These are the people who rule the world

(AP Photo/Michael Probst)

We are being ruled by dunces.

Not merely woke, but truly stupid.

I nearly lost my lunch when I ran across this video from the European Central Bank. For those of you who don’t know what central banks do, all you need to know is that they control the money supply by putting a stranglehold on credit. In the US the central bank is the Federal Reserve, and if you have noticed mortgage rates jump dramatically in recent months, you can thank the Federal Reserve.

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You can also thank the Fed for helping fuel inflation, after pumping trillions of dollars into the economy. You like inflation, right? Thank the Fed. You’re gonna like what they are about to do to reign in inflation even less, I assure you. Wringing inflation out of the economy is very painful.

The European Central Bank serves a similar function in Europe. How’s that going for them?

In 2022, EU annual inflation reached the highest level ever measured at 9.2%. Compared with 2021, when the annual value was 2.9%, it more than tripled. The annual average change in the harmonised index of consumer prices (HICP) in the EU during the period 2013-2022 was 2.1%.

In other words, the ECB’s role is to control inflation, and it has tripled in a year. You would think they would be laser focused on the problem, right?

No. Rather than tackling inflation, they are tackling equity with the most powerful tool at their disposal: hugs.

Watch:

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The message itself is ridiculous coming from a central bank: embrace equity. But what is particularly striking is that this group of people who are, in a very important way, masters of the universe, is embracing equity by literally embracing themselves. A sort of hug masturbation.

How, exactly, is giving oneself a hug “embracing equity?” It sure as hell isn’t doing anything about inflation. And I am pretty sure that nobody at the ECB needs a hug for comfort because they are literally among the most comfortable people in the world. They control the money!

It is typical of the Elites: they probably do think they are forwarding equity by loving themselves. In their minds, they are the most important people in the world. They are good. Equity is good. Equity is made closer by them being loved. And who better to be loved by than oneself, the most important person in the world?

Q.E.D. If they hug themselves more often the world will be more just or something.

It is difficult to overstate how significant central banks are to the health of the economy. I grew up in the 70s when inflation was raging for years, and it took a massive increase in interest rates by the Federal Reserve to beat back inflation after more than a decade of credit that was too loose. It was hideously painful to everyone involved.

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I think we would have lynched a central banker back them if they released a video filled with that much self-love during a monetary crisis. Today it is apparently the thing to do.

This is how the masters of our fate spend their time and energy. They congratulate themselves as the world burns.

 

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John Stossel 5:30 PM | July 13, 2024
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