"It is very easy to blame Putin for the inflation," says Dr Gal Luft, co-director of the US-based Institute for the Analysis of Global Security. "It’s an easy target, and most voters have no economic knowledge to understand the causes and effects behind inflation. But the reality is that what we are seeing today is not the so-called 'Putin's price hike,' referring to the rise in energy and food prices in light of the situation in Ukraine."
"Inflation everywhere is primarily the result of the COVID lockdowns," says Dr Paul Craig Roberts, US economist and ex-assistant secretary of the treasury under former US President Ronald Reagan. "In the US, for example, the lockdowns dramatically reduced production, but the money supply increased due to lockdown payments. The lockdowns also disrupted and in many cases destroyed supply chains so that many items became unavailable. When money is abundant relative to the supply of goods and services, prices go up."
Oil Reserve Release & Crude Embargo on Russia
"The release of oil from the reserves will do very little to ease inflation," says Luft. "It’s a feel-good solution that aims to signal to voters that help is on the way. Other than the Fed raising interest rates, the administration can do very little to improve the situation. In all likelihood it will only make things worse by resorting to market interventions like price controls, which would only add fuel to the fire. This is what Nixon did in the 1970s. Not only that Washington did not solve the problem - it made it much worse."
'Democrats Will Lose Badly'
"The Democrats have no chance of holding onto power," says Luft. "Independents are leaving them in droves. Their leadership is aging. All the leadership of the House Democrats is in their 80s. They don’t understand the new generation of voters and the demographic changes in the country. They will lose badly and there is nothing they can do about it. The sad thing is that Republicans are not any better and offer no real solutions."