I have said many times that the money printing that began with Trump is not just a simple question of whether or not he would do it- it is that it had to be done because of the nature of the money system and political consequences. Either the US was heading for a deflationary, decades-long depression, or the likelihood of inevitably hyperinflation to service debts. Since hyperinflation, as I have explained, is the more politically apropos solution as far as optics is concerned, the chance of doing this is very high. Trump confirmed this, from a historical pattern point of view, with the first COVID bailouts, and is only continuing the process.
Sure enough, Trump had a second series of checks printed and now Biden is planning for a third round according to KING5 news Washington, following a 50-49 passage of Biden’s plan on strict policy lines.
President Joe Biden panned a Republican alternative to his $1.9 trillion COVID rescue plan as insufficient Tuesday as Senate Democrats pushed ahead, voting to launch a process that could approve his sweeping rescue package on their own, if Republicans refuse to support it.
Biden and Treasury Secretary Janet Yellen joined the Democratic senators for a private virtual meeting, both declaring the Republicans’ $618 billion offer was too small. They urged big fast action to stem the pandemic crisis and economic fallout.
As the White House reaches for a bipartisan bill, Democrats marshaled their ever-slim Senate majority, voting 50-49, to start a lengthy process for approving Biden’s bill with or without GOP support. The goal is passage by March.
“President Biden spoke about the need for Congress to respond boldly and quickly,” Senate Majority Leader Chuck Schumer said after the lunch meeting.
“If we did a package that small, we’d be mired in the COVID crisis for years.”
The swift action from Democrats on Capitol Hill underscores the urgency of delivering Biden’s top legislative priority even as talks are progressing privately between Republicans and the White House, as well as with centrist Democrats, on potential changes to the package to win over broader bipartisan support.
Biden framed his views during the virtual lunch meeting with Democrats by talking about the need not to forget working and middle-class families — even those like nurses and pipefitters making $150,000 for a family of four — who are straining during the crisis, according to a person granted anonymity to discuss the private call.
The night before, Biden met with 10 Republican senators pitching their $618 billion alternative, and let them know it was insufficient to meet the country’s needs. The president made it clear that he won’t delay aid in hopes of winning GOP support. (source)
Remember, this isn’t a ‘left-right’ issue. This is a national issue. It’s not and as much as it is the fault of the Democrats as it is the Republicans.
Both parties- no matter who gets into office, HAVE to print until the dollar is worthless and they can blame it on somebody else. This is how currency devaluation always works. It is not new, it is not unique, and the consequences are always the same.
So print those checks and let the money flow. Just make sure to use it to get ready, because once the checks stop, that is when the real pain begins…
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