No one is perfect.
We’re all human, and we all make mistakes.
But for some folks, “mistakes” are not an option.
Such is the case with Treasury Secretary Janet Yellen, who recently told reporters she was wrong about the path inflation would take, saying:
There have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly that I didn't at the time fully understand. But we recognize that now.
Can you imagine if you were getting an angiogram and the doctor told you not to worry about clogged arteries, and then two months later you had a heart attack?
Can you imagine what your response would be if that doctor said to you, “Yeah, I was wrong, but I recognize my mistake.”
What do you think would happen to that doctor?
There’s a reason doctors have to have malpractice insurance.
But what happens when the one person charged with the responsibility of maintaining the systems that are critical to the financial infrastructure of the largest economy in the world makes a mistake?
I’m not saying it’s an easy job, but if you decide to take on that role, if you screw up, your response can’t be “Oops, my mistake.”
Of course, Janet Yellen isn’t the only Treasury secretary to make bad calls.
You needn’t look any further than Hank Paulson’s bank bailout con of 2008, which was perhaps one of the greatest backroom scams ever run on U.S. taxpayers.
And this is just the stuff we know about.
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Truth is, when it comes to protecting your wealth, the last thing you can rely on is the government. And this isn’t based on personal prejudices but rather historical bureaucratic blunders.
These things don’t happen sporadically.
Government screw-ups and hustles are as ubiquitous as potholes on the Pennsylvania Turnpike.
We know they’re always going to be there, so instead of driving directly into them, we find alternative routes…
Routes that are not peppered with potholes but rather with profits.
And there’s no better proof of this than our calls to buy oil futures back in December, when WTI crude was going for $66/barrel.
While the government was telling you not to worry about inflation, we were telling you to take advantage of it and start loading up on oil futures.
Those who paid attention have enjoyed gains in excess of 70% in less than six months.
And by the way, we’re not even close to being done taking advantage of Washington’s missteps.
In fact, my colleague Keith Kohl, who was screaming from the rooftops to buy oil back in December, is now taking advantage of a fast-money play on a new development in nuclear power that could make natural gas, coal, solar, and wind completely irrelevant.
Biden’s renewable energy people don't want to talk about it, but the world’s most successful investors have already ponied up billions for a piece of this action, and you should too.
Bottom line: Don’t pay attention to what the bureaucrats are or are not saying. Pay attention to the folks who are capitalizing on their ignorance.
To a new way of life and a new generation of wealth… Jeff Siegel
@JeffSiegel on Twitter
Check us out on YouTube!Jeff is the founder and managing editor of Green Chip Stocks. For more on Jeff, go to his editor’s page.
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