The American people are going to be paying a high price for the 2024 U.S. presidential election and probably for years. I’m not speaking of the results which astonished the world; I’m speaking of the attempt to game the intended results that began more than a year earlier.

It won’t come in the form of higher taxes. It will be inflation, which is another form of taxation.

The problem of dollar devaluation could have been over by now but no. All evidence is that the Biden administration, in service of larger interests and in accommodation of Congressional spending, deployed the printing presses starting in 2023 as a means of assuring its reelection chances. It did not work and now we are stuck with the bill.

To be sure, there was never an overt policy but what I said above is a reasonable interpretation of why the Federal Reserve reversed its stance on the money spigot in 2023 and following.

There was never an excuse to do so. Inflation had already ravaged producers and consumers. The first priority was getting it under control. Instead, they went the other way, thus risking a second wave, which might just be getting going.