President Biden this week is emitting some incredibly foolish things about inflation. Said he:
“They [Republicans] don’t want to solve inflation by lowering your costs,” Biden said at the White House. “They want to solve it by raising your taxes and lowering your income.”
He called inflation the nation's top economic challenge, blaming the twin challenges of a "once-in-a-century pandemic" and the war in Ukraine.
"I want every American to know that I’m taking inflation very seriously, and it’s my top domestic priority," Biden said.
No doubt. Except that a wise leader would have been worrying about inflation a year ago; he wouldn't be playing catch-up and blaming the opposition a year later.
In fact, of course, politicians are only interested in the economy if it's tanking and threatening their hold on power -- not to mention the supply of ready cash for distribution to their supporters.
There's no mystery about this, of course. Politicians, like tribal leaders down the ages, are there to defend the homeland against marauders. For that they need to commandeer all the resources of the community in the fight for life or death.
Other than that, the warrior leader is interested in co-opting possible rivals with gifts and manors. Or, for those rivals not amenable to gifts and manors, they are another enemy and must be defeated.
Now comes Steve Sailer wondering about the astonishing European imperialism starting in 1492. As he says:
European ships were showing up all over the world, trading, conquering, and spreading Eurasian diseases, building the wealth of Europe and depleting that of the rest of the world.
Were they "depleting" the wealth of the rest of the world? Certainly they -- we -- destroyed the tribal cultures of the Americas. But with India and China they were trading. They traded with India so that they could avoid the taxes and add-ons from the overland Silk Road and the spice route, with principalities taking their cut all along the way. China? Something about the price of tea in China and those jolly clipper ships that sailed down the Roaring Forties round Cape Horn and back to Europe.
But the question is: how could the Brits come to dominate India and mess around with China? These two civilizations should have been able to handle any amount of pimply European nobodies and their ocean-going sailing ships.
Maybe, says Sailer, it was the Mongols who conquered pretty well everything from Eastern Europe to northern India to the whole of China.
Maybe the Mongols caused places they’d invaded to get more reactionary? Russia, Islam, China, and India all seemed to lose momentum at inventing new stuff after they got out from under the Mongols or subsequent Asian nomad invaders.
Or maybe the Europeans sailors and merchants were operating under a new kind of economic-financial culture that ran rings around the Asians. In their age they were a rising class of bourgeois merchants and nobody adventurers. In our day with have a rising class of the credentialed educated class.
It makes sense when you think about our august rulers and the clueless way they have handled COVID & Co.
I mean, if I were president I would have been scared to death that the money printing and free-stuff distribution would have messed up the economy something fierce. So I would have figured that unless I got the economy back to normal in six months flat I would be facing a wipe-out in my first midterms. I would have put the experts to work figuring out how and why the Morgenthaus and the Harry Dexter Whites got u out of World War II without an economic meltdown.
Instead we have had a year of pedal-to-the-metal spending and low interest rates. The Fed was saying, hey, the inflation is transitory -- whaat? after you had doubled the monetary base in two years? Not to mention increasing it by 8 times since the 2008 crash?
Can you spell Clue Less?
And now I read that the Fed is proposing to raise interest rates at 0.75% per increment.
Hoo boy, that will be fun.
All I can say is that, for the "next regime" I want a government that has half a clue on the economy and letting ordinary people live their ordinary lives without having to deal with the consequences of political stupidity every few years.