By Belle Carter
Gregory Mannarino, a full-time trader of the capital markets with a worldwide following on social media, decried the Joe Biden administration for approving the Inflation Reduction Act that would only worsen the decades-high inflation rate and destroy an entire class of people by going back to a two-tier society.
“This mechanism that they did was placed for a reason, that is to wipe out and destroy an entire class of people to go back to a new feudal system,” Mannarino stated in his August 17 vlog post on Brighteon.com.
Feudalism was a system in medieval Europe in which tenants were protected and maintained by their lords, usually through the granting of lands, and were required to serve under them in war. To describe it simply, this is a system where one stratum is for the authoritarian and another is for the slaves – with no middle class.
Apart from Mannarino, analysts are criticizing the passage of the said $800-billion spending bill as this is bound to crush small businesses, push up inflation, kill the U.S. energy sector and destroy the middle class for years to come.
According to a GatewayPundit article, the bill will not change the environment and will only add 87,000 new IRS agents to harass their political opponents and raise taxes significantly on working Americans. (Related: Inflation “Reduction” bill to unleash TAX TERRORISM upon the American people.)
“Global inflation is surging out of control and there’s no end in sight here. The inflation law will not reduce it, but will only make inflation worse. It’s designed to do that.,” Mannarino pointed out.
Biden proudly declared last week that inflation was in effect “zero percent” for July despite reports showing that the consumer price index is actually at 8.5 percent for the month.
The president said the U.S. economy is actually very strong, which most thinking and analytical Americans highly doubt. As per Mannarino, the U.S. economy is now 70 percent dependent on retail sales and it is coming down as revenue has plummeted.
“Retail sales came in unexpectedly flat because the rocket scientist-economists really thought that we were gonna get a gain here. The rich are doing fantastic luxury sales, but everybody else is getting crushed and strangled to death,” he lamented.
He further said the average working class’ profit plunged by 90 percent, which is not good for retail. Also, grocery prices are now soaring by 21.5 percent, which the analyst thinks is actually higher in real life.
“It’s all propaganda and the lies will get even taller,” he warned.
Consumer debt growing despite Biden’s “zero inflation”
An article on the National Pulse written by supply chain consultant Jim Nelles stated that inflation is clearly not zero percent and about 34 million consumers spent more than they earned in the past six months. This only proves that Americans are having difficulty managing their finances in the midst of decades-high inflation.
As per a Bloomberg write-up, 55.6 percent of Americans have less than $5,000 in savings and this may have contributed to the sudden increase in consumer borrowing. “U.S. consumer borrowing surged in June, reflecting a jump in credit card balances and a record increase in non-revolving lending that includes auto and school loans,” it said.
The report found that “revolving credit outstanding, which includes credit cards, increased $14.8 billion.” Non-revolving credit increases $25.4 billion, it added.
Americans are working multiple jobs, spending more than they earn, losing homes and cars, eroding their savings and borrowing more than ever.
“All of this at a time when, according to President Biden, we have zero inflation,” Nelles commented.
Biden has taken credit for the decrease in the price of gas, which he said caused the inflation to zero out, even though he earlier claimed that the reason for the original increase in the price of gas was Vladimir Putin and his Ukraine invasion.
But Nelles said the decrease in fuel cost is actually due to a reduction in demand. He cited examples such as Americans putting off summer driving vacations because they can no longer afford them and the futures markets worrying about the nation’s economy and the further decline in demand.
Visit Inflation.news for more news about the decades-high inflation in the United States.
Watch the full episode of Gregory Mannarino’s vlog below.
This video is from What is happening channel on Brighteon.com.