Trump & His Goons Played Key Role In Perpetuating Roots Of Inflation
May 14, 2022
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13:09Now PlayingTrump & His Goons Played Key Role In Perpetuating Roots Of Inflation
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as posted by the channelAs it turns out, the current rise in inflation is not actually President Biden’s, but rather Donald Trump's, who maintained a loophole in the commodity trading market that allows traders to bypass literally all regulations put in place by the government when trading with foreign affiliates.
Cenk Uygur, John Iadarola, and Jessica Burbank discuss on The Young Turks. Watch LIVE weekdays 68 pm ET.
Read more HERE:
"It was just one loophole. But it was big enough to swallow the global economy.
Wall Street created the loophole almost a decade ago, to escape U.S. regulation of complex financial trades related to commodities like oil and wheat. Then the Trump administration fortified the loophole.
On Tuesday, gas prices hit a record high. Today, the March Consumer Price Index is expected to show overall inflation still running above eight percent.
Republicans are blaming inflation on Pres. Joe Biden and rising wages. Democrats blame corporate price-gougers and Russian Pres. Vladimir Putin. There’s some truth in there: the war in Ukraine and pandemic-related supply-chain issues obviously caused price fluctuations.
But the massive, wholesale run-up of global commodity prices is out of step with the fundamentals of supply and demand, a growing number of analysts say. And functioning futures markets would be buffering against the volatility we’re seeing – and the inflation resulting from it.
In other words, if Putin throws a stone into the oil markets, well-regulated futures markets should smooth it out to a ripple. In a dysfunctional market, Wall Street blows it up into a tsunami. That’s why consumers are now underwater from rising prices on everything from gas to food to the rare minerals in their electronics."
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