A lot of pundits hate to admit they were wrong on something.  Me, I wish to God I weren't so right.  Specifically, about Joe Biden: "Like most great artists, Biden is prolific.  The medium he works in is stupid mistakes, and he cranks out new ones every day."

That was about the mess last July he was about to unleash in Afghanistan.  Nobody even noticed then he was also working his magic on Ukraine, freezing weapons shipments in a ridiculous play to appease Putin.  Not until the shooting started did we actually get them any weapons, other than what had already come in the Trump years.

But really, who can keep up with it all?  You would have better luck outracing Usain Bolt than staying ahead of all the stupid things Biden and his people do every day.

Right now, he is trying to convince Venezuela, a country with very little oil it can sell, thanks to socialist mismanagement, to somehow make good on all the oil we can no longer get from Russia or domestically.  One country that has surplus oil it could export is Saudi Arabia.  Only they won't even talk to Biden about it.  Somehow, they see problems with Team Biden's desperate attempts to give their arch-enemy, Iran, sanctions relief and nuclear weapons.

He is also hoping Iran can start exporting oil, but like Venezuela, given years of neglect, Iran may not have much oil to sell.

There are now so many stupid Biden policies out in the world, some of them are going to cancel each other out.  This will happen later this year with oil prices.

Milton Friedman famously said inflation "is always and everywhere a monetary phenomenon."  But as a famous gold bug once asked, "what is money?"  Indeed, is it government paper or precious metals or something else again?

I would suggest the last 120 years, it quite literally is petroleum. That's because our modern world so much depends upon oil for everything. So, the price of gasoline tracks quite nicely with our booms and busts.  The price hikes today are a lot like those in 2008, which led to the last bad recession.  Interestingly, as there was a modest recovery, the price went back up, but by mid-decade, all the new domestic drilling technology and production, despite Obama-era regulations, brought the price down, injecting "money" into the economy in a way the Fed cannot: productively and without inflation.

Joe Biden though, put an end to all that, killing the Keystone XL and freezing federal drill permits.  With sky-high gasoline prices tearing through our economy, businesses will start going under, and another recession will follow.  With so many people out of work, they don't need to drive much.  They can take a Kamala Harris electric bus downtown every month to the unemployment office.  Gas prices will go down.

To help along his economic catastrophe, Biden insisted last year on mountains of extra spending to somehow fight inflation and then doubled down with even more "inflation-fighting big spending programs."  Even the kookiest Keynesian may now be doubting this.  Certainly, the Federal Reserve has thrown in the towel and is raising interest rates this year, guaranteeing the coming recession. 

Of course, in another year, we will be on to even more Biden disasters, so a recession may be the least of our worries.  I could imagine specifically what some of these might be, but honestly, I am too scared to be so right about Biden again.

Frank Friday is an attorney in Louisville, Ky.  

Image: Gage Skidmore via Flickr, CC BY-SA 2.0.