcoin is NOTHING but some digits in a computer.
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PRIVATE money can be anything, most of us prefer it gold or silver, but for me, I don’t want the government to need gold in order to go to war because if you think a government gold standard will stop the expansion of government, you’re 100% wrong. What stops the growth of government, as Robert Kiyosaki taught me, revolves around FINANCIAL EDUCATION.
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If I know how something works, you can’t lie to me, and it’s not like everyone in a country needs financial education, but I’d prefer at least 75% of voters have a financial education. In the meantime, however, the Federal Reserve and other central banks are hoping and praying inflation cools. What I see, however, is lower interest rates INVITING Federal governments in developed nations to SPEND MORE.
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When government spends, it’s competition for resources and TALENT from the private sector, meaning that for the foreseeable future, I see consumer price inflation as a PESKY problem. When might it stop? When either a VIABLE replacement for fossil fuels enters the market or the war on fossil fuels ends.
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I am a firm believer in PETRODOLLAR; some say it doesn’t exist, I claim the architects of this modern economy knew well in advance that the petrodollar does exist, and it’s why OPEC+ is something you should pay close attention too, now that western nations are crippling their energy infrastructure with regulations.
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Interesting times ahead!