While the White House may be able to continue gaslighting American that just don’t get it, the Biden administration clearly can’t gaslight the entire planet.
This inability was rather evident in a recent statement from none other than the globalist World Economic Forum (WEF), which admitted that the world is likely headed for a period of prolonged economic downturn in a recent report.
“The global economy faces a ‘lost decade’ unless policy-makers adopt ambitious initiatives to boost labour supply, productivity and investment, the World Bank says. It estimates that average potential worldwide economic growth will slump to a three-decade low of 2.2% per year through to 2030 without big policy changes,” the report warned.
“Big policy changes.” Hmm.
Looks like Biden missed that memo, considering he thought it was a great idea to bail out a completely woke, utterly irresponsible bank whose management probably knows more about pronouns than interest rates.
Nothing else, aside from sheer incompetence, explains the degree to which Silicon Valley imploded.
And, like the good woke supporter he is, Biden sailed in, gleefully bailing out the bank and bragging about what a great job he did by having the Fed print more money.
“Americans can have confidence the banking system is safe. Your deposits will be there when you need them,” Biden drawled.
JPMorgan CEO Jamie Dimon, who has somewhat more of a clue than Biden, warned that a number of macroeconomic factors poke holes in the White House’s ludicrous claims.
“The current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come,” Dimon warned.
Especially if the Biden administration bumbles along on its inexcusably feckless path.
“The market’s odds of a recession have increased. And while this is nothing like 2008, it is not clear when this current crisis will end. It has provoked lots of jitters in the market and will clearly cause some tightening of financial conditions as banks and other lenders become more conservative,” Dimon added.
Well, to play devil’s advocate, the current crisis may not be like 2008 at all: On the contrary, it could be far, far worse, especially factoring in the growing Russia-China alliance that seriously threatens to upend the American economy in the long run.
As Biden twiddles his thumbs.
Dimon noted that “this current banking crisis involves far fewer financial players and fewer issues that need to be resolved,” but that statement also reveals how much more dangerous conditions may become, especially if one of those “few financial players” is supremely overextended.
Time will tell, but it’s fairly clear that Biden’s “spend to prosperity” plan is hardly the best course of action for the United States.
Nor is his willingness to continue shoveling endlessly unaccounted for billions that the nation doesn’t have into Ukraine, as a fresh round of over $2.5B in funding was just announced.
Author: Ofelia Thornton