Arthur Burns was the Federal Reserve Chairman from 1970 - 1978 - the last time American consumers experienced price inflation like they are experiencing now. So bad did it get that eventually Paul Volcker raised the federal funds rate to 20% - yes, that's the same rate the current Fed has at zero percent.

Jay Powell said in December 2021 that the Fed would target raising that rate to 0.9% by the end of 2022. But in the past week, several other Federal Reserve Board members have spoken out, with President of the St. Louis Fed James Bullard calling for the rate to reach 1.0% by July 2022.

He's afraid the Fed's credibility is at stake.

Is the Fed in disarray? Tom Luongo of Gold, Goats, and Guns says no, just at war with the Davos crowd and the European central bank. Rather than just an incompetent cadre of academics, Luongo sees the "Davos crowd" and European central bankers as a sinister group out to wreck the U.S. dollar and replace it with a world digital currency under their control.

That puts us in the interesting position of rooting for Powell, representing Wall Street and the dollar, as the lesser of two evils. At least for now. 

He makes a compelling case in today's episode of Tom Mullen Talks Freedom. This is one you don't want to miss.  

Whatever their motivations, I agree with Tom that central banks do enormous damage to their respective economies and to the world economy collectively. I explain it all in my book, It’s the Fed, Stupid. You can download a free copy here.

It’s also available in paperback here. It’s priced at a pre-hyperinflation level so grab a few copies for friends if you can.

It makes a great introduction to the government’s most economically damaging institution for liberals, conservatives, libertarians, socialists, and independents alike.

It also helps me keep the lights on here so I can continue to bring you great content.