How the Fed Funded and Prolonged the Lockdowns

  Here's the problem: Inflation had already begun rising out of control long before the Fed started raising rates.

By April 2021, nearly a full year before the Fed began raising rates, the annualized inflation rate had already hit 4.2%-more than double the Fed's target inflation rate of 2%! Despite being under a specific mandate to keep inflation under control, the Federal Reserve kept the federal funds rate near zero even while inflation was far above its target for an entire year.

Instead, the Fed waited until just after vaccine passports and Covid mandates were rolled back to begin raising rates and trying to chase down inflation, with its own easy-money policies having prolonged those Covid mandates for as long as possible.

It's disingenuous for the Fed governors to now act like inflation hawks, pushing the entire economy into recession, after they let inflation run unchecked well above their target for a full year.

The Fed's specific Congressional mandate to keep inflation under control seems to have been overridden by an unspoken mandate to provide easy money in support of Covid lockdowns.

Rather, most insiders have said that the Fed drank the Kool-Aid, having been convinced to keep rates low by much the same clique of biosecurity and health officials who dictated everything else during Covid.

If the Fed governors are going to ignore their specific Congressional mandate to support contradictory political goals whenever they feel like it, then I'm inclined to agree with Ron Paul: End the Fed.

https://brownstone.org/articles/how-the-fed-funded-and-prolonged-the-lockdowns/