Secretary of the Treasury Janet Yellen participated in a virtual meeting with G7 finance ministers and central bank governors on Friday.
It should come as no surprise that during a speech to the group, she spent a good part of the time urging global officials to follow the United States government in its mad out-of-control spending.
Yellen stressed the importance of providing further fiscal "support" to promote a robust and lasting recovery. She emphasized that “the time to go big is now” and that the G7 should be focused on what more can be done to provide support at this time.
In other words, Yellen urged foreign government officials to spend like they never have before.
This will do nothing except distort global economies and result in a near-global acceleration in price inflation.
It is some of the most irresponsible advice ever given at a G7 meeting where bad advice is never in short supply.
This is the out-of-control spending even before the Biden administration's $1.9 trillion spending package hits the economy:
And, Yellen is calling for other governments to keep up with the United States in this spending.
Hug your gold coins.
-RW
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