Inflation. Everyone is talking about it, and you don't need to be an economist to understand how it is affecting your personal finances. Just a quick look at your energy bills is enough to see it in action.
Cue the new Inflation Reduction Act, or perhaps better termed the Green Agenda Hyperinflationary Act. In our post-truth world, words no longer matter. Don't like the definition of the word "recession" as two consecutive quarters of negative growth? No problem, just change its definition and hey presto, we no longer have a recession. Don't like the fact that inflation is high? No problem, just change the way it is calculated to make it appear lower.
Now we have environmental legislation renamed as inflation reduction. More spending will reduce inflation! George Orwell foretold of this backwards thinking in his book 1984 with "War is peace. Freedom is slavery. Ignorance is strength.". This is the backwards world we are now living in.
This act proposes massive tax hikes and an army of 87,000 new IRS agents to enforce the extortion racket.
Large corporations will be taxed at a minimum rate of 15%. Why are they currently paying less than 15%? Because they complied with tax incentives designed by the government that are intended to promote certain activities. They will now be punished for following these incentives. What happens when companies face increased taxes? They increase their prices, which the consumer will feel in the form of further inflation.
Then we have the vast spending programme planned on green energy. This redirection of funds will create an artificial increase in demand, which in itself is inflationary, plus the subsidies normally allow companies to increase prices beyond where the free market would place them, leading to further inflation. Increased demand will cause the price of resources used in green technology (such as batteries) to increase. Those raw material cost increases will apply to all industries that require those materials, and this, in turn, will lead to increased prices for the consumer. In other words, more inflation.
The government's answer to every problem is more government. Inflation running out of control? We obviously aren't extorting enough money and aren't spending enough!
The real reason for inflation is that government continuously overpromises and overspends. When it can't meet its bills it asks its friends at the FED to fire up the printing press for a load of fresh cash. This cash finds its way into the economy and erodes the value of everyone else's cash.
This is inflation. The way to stop inflation is for the government to spend less. Unfortunately, that is probably not going to happen until we have a total financial collapse of the fiat monetary system.
So what can you do about it? Thankfully cryptocurrencies arrived just in time through a remarkable technological breakthrough by Satoshi Nakamoto, when he invented Bitcoin. It is impossible for governments to inflate Bitcoin. The total supply is fixed and can't be manipulated. This makes Bitcoin an excellent store of value and hedge against inflation in the long term.
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Matt & the DeFinda team
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