'Inflation is surging and people are hopping mad'

[enhanced_deficit]

Source is media but prices have spiked sharply lately:

Inflation is surging and people are hopping mad

November 13, 2021 7:00 AM ET
Scott Horsley

Some consumers are wondering why President Biden is not doing more to counter surging prices across the economy.
Patrick Semansky/AP

Bernice Rink didn't need to see this week's eye-popping inflation report to know that prices are getting painfully high. She can see it every time she goes to the supermarket.

"Oh my God," says Rink, "you can hardly buy groceries."
Prices of everyday items have surged during the pandemic, thanks to a toxic combination of staffing shortages and supply chain woes. The rising prices are souring the national mood and taking a political toll on President Biden.

Grocery prices in October were 5.4% higher than a year ago, according to the latest consumer price index. Overall inflation was 6.2%, the highest annual figure in more than three decades.
High inflation poses a particular challenge for people on fixed incomes like Rink, a retiree in Washington, D.C. She relies on Social Security, and her monthly benefit of $1,578 doesn't stretch as far as it used to.



"You have chicken, which is the cheapest thing you can buy — $11," Rink says in exasperation. "Not a family pack, mind you. A regular pack. Everything has increased."

According to the government's tally, chicken prices in October were 8.8% higher than a year ago. Beef and pork prices have climbed even more.
Energy prices are among the biggest drivers of inflation. Rink is paying almost 50% more for gasoline now than she did a year ago, and 28% more for the natural gas that she uses to heat her house.

"It's supposed to be a really cold winter," she says. "Do I keep a roof over my head? Or do I pay to stay warm?"

npr.org/2021/11/13/1055315389/inflation-president-biden-groceries-gas-food-energy-prices

[acptulsa]

Source is media but prices have spiked sharply lately:

Prices of everyday items have surged during the pandemic, thanks to a toxic combination of staffing shortages and supply chain woes.

The source is the MSM, and it shows in the lies. The real reason is Trump and Biden printed trillions and gave it to Big Pharma, making all FRNs worth less.

[69360]

It's getting bad. I'm trying hard to spend all the cash I have and buy hard assets as a hedge against the inflation before cash loses even more purchasing power. Antique car and some more real estate. I don't want to be caught out by this.

[Pauls' Revere]

It's getting bad. I'm trying hard to spend all the cash I have and buy hard assets as a hedge against the inflation before cash loses even more purchasing power. Antique car and some more real estate. I don't want to be caught out by this.

I'm throwing anything leftover at debt (how you kill dollars) while the interest rates are low. Just wait til the FED hikes to curb this. They should have hiked last week? when Powell spoke but he's up for re-nomination so I think he's giving Biden low interest rates for his Infrastructure Bill. If he's re-nominated he will hike rates. If not and Brainard gets in, then they will just try and spend our way out of debt.

[enhanced_deficit]

The source is the MSM, and it shows in the lies. The real reason is Trump and Biden printed trillions and gave it to Big Pharma, making all FRNs worth less.

Good point.
Add to that money printing and pumping to benefit Wall Street insiders and Deep Lobbies that are usually involved in buying politicians of both parties:

strange exponential jump in market value for a car company at a time when whole world was locked inside and not driving.



BlackRock Authored the Bailout Plan Before There Was a Crisis

Nov 23, 2021
9.34am

Biden to address the nation as inflation hits 31-year high

Greetings, live blog readers.
Joe Biden will deliver a speech this afternoon on the state of the US economy and the need to lower prices for American families.
The president’s speech comes as inflation has hit a 31-year high, with prices increasing by 6.2% over the past 12 months. That’s the fastest acceleration since December 1990.

And Americans are growing more concerned about high prices as they continue to rise. According to a poll conducted by the progressive firm Navigator Research earlier this month, 54% of Americans now say the cost of groceries and gas is a “major crisis”.

Democrats worry inflation could imperil agenda and congressional majorities

Joe Biden’s nominees for the Federal Reserve board have also pledged to tackle inflation aggressively if they are confirmed by the Senate.
Jerome Powell, who has been nominated to a second term as the chair of the Fed board, said yesterday, “We know that high inflation takes a toll on families, especially those less able to meet the higher costs of essentials, like food, housing and transportation.”

Jerome Powell speaks as Lael Brainard listens during an announcement. Photograph: Alex Wong/Getty Images Powell, who was first nominated by Donald Trump, said he would use the tools of the central bank “to prevent higher inflation from becoming entrenched”.

