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Let’s Take an Honest Look at Our Secretary of the Treasury 

This is painful to watch.

Janet Yellen, who was appointed by the Biden administration to lead the Treasury Department, is responsible for “formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt.”

She has an impressive resume. She got a PhD in Economics from Yale University. She taught at Harvard. She served as a staff economist at the Federal Reserve, became head of the Federal Reserve Bank of San Francisco, and served in various capacities under the Clinton and Obama administrations. After a spell with the Brookings Institute, Biden invited her to head the Fed in 2020.

Since then, we’ve seen the US economy weaken in almost every important sector, while inflation rises to historical levels and the strength of the dollar dwindles to the point where it could very well be replaced.

That’s not entirely her fault. Nor is it entirely the fault of the old guy that appointed her to her office. The enfeeblement of the economy and the destruction of the dollar began half a century ago when Nixon disconnected the value of the dollar from the price of gold, which allowed the government to spend money it didn’t have to fight wars we couldn’t and didn’t win. Not just the proxy wars generated by the military-industrial complex, but the war on drugs and the war on poverty, which haven’t worked – at all – but devalued the US’s greatest economic advantage, the universal belief in the US dollar.

What bothers me about Yellen is how painful it is to watch her try to defend the futile and insanely expensive bad economic policies that have caused so much destruction. Despite her distinguished education and long years of experience, the poor woman is no longer capable of answering basic questions about economics. Let alone defend what the Treasury has been doing these past two years.

Click here for a clip that shows how very incompetent she is. (There are MANY similar clips. I’ve included a few in past issues.) How can anyone with a modicum of economic intelligence watch this poor old lady try to defend what the Treasury Department is doing and not feel sorry for her?

If you disagree, please write to me, and defend her any way you can. I’d love to believe that she knows what she is doing.