Thursday, 9:00 AM. wind W, calm. Humidity 90%. The sky is completely overcast with snow clouds. Lake smoke and snow render visibility very poor. A few minutes ago the snow was falling steadily with nickel and dime sized flakes but it has since changed to a fine wet snow, which is falling straight down. There is a current accumulation of perhaps two inches.
It is amazing how much warmer and less drafty the house is now that I have pulled the storms down on all the combination storms and screens. I somehow forgot to secure a number of them until we noticed certain parts of the house were pretty uncomfortable during the resent cold snap. Even thermal double windows need storms in Bayfield!
This has been a morning when it feels as though one were inside one of those snow globes that you shake and it recreates an idyllic winter scene. I won’t attempt to clear it from driveway and environs until it stops. The evergreen trees wear the fresh snow as though it were an ermine mantle, and the largest look like kings and queens, the lesser their royal entourage.
So, the government is going to print $46B (that’s billion, with a B) every month to buy US Bonds, until the unemployment rate goes down to 6%, or whatever. We are simply writing IOU’s to ourselves to pay our current account bills, which makes the old check kiting ruse look like honest accounting. At least in days gone by the royalty would have had to melt down the gold and silver dinnerware to pay their bills; our royalty simply takes it out of our pocket by making our currency worthless. The whole scenario is so idiotic it is difficult to take seriously, but it will affect us all very seriously indeed as food and other commodity prices continue to skyrocket.
The government, of course, is wagering that the American public is so stupid it will not make the connection between monetary policy and crushing inflation. Sadly, it’s a good bet.