Inflation
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Seriously, though? Inflation at the wholesale level winds up being compounded by the time it gets to the consumer. It’s going to be a hell of a Christmas…
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Inflation at the wholesale level rose 8.6% last month from a year earlier, matching September’s record annual gain and offering more evidence that inflationary pressures are not yet easing.
The Labor Department reported Tuesday that its producer price index — which measures inflation before it hits consumers — rose 0.6% last month from September, pushed higher by surging gasoline prices. Excluding volatile food and energy prices, wholesale inflation was up 0.4% in October from September and 6.8% from a year ago.
More than 60% of the September-October increase in overall producer prices was caused by a 1.2% increase in the price of wholesale goods as opposed to services. A 6.7% jump in wholesale gasoline prices helped drive goods prices up.
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And the reason for all this inflation is????
Simple: "We can't go bankrupt! We'll create as much money as we need."
Isn't that actually true? Since our money is the standard by which all other currencies are measured and, is no longer tied to anything for measuring its worth, can hyper-inflation even ever happen again?
To me, the sole reason why Nixon took us off any remaining measure against gold, is so the government can spend as much as it wants into eternity. Just look at the government budgets, pre and post gold standard. There really isn't any need for an income tax post gold standard. The money supply is unlimited.
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Remember the Farm Bureau’s .14 cent 4th of July?
They’re back…
https://www.fb.org/newsroom/farm-bureau-survey-shows-thanksgiving-dinner-cost-up-14
The Brad
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Our cost for shipping a container of goods is 5 times what it was 14 months ago.
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But...I had supper with a rancher last night. As usual, talk got around to the price of cows, and especially feeder calves. He's making just enough profit to keep his head above water.
The price that ranchers are getting for their beef does not translate into the huge increases in the store.
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I'm not at all sure how you can compare the US economy, with the enormous technological and worldwide political change, to the late 60's.
