Federal Reserve Will Allow Inflation To Rise Above 2%, What It Means For You

We are talking about the news yesterday from Federal Reserve Chairman Jerome Powell. Powell released a new Fed policy, a “robust updating”. This “robust” update means the Federal Reserve will now “allow” inflation to rise above 2%. A first.

What this means is everything will cost even more due to higher inflation costs. If you are a saver, and I hope you are. This means the money in your bank account will be worth even less after a year goes by.

What I mean is, the money in your account may be the same or higher due to your savings rate. However, the purchasing power of those dollars now buys less than it did before. This is due to inflation.

Most bank accounts, even credit union accounts do not pay very much in the form of interest. The credit union we use pays about .7% for savings interest, down from 1.9% at the beginning of the year. We were beating inflation, but not anymore. So the dollars we hold will dwindle away.

Of course, none of us had a say in the matter, but what else is new right?

The people constantly lose their wealth if they are not careful. We lose it through inflation, the silent killer. We lose it through Federal, State, County and Sales tax as well. Not to mention government “fees” which are just another form of tax.

What we have described is yet another form of control, another way to rob the people, and no one bats an eye.

Instead, our elected officials and those in power blame their moves on COVID, which is a manufactured crisis used to steal more control and wealth from the people. One that will no doubt continue to lead us toward a globalized world.

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