The Weekly Quill — Chasing Inflation Rainbows — The Fed is Denied its ‘Pot of Gold’

“At the end of the rainbow there’s happiness

And to find it how often I’ve tried

But my life is a race just a wild goose chase

And my dreams have all been denied

Why have I always been a failure? 

What can the reason be? 

I wonder if the world’s to blame

I wonder if it could be me?”

“Til death never us never part.” These must have been the words on Frédéric François Chopin’s mind when he passed into the next world on October 7, 1849. The composer and virtuoso pianist had left strict orders that none of his unpublished works be published posthumously. Lucky for the classically, and not classically inclined, his wishes were dismissed. The irony is that the most famous and enduring example of these “leaked” compositions was published by the individual to whom Chopin had dedicated the secret sonata in 1834. The romantic in me likes to think that Julian Fontana held his close friend’s work in such high regard, he had to share the beauty with the rest of the world. And so it was, in 1855, that Fantaisie Impromptu in C-Sharp Minor was released. 

As cleverly reported by The Oklahoman in 2001: “‘I’ve never cared much for classical music,’ said a woman who was overheard humming the tune to ‘I’m Always Chasing Rainbows.’ She clearly had no idea of the song’s origins.” In 1917, with lyricist Joe McCarthy, vaudevillian composer Harry Carroll adapted and published Chopin’s work, which premiered in the 1918 smash Broadway show Oh Look! Starring the Dolly Sisters and Harry Fox (of fox trot invention fame). I’m Always Chasing Rainbows would go on to sell more than a million copies. Entire studies have been conducted on the number of remakes that followed. For the record, Perry Como’s melancholy 1945 recording of the song was by far the most popular, hitting Billboard’s Best Seller chart that next January where it endured for four weeks and peaked at #7. 

While not the case with his I’m Always Chasing Rainbows, Como was so prolific in success that he refused to have some of his hit songs certified gold. One must wonder what goes through the minds of failed Federal Reserve and global central bankers who’ve long searched, and been denied, their own pot of gold at the end of a rainbow they’ve chased for generations. As 2021 draws to a close, this cohesive cohort is now as close to self-actualization as it will ever be. For more than a fleeting -- “transitory” – moment, they found the end of the inflation rainbow they’ve been chasing with anything but gold at the end. They now know they couldn’t complete their journey into inflation madness without the assist of socialism. Robbing power to the people and replacing it with money in people’s pockets has indeed ignited inflation, the most regressive of taxes, some of which the Fed will struggle to contain in the New Year. 

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Danielle DiMartino Booth is founder and Chief Strategist at Quill Intelligence

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