Wait . . . what? Now the International Monetary Fund controls our interest rates, not the Fed???

Photo above - interior shot of the lavish IMF headquarters. They warn that interest rates need to stay high because of inflation in haircuts and hotels. This is really true.

This couldn’t come at a worse time. The IMF says watch out, rates are going to stay high forever. Well, not actually forever, but for so long that we'll be living in apartments and driving beaters for years to come. See link at bottom.

The IMF threat follows Monday’s reassurance from Fed Chairman Jerome Powell that prosperity is just around the corner, since he might decide to cut interest rates soon. So who’s in charge of America’s economy . .. the Fed, or the IMF?

I've tried to chart Jerome Powell's press releases on interest rates. His constant flip flops apparently do not relate to phases of the moon, or months with an "R" in them. This must be some arcane political strategy that we're incapable of figuring out, eh?

I’m not going to accuse the IMF of trying to get Biden re-elected. Or return Trump to the oval office. Although it’s clear Europe would rather deal with a half-comatose octogenarian instead of a golf course mogul who can’t spell NATO.

To be fair, the IMF is NOT trying to scare people with 7% mortgages that take 30 years to pay off, and 11% car loans. The IMF says that high interest rates are necessary to fight inflation happening in “haircuts, hotels and restaurants”. Stop laughing, this is direct quote from the article. Possibly the IMF big shots already own townhouses in London, and weekend retreats in Tuscany? If so, then haircuts and restaurant meals might percolate to the top of their watchlist, no?

I can’t put hard numbers on the IMF’s haircuts and hotels ransom note. But it’s a little easier to figure out what housing is doing to us. If you’re living in apartment, every dollar in rent goes to the bottom line of some corporation (and their federal taxes). Renters build no equity, and you could be a landless peasant for your entire life. But if you DO own a home, your real estate taxes are skyrocketing, and your home insurance premiums are going up 30% in some places.

But the IMF is concerned about the cost of haircuts and hotels. And the Fed doesn’t care about affordable housing either.

I’m just sayin’ . . .

~New inflation warning: Get used to high interest rates, IMF says (msn.com)~