The death of fiscal austerity has major implications for markets

Bloomberg/Michael P. Regan and Sarah Ponczek

Repost from 2-21-2021

photographs of Paul Volcker and Jerome Powell
“I know that Paul Volcker did, but Paul Volcker was a man of the moment and he managed to fight and swat away inflation through two recessions that increased unemployment. I just don’t see any willingness to impose pain on the median voter at this point. And so I think that we will look through inflation longer than most investors probably think.” – Marko Papic, Clocktower Group

USAGOLD note:  As we noted previously on this subject, what Paul Volcker was to disinflation-deflation, Jerome Powell could be to stagflation-runaway inflation. Papic offers historical context at the link above and stresses that there are significant differences between post-2008 and now.

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