Inflation is a cause of worry for millions of Americans today, with some wondering if or when the United Stated might get to see hyperinflation like other nations have seen within the last decade.
We have been told that inflation has been higher than expected but that this is only going to be temporary and that it won't impact Fed policy yet. The narrative is that this inflation is going to be transitory and nothing to worry about.
Here's what Yellen has recently said about the subject:
"I do not believe we are at risk of hyperinflation. We had several months of high inflation, which most economists, including me, believe will be transitory as our economy gets back in full swing after the pandemic,"
Even though a variety of experts have suggested that this is only temporary there are also some who say it could last longer than anticipated.
Overall, Americans lack significant faith in the Fed
They don't have faith that the Fed is going to be able to control the situation. Concerns over inflation are now on the minds of millions of Americans as they wonder what the future might hold and hear about other countries battling with hyperinflation right now and the drastically decreasing standard of living that goes right along with that decline.
Those who are living on fixed incomes are going to be feeling it more than others, and some Americans are already feeling the rise in costs for their basic goods.
Since it is foolish monetary policy which has arguably fueled the problem to begin with, it's hard to have faith that the same people who created the problem would be able to provide a coherent solution to fix it. It also isn't likely that they are going to take accountability or blame for their hand in causing the problem either when the time comes to address it.
The other 75% have been lulled into believing that "some" inflation is good and preferable to "de"flation
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