There are many lies being spread by financial talking heads in the media about what is behind the inflation that is eating up your paycheck and savings. What is not being discussed is how the flow of an unprecedented volume of trillions of dollars to the biggest banks, to cover their speculative losses, is the actual driver of hyperinflation. This is a scandal! As Goldman Sachs, JP Morgan Chase and Citigroup are rolling over tens of billions in overnight loans from the NY Fed -- of which they are the majority shareholders -- there has been a cut-off of credit to firms engaged in physical economic activity. This began before COVID and Green New Deal legislation. It must be ended by re-enacting Glass Steagall banking separation.
