Tell Us a Better Lie, Sloppy Joe!

Of course, inflation went up under Biden. When reporters ask him about it, he needs better prep. [The Rude Awakening] February 06, 2023 [WEBSITE]( | [UNSUBSCRIBE]( Tell Us a Better Lie, Sloppy Joe! - A reporter asked President Biden if he took any responsibility for inflation. - Biden responded that he didn’t because it wasn’t here when he got into office. - There are so many better ways to handle this question. [Over 62 And Collect Social Security? Take Action Immediately!]( [Click here to learn more]( [If you’re over the age of 62 and currently collect Social Security, you need to prepare now](. Because Biden has given our country the worst inflation in decades – and many warn things will only get worse from here. Worse yet, the Social Security check you receive now may not keep pace with inflation… [Which is why, if you don’t act now, you could fall behind in the months ahead](. Is your retirement at immediate risk? [Click here now to get the simple, step-by-step actions to survive inflation](. [Click Here To Learn More]( [Sean Ring] SEAN RING Dear Reader, Good morning from a lovely Piedmont. I hope you had a long, restful weekend. It was “mission: accomplished” for us in Milan. I got my house keys and book from a lovely lady named Magda. And Pam, Micah, and I got to eat some fantastic food and visit the sites. The one thing Pam loves about Milan is its cuisine. As Italy’s “international” city, Milan boasts cuisines from all over the world. So instead of eating Italian food there, we eat what she likes. Friday night was a Korean barbecue. Yum. But, man, that kimchi was hot. They weren’t messing around. And Saturday night was the best Argentinian steak I’ve ever eaten. My tenderloin was perfectly blue, which is rarer than rare. On Saturday, we finally got inside the Duomo di Milano. Ornate and imposing from the outside, the cathedral is immaculate and beautiful on the inside. In the transept of the Duomo stands the famous statue of St. Bartholomew Flayed, sculpted in 1562 by Marco d’Agrate. Besides Michelangelo’s La Pieta in St. Peter’s Basilica and Rodin’s The Kiss in the Tate Modern, I’m not sure I’ve seen a more detailed sculpture. I took a snapshot of it for you: Credit: Sean Ring It’s worth seeing for yourself one day. Ok, enough about my weekend. Let’s get to something that mildly amused me. Biden, Inflation, and What He Said I’m going to take off today. Not from writing. But from bashing Biden. I’m bored of it. Instead, I’m going to do what Peter Thiel does. Instead of “straw-manning” Biden’s argument, I’m going to “steelman” it. In fact, I’m going to give Biden the points he should’ve argued rather than sounding like he’s losing his marbles. So, what happened? He’s an exchange between Biden and a reporter that occurred last week: BIDEN: "Do I take any blame for inflation? No." REPORTER: “Why not?” BIDEN: “Because it was already there when I got here, man.” Two things immediately come to mind. As the most powerful man in the world (at least officially), it’s never good to dodge responsibility. And the second is the complete lack of empathy and awareness when issuing the denial. There are so many things he could’ve said that would’ve sounded better. Not only that, but the inflation numbers did indeed skyrocket once he was in office. There may be no denying that, but there are ways to reason around it. But first, let’s look at the data. What Actually Happened There was no shortage of right-wing and libertarian Twitter users who pounced on Biden immediately. And, really, he asked for it. So I don’t overegg the pudding, here’s the one thing you need to know about the CPI numbers since Biden got into office (the red arrow): [chart] Credit: [@disclosetv]( The CPI didn’t just go up. It increased 6x. Just so we’re clear, that’s not 6%. That’s six times! And now, we’re on our way back down. That’s disinflation, not deflation. But genuinely, it isn’t all Dopey Joe’s fault. Sure, this misguided adventure with sanctions and tanks in Ukraine made things much worse. But it did start before he darkened the oval office. [Secret Gold Back currency RUINING Biden’s plans for a digital dollar?]