Commentary
Among reports of large companies laying off workers and forebodings of a recession, the prestige automaker Rolls Royce announced it sold in 2022 the largest number of cars in its history.
“The USA was once again the marque’s largest overall market,” stressed the corporation’s statement.
On the same day, Federal Reserve Board Chairman Jerome Powell told a conference held by Sweden’s central bank that the average American would have to pay for reining in the inflation caused by the Federal Reserve’s outpouring of money since 2008 until the recent change to a rising interest rate policy.
Powell is correct about this. A recent Gallup poll found that inflation and higher interest rates cause financial hardship for 55 percent of U.S. citizens. But not for Rolls Royce purchasers, whose riches grew during the decade of Federal Reserve monetary expansion. (The least-expensive Rolls Royce cost $311,900 in 2022.)…