Yellen Tells G-7 “Time To Go Big Is Now” In Her First Virtual Meeting

Yellen Tells G-7 “Time To Go Big Is Now” In Her First Virtual Meeting

Because in some bizarro universe, the $30 trillion in fiscal and monetary stimulus injected in the past years is somehow not enough, in her first virtual meeting – alongside Fed chair Jerome Powell – with G7 finance ministers, Janet Yellen “stressed the importance of providing further fiscal support to promote a robust and lasting recovery” which means that “the time to go big is now” and that the “G7 should be focused on what more we can do to provide support at this time” according to a statement from the Treasury.

Yellen, now in her role as head helicopter money driver following the Fed-Treasury MMT merger, “emphasized the commitment of the Biden Administration to multilateralism to solve global issues, stating that the United States “places a high priority on deepening our international engagement and strengthening our alliances” just in case someone in the G7 had not gotten the memo that Trump is no longer president.

Yellen, who would receive no money from Citadel for her deep intellectual musings, also “expressed strong support for G7 efforts to tackle climate change, highlighting that her colleagues should expect the Treasury Department’s engagement on this issue to change dramatically relative to the last four years.” This means that the biggest monetary black hole of all time – namely fighting ‘global warming’ – is about to start sucking in trillions more, allowing the Treasury to issue, and the Fed to monetize, trillions more in debt. Sure enough, the Secretary noted “we understand the crucial role that the United States must play in the global climate effort” which is bizarre because US carbon emissions have been declining for the past decade while China’s have been soaring

We wonder if Yellen had any comment on just how her efforts to “change the weather” will be thwarted by Beijing recent ramping up of highly polluting coal power again.

Finally, Secretary Yellen conveyed her strong belief that G7 countries “must work to address the challenges facing low-income countries who are struggling to respond to the pandemic.”

In short, Yellen basically told the G7 that it’s time to finally fix the world (and its climate) and that no expense must be spared (read unleash a torrent of debt please), since the circular endgame is clear: issue so much debt as is needed to generate the inflation that also does away with the $277 trillion global debt problem. Because fighting debt with more debt has always worked so well…

Yellen now heads to an Oval Office meeting with President Joe Biden and Vice President Kamala Harris, where she will brief the admin on the G-7 call.

 

Tyler Durden
Fri, 02/12/2021 – 12:07

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