{"id":1942467,"date":"2023-06-02T02:23:58","date_gmt":"2023-06-02T06:23:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/central-banks-caused-inflation-debt-ceiling-deal-is-total-scam-reagan-economist-david-stockman-says\/"},"modified":"2023-06-02T02:26:54","modified_gmt":"2023-06-02T06:26:54","slug":"central-banks-caused-inflation-debt-ceiling-deal-is-total-scam-reagan-economist-david-stockman-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/central-banks-caused-inflation-debt-ceiling-deal-is-total-scam-reagan-economist-david-stockman-says\/","title":{"rendered":"Stockman: Central Banks caused inflation, debt deal is a scam."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcentral-banks-caused-inflation-debt-ceiling-deal-is-total-scam-reagan-economist-david-stockman-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1942467&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Fed and Central Banks are the Root of Inflation<\/h2>\n<blockquote>\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0601\/c4dfe52e-0b17-4957-a40e-d11e84c5b652\/audio.mp3?length=4745133&#038;duration=395\"><\/div>\n<\/blockquote>\n<p>The current inflationary environment in the US and global economies is a result of central banks worldwide distorting the economy through fiat credit expansion, leading to sky-high inflation and financial bubbles. This is according to David Stockman, the former director of the Office of Management and Budget under President Ronald Reagan.<\/p>\n<p>During the coronavirus pandemic in 2020 and 2021, governments and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/central-banks-caused-inflation-debt-ceiling-deal-is-total-scam-says-reagan-economist-david-stockman\/\" title=\"Stockman, a Reagan economist, claims central banks caused inflation and calls the debt ceiling deal a \"total scam.\"\">central banks unleashed immense fiscal<\/a> and monetary stimulus and relief packages, flooding the marketplace with trillions in liquidity. Then, after claiming that high inflation was transitory, policymakers abandoned this view, reversed course, and raised interest rates from historically low levels.<\/p>\n<p>\u201cSo you have to understand that the big problem in the world today is the Fed, the central banks, all of them have sort of gotten in some big money printers\u2019 convoy,\u201d Stockman\u00a0said on EpochTV\u2019s \u201cAmerican Thought Leaders.\u201d<\/p>\n<h3>The Need for a &#8220;House Cleaning&#8221;<\/h3>\n<p>Because of everything that has transpired before, during, and after the pandemic, Stockman recommended a \u201chouse cleaning from top to bottom\u201d at the Fed and other central banks.<\/p>\n<p>\u201cWe also need to recognize that [it] was all of this easy money, these <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/secy-yellen-dismissed-concerns-of-double-digit-inflation\/\" title=\"Secy. Yellen dismissed concerns of double-digit inflation\">ultra-low interest rates<\/a> that enabled Congress to spend like there was no tomorrow to build up the national debt,\u201d he said.<\/p>\n<h2>Unsustainable Policies<\/h2>\n<p>While pandemic-era measures have eroded Americans\u2019 paychecks and purchasing power, the expansive policies also facilitated the federal government\u2019s accumulation of enormous debt, leading to the current debt limit challenges, according to Stockman.<\/p>\n<p>\u201cNone of this was really sustainable,\u201d he said. \u201cIt didn\u2019t represent what I would call sound economics, or sound money, or sound public finance. It was all kind of a fantasy. And now you\u2019re going to have to deal with the consequences.\u201d<\/p>\n<p>Since the COVID-19 public health crisis began, the national debt has skyrocketed by about <a href=\"https:\/\/fred.stlouisfed.org\/series\/GFDEBTN\">$8 trillion<\/a>, and approximately <a href=\"https:\/\/fred.stlouisfed.org\/series\/M2SL\">$7 trillion<\/a> was added to the national money supply.<\/p>\n<h3>The Debt Ceiling Agreement<\/h3>\n<p>The House of Representatives passed the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/central-banks-caused-inflation-debt-ceiling-deal-is-total-scam-reagan-economist-david-stockman-says\/\" title=\"Stockman: Central Banks caused inflation, debt deal is a scam.\">bipartisan debt ceiling agreement crafted<\/a> by President Joe Biden, House Speaker Kevin McCarthy (R-Calif.), and their teams of negotiators. It would suspend the debt limit through Jan. 1, 2025.<\/p>\n<p>Seventy-one Republicans and 46 Democrats opposed the Biden-McCarthy package. Members of the GOP caucus argued that it doesn\u2019t go far enough; the progressive wing of the Democratic Party countered that it went too far.<\/p>\n<figure id=\"attachment_5305139\" style=\"width: 600px\" class=\"wp-caption alignnone\">\n    <a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/05\/01\/id5305139-McCarthy-GOP-presser-GettyImages-1258339749-1200x787.jpg\"><br \/>\n        <img decoding=\"async\" src=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/05\/01\/id5305139-McCarthy-GOP-presser-GettyImages-1258339749-1200x787.jpg\" alt=\"House Speaker Kevin McCarthy (R-Calif.) speaks in the Rayburn Room after the House vote on the Fiscal Responsibility Act at the U.S. Capitol on May 31, 2023. (Mandel Ngan\/AFP via Getty Images)\"><figcaption class=\"wp-caption-text\"><noscript><\/noscript><\/figcaption><\/a><br \/>\n<\/figure>\n<p>Stockman, the bestselling author of \u201cThe Great Deformation\u201d and \u201cThe Great Money Bubble,\u201d described the plan as \u201ca shell game\u201d and \u201ca total scam.\u201d<\/p>\n<p>\u201cThey didn\u2019t save anything. They actually spent a lot more money to save a little bit,\u201d he said. \u201cBut on net, in terms of the big picture that we\u2019re talking about here, it\u2019s a total scam. This is what the bill is riddled with: scams. Scam after scam conjured up. That\u2019s all there is in here.\u201d<\/p>\n<p>Despite criticism from a chorus of Republicans, the GOP leadership has stated that this is merely the beginning of the party\u2019s broader efforts to restore fiscal responsibility in Washington. Republican leaders have touted the Congressional Budget Office\u2019s (CBO) latest <a href=\"https:\/\/www.cbo.gov\/system\/files\/2023-05\/hr3746_Letter_McCarthy.pdf\">report<\/a> that estimates that the statutory caps on discretionary funding for fiscal 2024 and 2025 would be equal to $1.59 trillion and $1.606 trillion, respectively.<\/p>\n<p>But Stockman said he doesn\u2019t think this package addresses the fundamental long-term contributors to the budget.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>David Stockman, former director of the Office of Management and Budget under President Ronald Reagan, believes that the current inflationary environment in the US and global economies is due to central banks distorting the economy through fiat credit expansion, leading to high inflation and financial bubbles. This trend continued during the pandemic in 2020 and 2021.<\/p>\n","protected":false},"author":2091,"featured_media":1942468,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[8961,11357,3856,3715,5487,5708,9895,28091],"class_list":["post-1942467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-banks","tag-caused","tag-central","tag-deal","tag-debt","tag-inflation","tag-scam","tag-stockman"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1942467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2091"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1942467"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1942467\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1942468"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1942467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1942467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1942467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}