Zero Hedge: With stocks at fresh record highs and the continued recovery in the economy facing only the threat of authoritarian lockdowns (from progressive governors), Joe Biden is set to explain to the American public how higher taxes (on the “rich”), higher minimum wages, and more borrowing will bail out local, city, and state governments (and pension funds) while reviving the US economy.
Additional regulation on the energy sector is sure to help the economy also.
Ahead of the remarks, Biden held a virtual meeting with major industry CEOs and labor union leaders:
“Thanks for being here,” Biden said.
“To state the obvious, we seem to be turning a pretty dark corner now.”
Opinion: Only a Keynesian Democrat can make a statement like that for such a time as this. When in office for 8 years Obama/Biden presided over the weakest economic recovery since …. ever.
John Maynard Keynes was a British economist who died in 1946. Keynes considered himself a socialist, although followers of Keynes today avoid that reference at all costs.
Keynes advocated for increased government spending and lower taxes to stimulate economy activity, especially during times of economic hardship.
Joe Biden wants to alter Keynes just a bit and raise taxes along with government regulations galore and spend/print and spend some more policies.
Will the Biden/Keynesian formula: onerous regulations + higher taxes + clamping down on energy production pave the way for an apocalyptic global economic disaster?
Why yes, I think it can. The US dollar is the world’s economic engine. If the dollar crashes the rest of the world’s currencies could follow. Sort of like this:
When He opened the third seal, I heard the third living creature say, “Come and see.” So I looked, and behold, a black horse, and he who sat on it had a pair of scales in his hand. And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Revelation 6:5-6
A quart of wheat, representing one person’s food for the day, will cost a day’s wages. But many will be forced to buy barley, a less expensive food usually used for animals. Three quarts of barley will also cost a denarius, but only the 1% will still be able to afford the luxury of oil and wine. Affordable access to economic commerce will be strictly limited.
Now the true picture of hyperinflation emerges, that a person will be forced to work a full day to have enough money to feed themselves for one day.
See our paper “Revelation and the 1%: Do Not Harm the Oil and Wine” here