By Kris Sayce, editor, Legacy Research Group
Hear us out for a minute.
Let’s suppose…
Just suppose…
That so-called “climate change” is a real thing.
Just supposin’.
In which case, who would you put on the case to try to fix it?
We know of one bunch of folks who would be the last people we’d put on it.
And yet, according to the mainstream view, one particular outfit… with a track record of abject failure… is being derelict in its duty by not focusing on so-called “climate change” enough.
Perhaps you can guess who or what we’re talking about. The big reveal – if you care – is below.
Abject Failures
We read, with interest, this story from Bloomberg:
Federal Reserve Chair Jerome Powell often argues the central bank has no business making climate change policy. But it should be careful it doesn’t make the problem worse.
Bloomberg News reports the Fed is leading U.S. regulators in resisting proposals by the Basel Committee on Banking Supervision to make banks disclose a slew of climate information, from risk-management plans to the carbon emissions of their customers.
According to the report, Fed officials have argued the Basel proposals would drag bank regulators into affairs that have nothing to do with finance.
For once, the Federal Reserve talks sense.
But for heaven’s sake, only a fool would think the Fed has any business getting involved in “climate change” anyway.
After all, it can’t get right a major subject on which it’s supposed to have a lot of expertise. We speak, of course, about monetary policy… or to be more precise, its job of preserving the value of the U.S. dollar.
Because on that score, it does a lousy job. And if it does a lousy job there, why should anyone think it can suddenly do something useful in an area it clearly knows nothing about?
And if the mainstream wants to see what a lousy job the Fed can do, just look at how it has “taken care” of the U.S. economy since the Fed’s inception in 1913.
Here’s a simple chart that makes the point. We’ve grabbed it from Statista. The data in this example goes up until 2020. So if we carried it forward to today, it would be even worse.
The chart below sets 2020 as the base year and then works back to calculate how today’s dollar has been devalued over the years.
You can see the big drop-off since the creation of the Fed in 1913…
Source: Statista
Before that, there was a reasonable amount of volatility. But not the precipitous decline that you’ve seen over the past 100 or so years.
As the chart shows, if you look back to around 1900, the dollar was worth roughly 30 times more than it is today. Put another way, you would need around $30 today to buy what you could have bought for a single dollar back then.
And it’s only getting worse.
Of course, the devaluation of the dollar is completely intentional. So maybe we’re not giving the Fed enough credit… Because if we’re right, then it’s achieving what it has set out to achieve.
Hmmm. Forgive us if we don’t congratulate it for that.
As for “climate change,” we’ll leave the rest of that story for another day.
Needless to say, whether the Fed gets involved or not, it’s just another means to the end of creating the biggest transfer of wealth in history… And it’s not done with it yet.
Regards,
Kris Sayce
Editor, Legacy Research Group