The depth of the panic inside the Biden White House over rising prices continues to manifest itself in new and disturbing ways. The most recent? The Department of Justice and FBI are on the hunt for the criminal masterminds behind inflation:

In the wake of persistent price increases initially stemming from supply chain disruptions caused by the COVID-19 global pandemic, the Antitrust Division and the FBI announced an initiative today to deter, detect and prosecute those who would exploit supply chain disruptions to engage in collusive conduct.

“Temporary supply chain disruptions should not be allowed to conceal illegal conduct,” said Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division. “The Antitrust Division will not allow companies to collude in order to overcharge consumers under the guise of supply chain disruptions.”

“The lingering challenge of supply chain disruptions from the COVID-19 pandemic has created an opportunity for criminals to fix prices and overcharge customers,” said Assistant Director Luis Quesada of the FBI’s Criminal Investigative Division. “The FBI and our law enforcement partners will continue to collaborate and investigate schemes that violate our antitrust laws and stifle our economic recovery.”

Even for official Washington, this is incredible. If Mr. Biden wants to sic the G-Men on inflation criminals, then their first most important stop is the Eccles Building, home to the U.S. Federal Reserve, followed by Congress, and the White House, too:

“The DOJ and FBI would rather launch a global investigation of ‘illicit’ supply chain profiteering than acknowledge the obvious and inevitable result when unprecedented fiscal and monetary stimulus combines with decades of protectionism and regulatory sclerosis,” says [the Cato Institute’s] Scott Lincicome…

 Once again, as Milton Friedman noted, “Inflation is always and everywhere a monetary phenomenon.”

Too much money chasing too few goods. Unless the FBI can somehow raise interest rates or reduce the Fed’s massive balance sheet, then the DoJ/FBI quest for inflation criminals is nothing more than theater. Or a sign of deepening political panic.