Inflation
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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
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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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"My pronouns are FA/FO." - Mik, 2024
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"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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Well, first we have to consider the inflation of the 70's vs. that of today. We've changed the indicators. Right now, it's looking like inflation will come in a bit over 7% for the calendar year...If we use 70's indicators, that number rises to above 15%.
That may be the worst annual inflation numbers for the U.S., ever.
So, The Resident and his administration want us to put out the inflation fire by throwing gasoline (
) on it.I ain't no economist, but I fail to see how increasing the fiat money supply defeats inflation...
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11 months into Lyin' Joe's term, let me ask a question:
Several people have said that POTUS really has little influence over gas prices. Does the same apply to inflation?
What about other countries?
My understanding is that the current inflation trends are being felt throughout the G9 states and beyond. The POTUS is neither the cause nor the arbiter of the eventual outcome. The solution will be found through collective action with all the G9 states and others pulling in the same direction.
