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Fuskie,

Thank you for that very good review of the last few years. There are a few points with which I'd disagree if this were a forum to discuss politics, society, etc., but it's not so I won't. None of the following ramble is a criticism of you or what you said.

You make one great point that almost no one in the public discourse will: without the massive and perhaps overdone USG cash helicopter drop, there would have been widespread misery & the recovery from that would take years. But people - maybe the majority - are not reasonable.

When the government takes steps to prevent or ameliorate something awful and it more or less works (deep recession avoided, COVID contained), people will feel that those steps were unnecessary or that the awful thing was never going to happen anyway.

There is also an unstated assumption in the political criticism of the USG & the Fed that the "right thing" to do was knowable & doable. That's not realistic.

Since I graduated high school in 1973, the price of gas has been a major political factor. Oil is a world commodity, but ever since then politicians of every persuasion talk as if the price of gas is something within the control of the USG. Thus, voters believe the same & get angry when King Canute cannot turn back the tide. Almost 50 years of this and people still don't get it.

Similarly, inflation right now is a worldwide event. It was not caused by the one or two things that the talking head said it was and it won't be reduced by whatever the same talking head is advocating. [NB - But then again, it might. Nobody knows for sure.]

Thanks again, Fuskie. I always enjoy reading your posts.

MJ

The hardest thing of all to see is what is really there - J.A. Baker, The Peregrine.
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