ABC News “This Week” host George Stephanopoulos and, fresh from FLOP26, Brian Deese of BlackRock (actually now the White House National Economic Council director) supposedly had a widely covered “debate” Nov. 14 on whether the Biden Administration should be blamed for surging inflation.
Although Deese was flanked by pictures of $5-6/gallon gasoline pumps, neither he nor Stephanopoulos ever even obliquely referred to the dramatic disinvestment and shutdowns in coal, oil, fossil fuel power plants and pipelines in the last few years. This despite – or because — Biden and Deese, John Kerry and a large team had just spent two weeks at the Glasgow climate summit hyping exactly that disinvestment. While it occurred, Congress and the increasingly close Treasury-Federal Reserve partnership has poured out $5 trillion in new bank reserves and more than $5 trillion in new spending, without so much as a single productive job created.
Deese also showed his Wall Street-learned skill in obfuscation on CNN’s “State of the Union” the same day. Asked whether he and Treasury Secretary Janet Yellen et al. had been wrong to claim in the early spring that inflation would be “short-lived,” Deese answered, “No, I don’t think so. I think that what we have said consistently is that the pandemic and the economy are interlinked.”
