Biden Administration Attempts to Steal Another Election
“The goal of politics is to get re-elected.”
These words were left on the chalkboard for an entire semester during my 10th-grade year by my excellent political science teacher, Mr. Taylor.
Every day, at the beginning of class, he said, “if you learn one thing, and one thing only in this class, it’s that politics is about getting re-elected. It doesn't matter how. Only that you win.”
We now all know the truth of these words. If we have learned anything in the last couple of years is that politics is a rough sport, played for keeps, and cheating is not only accepted, it’s become the entire strategy for the current administration.
Are you watching what’s happening?
Over the course of the last several months, the Biden administration has enacted some of the worst policy decisions by any administration in history. All in an effort to win the midterms.
Inflation is the number one issue heading into the election only three weeks away.
Therefore, anything the Biden administration can do to tamp down inflation heading into November 8th, they will do. Even if it turns out to be disastrous for our country. You can almost hear the conversation happening behind closed doors at 1600 Pennsylvania Avenue.
Get Congress to pass a bill guaranteed to cause more inflation?
“Absolutely. We will call it the Inflation Reduction Act and everyone will believe it.”
Get the Federal Reserve to raise interest rates at the fastest level in 40 years?
“100%. It will bring down inflation, so let’s do it.”
Even if it means collapsing the stock market, putting our economy into recession, and forcing millions of people out of work?
“We can worry about that after we win. Don’t worry, we will get the Fed to change course after November.”
Won’t that hurt us going into the election?
“Nope, our voters don’t own stocks. Plus, we can blame it all on the Fed. In fact, we will get them to change course in mid ‘23, just in time to reflate everything they’ve collapsed. Then we will have a huge tailwind heading into the presidential election. Gotta knock it down before we can take credit for bringing it back, right?”
OK. But the biggest problem people have is with the price of gas. What should we do about that?
“Let's dump millions of barrels from the strategic oil reserve, swamp the market with too much supply, and voila, oil prices will come down.”
But aren’t those reserves meant for emergencies? What happens if we drain them and then have a real emergency?
“That’s the best part. Draining the reserves will knock down the price of oil. Then we can fill it all back up at cheaper prices. See? It’s genius!”
OK, but what happens when OPEC decides to cut their production and offset our supply dump? Won’t our allies in England and Europe suffer even more?
“If that happens, we will just release even more. It’s not about what happens on November 9th, it’s about what happens on November 8th. We can help our allies after that.”
What if the price of oil still doesn’t come down?
“Well, then, just before the election we will announce that we are temporarily banning the export of all petroleum products. That way oil prices are sure to be lower.”
But won’t that further destroy England, and Europe heading into winter driving up their energy prices even more?
“I said, temporary! After November 8th we can lift the ban.”
OK. I guess that takes care of oil prices. What else can we do?
“There is this large component of young voters that will vote for us if we promise to forgive student debt. Let’s forgive a bunch heading into the election. This way they’ll see we are serious and will believe us that we will do more after we win the midterms.”
Quick question. Won’t doing that massively increase our deficits? I mean our fiscal budget for ‘23 is going to be a disaster.
“We can worry about that after we win on November 8th.”
OK. But isn’t the entire reason we are in jeopardy heading into this election is because inflation is out of control? Isn’t every single one of these policies going to put us into recession and drive inflation even higher?
“Let me repeat. It only matters what happens on November 8th, and ensuring we get re-elected. What part of that do you not understand!?”
OK. I hear you. One last question… What happens if we don’t win?
“Well, then we are all screwed.”
As Mr. Taylor would remind us every day, “Politics is not about putting our country in a better position. Politics is about getting re-elected.”
Unfortunately, our government has taken on some of the most disastrous policies in our country’s history leading into this election. This administration has made our country weaker, not stronger.
These policies are crushing the economies of our allies too.
125 years after being founded, the German construction company, Wolff Hoch- und Ingenieurbau is insolvent. 130 years after being founded, German confectionery manufacturer Bodeta is insolvent. 156 years after being founded, German automotive supplier Borgers is insolvent. 170 years after being founded, German soap maker Kappus is insolvent.⁽¹⁾
What do all of these German companies have in common?
They all became insolvent within the last 48 hours!
The Great Devaluation is a worldwide phenomenon that’s rapidly picking up speed globally.
The lengths to which the Biden administration has gone to try and win the election are devastating the world. They make America more insecure than at any time in the last 50 years.
The U.S. strategic oil reserves were never intended to be a price manipulation tool. They are designed as a backup in case we ever had a true emergency.
Having a “plan” to repurchase the oil at $67 per barrel (the latest big idea from the Biden administration) assumes that prices will fall to these levels. Do we think OPEC is simply going to sit back and allow this to occur? What happens if we have a war at home and these reserves are unavailable when they are most needed?
These short-term policy actions are almost certain to lead to higher oil prices in the medium and longer term. Probably why Warren Buffett has been over-investing in the oil space over the last year.
Intentionally inverting the yield curve to slow down inflation has always led to a recession. Yesterday the yield between the 3-month and 10-YR treasuries inverted.⁽²⁾ This has signaled a recession 100% of the time.
According to Bloomberg Economics, there is now a 100% chance that we will have a recession in 2023.⁽³⁾
If you are looking for someone to blame, look no further than our current administration. If you want something to change, be sure to vote like your life depends on it.
Because it does.
References:
1. https://twitter.com/DaveWallaceUS/status/1582462011002085376
2. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/yield-curve-inverts-further-as-rate-hike-speculation-stokes-recession-fears-72517450
3. https://www.bloomberg.com/news/articles/2022-10-17/forecast-for-us-recession-within-year-hits-100-in-blow-to-biden?sref=0zBpH5VA
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