Image Credit: SEAN GLADWELL / Getty Images 
Under the Biden administration, Americans are facing record high inflation with the cost of living the highest it has been for forty years. What is to blame? Biden’s insane ‘transition’ energy policy? The fallout of the restrictions stemming from the pandemic? The Federal Reserve printing press? No, apparently the cause of inflation is now ‘nationalism’, having borders and downplaying what happened on January 6th 2021.
That is according to former Treasury Secretary Larry Summers and BlackRock CEO Larry Fink.
Larry number one told CNN Sunday that Republicans are really to blame for the woeful economic situation.
Summers declared that “the banana Republicans who are saying that what happened on January 6th was nothing or OK are undermining the basic credibility of our country’s institutions and that in turn feeds through, uh, for inflation.”
“Because if you can’t trust the country’s government, why should you trust its money?” he added.
Summers appears to have pivoted away from repeatedly pointing out that inflation is a direct cause of the Federal Reserve being “behind the curve” on interest rates and the Biden Administration’s massive increase in spending, including the $1.9-trillion covid-relief legislation.
Meanwhile, Larry number two declared that inflation is “not Fed related,” and instead “the rise– whether you call it nationalism or the rise of this belief that we have to focus on communities that have been devastated by globalization, we need to find ways of creating better jobs for more Americans, that in itself is inflationary.”
Given that Fink works directly with Fed Chair Jerome H. Powell and Treasury Secretary Steven Mnuchin, it isn’t surprising that he would try to deflect blame from the Fed.
Fink added that “If you look at the rate of increase of immigrants, legal immigrants in the United States from 2000 to 2017 and the rate that we are growing immigration in the last five years we’re down 2 million, 2 million new entrants to the United States legally. That is very inflationary when we have full employment when we have these jobs think about all the need for workers.”
The talking point of not enough immigration being a cause of inflation has been on the table for some time with the Washington Post recently suggesting that the magic solution to rampant inflation and supply chain impediments would be to allow more immigrants into the country.
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