Menu
Cart 0

Dems admit they plan to finance Green New Deal with hyperinflation

Posted by John T. Reed on

I have repeatedly said that the federal government will be forced to have the Federal Reserve ”print” money to pay the bills in the foreseeable future.
.
The Fed does that by “buying” US government bonds with money that does not exist. They write check on an empty bank account, but the checks do not bounce. The dollar falls in purchasing power, a.k.a. inflation or hyperinflation.
.
I figured the politicians would just pressure the Fed to do this the way they did in the recent Quantitative Easing I, II, and III.
.
I underestimated the total absence of subtleness in Ocasio-Cortez’s world view. Her Green New Deal actually admitted it would cost massive amounts of money but not to worry because “the Federal Reserve can extend credit to power these projects.”
.
Please note the quotation marks mean that is exactly what the Dems said in their Green New Deal document. “Extend credit” means buys federal bonds with non-existent money. The bonds are borrowing by the federal government to pay the enormous costs of all the Green New Deal wind mill and solar cell building and Medicare and free college for all, etc. Buying those bonds with non-existent money increases the money supply massively. That is what causes hyperinflation.
.
“Power” these projects simply means pay for them.
.
There is now hyperinflation in Venezuela and Argentina in case you’d like to see what that looks like. Don’t go to Venezuela, though. They have the advanced version with rioting in the streets.
.
Cortez also says, the federal government “can take an equity stake in projects.” In other words, own the wind mills and solar cells. That also costs money, unless they plan to simply seize the ownership without paying for it. That is typical when socialists or communists take over a nation.
.
Cortez also says they will do all of this only with union workers thereby making it all cost as much as possible. And every family will be guaranteed a job that pays enough to sustain a family. Again, this is what they promise when communists take over a country.
.
Cortez removed all this from her Web site because of massive negative feedback, but Republican Majority leader Mitch McConnell says he will introduce it into the Senate and make everyone vote for or against it. 70 Dems have said in print that they support it, but they don’t want to vote on it. 
.
Pure hypocrisy.
.
The Green New Deal will not create a giant socialist government. It will start down that path and and avalanche of hyperinflation will stop it and bankrupt the US government. The only thing in Venezuela that is giant today in anti-government riots.

Share this post



← Older Post Newer Post →


Leave a comment

Please note, comments must be approved before they are published.