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FOX Business anchor Charles Payne argued that the Federal Reserve’s history of getting drunk on “free money” is to blame for startling news that consumer prices have reached a 40-year-high. On “The Faulkner Focus” Wednesday, Payne tied in runaway government spending and a “social justice warrior” mentality from the Federal Reserve chairman as some of the culprits behind skyrocketing inflation.
CHARLES PAYNE: I am frustrated because this is a self-inflicted wound. There’s a theory out there that government can print unlimited amounts of money because they control the printing press and that would solve all of our problems. We actually went into that. We did that in real life, that extra stimulus, that 1.9 trillion. Even Jay Powell, in August of 2020, sort of changed the entire mission of the Federal Reserve, became more of a social justice warrior. So the Federal Reserve was buying stuff they didn’t have to buy. They were pumping in money they didn’t have to pump in. The federal government was sending out stimulus checks. We had trillions and trillions of dollars. Modern monetary theory: free money solves all our problems. Yeah, it does for a little bit. It’s like going to the bar, right? Drinks on me. Great, but after the fifth round, I’m like, ‘please, no more.’ Then, the next day, I’m really regretting it. We’re at the next day. Right now, we are all regretting it and are paying a heavy price for it.
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