An Unfortunate Development

 

There are a handful of podcasts / YouTube channels that I listen to or watch by individuals who advocate for some aspect of the Christian life.  I tend to stay away from those channels that are overly polemical, and especially do not appreciate the impugning of the character of other Christians of good faith.

So, I really don’t like seeing what has happened and is happening between Gavin Ortlund and Jonathan Pageau on the topic of who can be saved.  I have long valued the work of each of these men – obviously different in doctrinal and theological beliefs and practices, yet both men dedicated to spreading a Christian message as they each see it.  Both also dedicated to advocating for their respective traditions.

Pageau recently put out what was at the same time one of his best and one of his worst videos.  Best, because he spoke clearly about what he sees as theologically beautiful in the Eastern Orthodox tradition, and worst because he openly impugned Ortlund’s character and motives regarding Ortulnd’s understanding of the Eastern Orthodox answer to this question of who can be saved. 

Pageau’s video did bring the two together to discuss the aforementioned topic: who can be saved (available on each of their channels).  I wanted to see if they could have a good conversation on their agreements and disagreements, so I began to watch it. 

I was only able to watch about half of it.  Frankly, Pageau made it more difficult to watch – at least for me (and this having nothing to do with theological matters). 

I really have no conclusion, other than I find it unfortunate – even a little sad.

Trump Inflation 2.0

 

We all remember these stickers, plastered on gas pumps everywhere.

 

 

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It was fun to blame Biden for the very high inflation we suffered through his presidency, and there is no doubt that his policies, along with the Fed’s view that price inflation was “transitory,” contributed to the significant price increases.

As a reminder, the Year-over-Year CPI increase in 2021 – 2022 hit a high of 9.1%, with 26 straight months (from April 2021 to May 2023) of 4.0% or higher. 

We called this the Biden inflation, but it was driven by policies which were initially implemented during Trump’s last year in office – money pumping and lockdowns (remember those?): in other words, plenty to spend and little to buy equals price inflation.

Let’s begin with federal government expenditures.  The following are seasonally adjusted annual rates, per quarter.  So, Q1 2020, basically before the lockdowns, the annual rate was $4.9 trillion.  In Q2 2020, that jumped to $8.9 trillion (keep in mind, this is not for the prior four quarters; it is annualizing the current quarter).  In other words, the rate of federal spending almost doubled in one quarter under Trump.  Thereafter it ranged from $5.9 trillion to $8.4 trillion.  So, note: the drastic increase in federal spending initially and primarily occurred during Trump’s last year in office of his first term.

Next, let’s look at the balance sheet of the Federal Reserve.  This balance sheet both helps to finance government spending, but also provides base money to support fractional reserve banking.  Following are the balances at specific points in time:

·         January 2017: $4.5 trillion (when Trump 1.0 came into office)

·         September 2019: $3.5 trillion (the low of Trump’s first term)

·         March 2020: $4.2 trillion (before lockdowns and the explosion of federal spending)

The increase from September 2019 to March 2020 should be noted: recall the overnight Fed market was frozen in September – federally insured and guaranteed banks wouldn’t lend overnight to one or more of their brethren.  I still hold (as I wrote at the time) that this issue was one of several which drove covid mania by the government – to fund the banks without another 2008 type populist revolt.

Continuing:

·         Jun 2020: $7.2 trillion (within three months, a $3.0 trillion increase, and more than double the September 2019 balance)

·         Jan 2021: $7.3 trillion (Trump’s last month in office)

·         April 2022: $9.0 trillion (the Biden peak)

Now, my point isn’t that the price inflation we experienced from 2021 – 2023 was all Trump and not Biden, but it was begun by Trump and would have still been significant even if Biden hadn’t done anything to advance it.

Which brings us to Trump Inflation 2.0.  He’s done it again, this time via the Iran war.  Since the start of the war in Iran ten weeks ago, Year-over-Year CPI went from 2.4% to 3.8%, and few see any end in sight, at least regarding oil, gas, and dependent or related products (which means pretty much everything we buy).

But look: the Dow, the S&P, and the Nasdaq are all at record highs!  So things are great!

Understand, inflation is great for the wealthy.  It increases asset prices, first of all.  Second, it doesn’t matter to them if price inflation costs them an added $20,000 or $200,000 per year for food and gas when their asset values are going up ten or one-hundred times that.  Anyone with even $10 million in assets will have made at least $1MM in net worth gain in the last year; anyone with $10 billion in assets would have made $1 billion.  Do you think they can’t cover a gas price increase of a few dollars a gallon?  Do you think they don’t like the tradeoff?

Trump has instigated a great wealth transfer of the covid years, and he is presiding over another great wealth transfer via the Iran war.  No wonder the oligarchs love him.

Slight change of subject, but while I’m at it.  “How have I failed thee?  Let me count the ways.”

·         DOGE

·         End Ukraine war “in one day”

·         No new wars

·         If I was president, that war wouldn’t have started

·         Release the Epstein files

·         Iran

·         Considers himself God

 

Besides this, he hates or has alienated all those who were the strongest supporters of MAGA: Thomas Massie, MTG, Rand Paul, Tucker Carlson, Candace Owens, Megyn Kelly, Alex Jones.

Conclusion

“I did that!”  They already have the stickers.

 

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