( [LIR]( What I’m holding in my hand is a completely new form of money… As we speak, it's being used as an alternative currency across the U.S. minting in places like Utah, New Hampshire and Nevada… And since it’s made out of a thinly printed sheet of REAL gold... It may be the single best way to protect your wealth from Biden’s plan for a government controlled digital dollar. That’s why, I want to offer to send one to you today. But since I have a limited number I need you to respond to [this message]( by Wednesday at midnight. [I’ve recorded a short 2 minute message that explains everything here.]( [Click Here To Learn More]( What He Could’ve Said If you haven’t seen the 1990 French film Cyrano de Bergerac starring Gerard Depardieu, you really should. He is utterly brilliant, giving one of the most incredible acting performances of all time. There’s one scene when a French aristocrat tries to insult him. Valvert: “Your nose is very big.” Cyrano: “Very.” As a poet, Cyrano isn’t impressed. So he recites twenty alternative insults about his own nose that would’ve been much funnier… while dueling with Valvert. Unfortunately, like Valvert, Biden isn’t a man of letters nor has an ounce of wit in his head. Credit and watch the clip here: [YouTube]( Here’s what Biden could’ve said… and would have been truthful! The CPI numbers are worthless anyway. “Listen, man. Do you really think we calculate the prices of 80,000 goods and services correctly? John Williams over at Shadow Stats can show you the CPI was really hovering around 10% for about a decade before I got in.” [chart] Credit: [shadowstats.com]( My predecessors printed shitloads of money. “Come on, man. MAGA Man allowed his Fed chairman to print nearly $6 trillion. Do you think that money went nowhere? Of course, that’s a big problem when it comes to inflation.” [chart] Credit: [@KingLibertarian]( Trump indeed let loose the money printer. My Fed chairman acted too late. “If you bothered to look at the chart of the Fed Funds rate, you’ll see Chairman Pow didn’t start raising rates until March 2022. If he does constrain rates and the money supply, there’s nothing I can do.” [chart] After the Covid recession (the gray vertical bar), Powell left rates on the floor for too long. My Fed chairman could’ve popped this bubble in 2018, but Trump wouldn’t let him. Also true. Powell was hiking rates through 2018. But during October 2018, the market turned down entirely and was crashing heading into December. Right around Christmas, President Trump said to buy stock. Chairman Powell ceased raising rates then. Then, the SPX headed practically straight up until the covid crisis. But I’ll argue until I’m blue-in-the-face that Trump and Powell could’ve solved the problem then and there if they had more courage. [chart] Every economist, even the Austrian School ones, got consumer price inflation and asset price inflation confused. “Last I recall, I was elected in November 2020. I took my seat in the Oval Office in late January 2021. But asset price inflation started in March 2009. And it never stopped. Wanna talk to me about that?” [chart] Since the rally started in March 2009, we went straight up. That’s not Biden’s fault. Bernanke. Yellen. Powell. We incurred massive asset price inflation because of the money printing. But consumer prices were under control. Luckily. But once the money spilled out of assets, it went into consumer products. Ouch. Wrap Up We know old Joe is losing his marbles. But the inflation story, partially due to his idiotic war policies, isn’t all his fault. He can’t defend himself well, so I thought I’d lend a hand. If the table below is true, there’s nothing on there that old Joe does well. He’s got bigger fish to fry. Until tomorrow. All the best, [Sean Ring] Sean Ring Editor, Rude Awakening [Paradigm]( ☰ ⊗ [ARCHIVE]( [ABOUT]( [Contact Us]( © 2023 Paradigm Press, LLC. 808 Saint Paul Street, Baltimore MD 21202. By submitting your email address, you consent to Paradigm Press, LLC. delivering daily email issues and advertisements. To end your Rude Awakening e-mail subscription and associated external offers sent from Rude Awakening, feel free to [click here.]( Please note: the mailbox associated with this email address is not monitored, so do not reply to this message. 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