Powell isn't a villain for pulling his foot off the money-creation accelerator a little. No, Powell's villainy stems from his role in helping create the boom in the first place.
With a declaration of a fake crisis and twisting an obscure law, President Joe Biden has invoked a massive wealth transfer that benefits the most privileged people in our society.
With the shortage have come the usual half-baked bromides about "evil corporations" and how they aren't regulated enough. The real fault lies with welfare statists, Trump-style protectionists, and the FDA.
For the past six months, the regime has repeatedly used whatever bogeyman could be blamed for inflation—so long as the central bank remains blameless. First it was "greed," then it was covid, and now it is "Mr. Putin."
