Rumors swirl regarding Treasury Secretary Janet Yellen's future

 December 19, 2022

The $25 trillion US economy appears to be in good hands with U.S. Treasury Secretary Janet Yellen, who appears to have President Joe Biden's support.

Despite persistent rumors to the contrary, the White House spokesperson continues to deny that Yellen is soon to be fired, according to the New York Post.

Yellen is engaging in a lot of media appearances as a victory lap for her ongoing assistance in shaping Sleepy Joe's economic strategy and as a statement that she intends to stick around. However, the rumors continue to circulate.

She is likely to be replaced, according to Wall Street executives with connections to the White House; the question is not whether the president will intervene, but rather when he will do so after what is expected to be a disastrous two years of policy that will inevitably result in a recession in 2023, according to many economists.

Of course, you can't entirely blame Yellen for the economy's problems. But she is the biggest supporter of a financial moron. Since being elected in 2020, Biden has aimed to be more "transformational" than his former boss, the economic progressive Barack Obama.

That meant that wasteful investment totaling trillions of dollars was justified as being essential due to the pandemic. Recall: The expenditures primarily occurred as COVID came to a close and business closures were fading.

At a time when post-lockdown supply-chain bottlenecks were starting to emerge, Yellen oversaw Biden's push to strengthen the economic regulatory architecture, making them worse.

Anyone who has taken Econ 101 (and many sentient beings who haven't) might predict the outcome when combined with money-printing by the Fed (which is also supported by Sleepy Joe and Yellen): massive inflation, which burdens the working class with a high tax.

Of course, Yellen has attended more courses than just Econ 101. She lacks practical experience, but she has a ton of experience in academia and administration (Fed chair, etc.).

This is evident. She spent months playing down the inflationary threat as momentary until it was shown to be otherwise. She and other ideologically liberal economists frequently have a fondness for the inflationary spiral because it frequently follows the economic expansion and wage increases, as it does right now.

However, history demonstrates that salary increases never keep up with price increases, which causes stagflation because people can't afford either frills or, increasingly, essential necessities. It can only be reversed by the Fed intervening, smothering the inflationary burn through higher interest rates, slower growth, and a likely recession, or by pro-growth measures (deregulation, which the Biden people and Yellen refuse to undertake).

Someone will have to be held accountable for the impending economic calamity that will likely affect the country in the coming year, and top Wall Street executives have been told in Washington, DC, that Yellen will be that person. The good news is that all of her replacements have economic knowledge that is superior to what is actually required.

As I have stated, Yellen lacks any commercial experience. Compare that to the backgrounds of the potential successors to her now: I've been informed that Gina Raimondo, the secretary of commerce and a former successful governor of Rhode Island who worked to restructure the state pension system, is in the lead.

According to sources close to the White House, Bank of America CEO Brian Moynihan is another prominent candidate on the shortlist. Strong progressives who have a say in Biden's economic appointments, like Massachusetts Sen. Elizabeth Warren, find it difficult to support bankers.

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