Treasury Secretary Janet Yellen Warns of ‘Enormous’ Economic Disruptions

During a recent Capitol Hill hearing, Treasury Secretary Janet Yellen warned of major economic disruptions as the U.S. prepares to place more sanctions on Russia over their invasion of Ukraine. She warned of possible severe disruptions to the energy and food markets.

Yellen told the Congressional committee that “We think it’s a price that’s important to pay to punish Russia for what it’s doing in Ukraine,” she said. “But energy prices are going up, the price of wheat and corn that Russia and Ukraine produce are going up and metals that play an important industrial role – nickel, titanium, palladium – the cost of those things are going up. This is going to escalate inflationary pressures as well.”

This is a completely different tune then we were told just a few months ago. Just over the past 18 months the narrative switched from inflation isn’t happening and this is all “right wing talking points” to okay, inflation is happening but it’s only transitory, to inflation should start dropping by the summer of 2022 to “enormous” and “escalating” disruptions to the supply chain and more inflationary pressures.

They are trying to use Russia as the scapegoat to cover up their failed (or successful policies if those policies are trying to collapse our country) but Russia is just the latest narrative. Anyone that remembers just two months ago, before the Russia invasion of Ukraine, that inflation was already getting out of control.

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As I have been saying for nearly a year now, inflation is going to get much worse. We are likely going to see their phony inflation numbers show inflation above 10% by the end of 2022, with the real inflation over 20% if we calculated inflation the same way we did in the 1970s. We can no longer compare Biden to Jimmy Carter, because it is already worse and we are only at the beginning of this.

We can not continue to print and flood the markets with trillions of dollars every year, and not face a significant rise in inflation, and potentially hyperinflation down the road. And due to the amount of debt we are now in, the Feds have very little they can do to get this inflation under control.

You need to prepare for a major recession and very likely a depression coming in the very near future. You need to prepare for the cost of everything to continue to rise rapidly over the coming months and years and for significant shortages, which even the President and the Treasury Secretary are now starting to warn about.

Goldman Sachs economists are now warning that the risk of a recession has risen significantly for the next year. Deutsche Bank has also warned of a likely recession coming in 2023, but they are still claiming that this is only going to be a minor and short lived recession. How much longer are we going to keep listening to the same people that have consistently gotten this wrong?

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