| The Fed and European central banks have allowed the inflation crisis to escalate. One reason why may be that they have taken their eye off their core mission – maintaining a stable price level – in favor of trendy issues like social equity and climate change.
Several of President Biden’s appointees believe that the Federal Reserve should treat climate change as “an urgent and systemic risk.” The graph below shows just how much central bankers all over the world have been swerving out of their lane. Their speeches contain almost as many mentions of “climate change” as they do inflation. Call us old-fuddy-duddies, but we long for the days when the Fed wasn’t so consumed with saving the planet and instead simply did its job of keeping the dollar strong and stable so that we can all afford to buy food and gas. |
