The U.S. Federal Reserve chairman, Jerome Powell, recently announced that the Fed will now shift its focus from targeting inflation to closing “unemployment shortfalls.” The Fed, in essence, is doubling-down on the same inflationary policies with which it experimented during the 2008 global financial crisis.
Speaking at a virtual Jackson Hole event recently, Powell said the Fed would not raise rates anytime soon. He also said that the Fed would tolerate higher inflation, departing from the historical norm of a 2% inflation target. This cheap money and higher inflation policy take quantitative easing to an entirely new level.
Luciano Nonnis is the CEO and founder of DXone. Along with Mario Urschitz he co-founded the largest German language crypto Facebook (NASDAQ:FB) group, Alles über Kryptowährungen und Blockchain. They also founded Crypto-Coach, a nonprofit online and offline education center, as well as a major cryptocurrency mining facility in Austria.