Dr Lael Brainard, Biden’s nominee for vice-chair of the board, echoed that message, saying, “I’m committed to putting working Americans at the center of my work at the Federal Reserve. This means getting inflation down at a time when people are focused on their jobs and how far their paychecks will go.”
theguardian.com/us-news/live/2021/nov/23/joe-biden-economy-inflation-speech-us-politics-latest

[acptulsa]

[phill4paul]

When dollar stores charge more than a dollar and .99 Pizza slices sell for $1.50 it's to hell in a handbasket....

https://www.activistpost.com/2021/11...principle.html

[enhanced_deficit]

When dollar stores charge more than a dollar and .99 Pizza slices sell for $1.50 it's to hell in a handbasket....

https://www.activistpost.com/2021/11...principle.html

"Five Below" stores are popping up lately and the way prices are rising could become the "new dollar store".

Five Below
Discount store company
Five Below Inc. is an American chain of specialty discount stores that sells products that cost up to $5, plus a small assortment of products from $6 to $10. Founded by Tom Vellios and David Schlessinger and headquartered in Philadelphia, Pennsylvania, the chain is aimed at tweens and teens. Wikipedia

[CaptUSA]

It's getting bad. I'm trying hard to spend all the cash I have and buy hard assets as a hedge against the inflation before cash loses even more purchasing power. Antique car and some more real estate. I don't want to be caught out by this.

You just described the incentive for increasing velocity during inflationary periods. In economic terms, people know their store of value is reducing by holding on to it, so they have the incentive to offload it as soon as possible and put their wealth into tangible goods. That incentive speeds up the velocity of money moving around, which in turn, increases price inflation.

It's a destructive cycle. The Fed may try to raise rates to slow it, but that's fraught with additional problems.

[pcosmar]

Source is media but prices have spiked sharply lately:

Inflation is surging and people are hopping mad

Prices creeping up, like Joe Biden on a 12 year old.

[Madison320]

I'm throwing anything leftover at debt (how you kill dollars) while the interest rates are low. Just wait til the FED hikes to curb this. They should have hiked last week? when Powell spoke but he's up for re-nomination so I think he's giving Biden low interest rates for his Infrastructure Bill. If he's re-nominated he will hike rates. If not and Brainard gets in, then they will just try and spend our way out of debt.

I think you may be underestimating how bad things will get if they hike rates and cut the fed's balance sheet.

If the fed actually tightens enough to get prices under control the economic collapse will be much worse than in 2008. Think about it, the crisis in 2008 was caused by artificially low rates and debt. Since then rates have been held at 0%, the fed's balance sheet went from 1 trillion to 8.5 trillion and the national debt went from 10 trillion to 29 trillion.

I think at some point they're going to have to really tighten monetary policy and let the mother of all collapses happen, because the fed is out of a job if the dollar collapses. But I don't think they'll do it until price inflation is much worse than it is now.

My guess is they won't even get done with the taper before another crisis emerges and they go back to another even bigger round of QE. At some point though prices are going to go ballistic and then they'll finally do the right thing.

[unknown]

Dear dumbasses, demand that your government cut spending, stop borrowing and stop printing.

[Pauls' Revere]

I think you may be underestimating how bad things will get if they hike rates and cut the fed's balance sheet.

If the fed actually tightens enough to get prices under control the economic collapse will be much worse than in 2008. Think about it, the crisis in 2008 was caused by artificially low rates and debt. Since then rates have been held at 0%, the fed's balance sheet went from 1 trillion to 8.5 trillion and the national debt went from 10 trillion to 29 trillion.

I think at some point they're going to have to really tighten monetary policy and let the mother of all collapses happen, because the fed is out of a job if the dollar collapses. But I don't think they'll do it until price inflation is much worse than it is now.

My guess is they won't even get done with the taper before another crisis emerges and they go back to another even bigger round of QE. At some point though prices are going to go ballistic and then they'll finally do the right thing.

Spot on. All it takes is another Covid Outbreak either real or imagined and they have what they need to QE to 10 trillion with a global CB coordinated effort to raise rates proportionally across the globe. If I'm not mistaken they did something like this in 2008 although I believe it was the CB's that took turns taking on the burden.

Another aspect in my head I just can't shake is that this financial pressure will cause a war to break out, which may just be the exit door they're looking for.

[Pauls' Revere]

Dear dumbasses, demand that your government cut spending, stop borrowing and stop printing.

You ... with your logic are a domestic terrorist.

[Pauls' Revere]

When dollar stores charge more than a dollar and .99 Pizza slices sell for $1.50 it's to hell in a handbasket....

https://www.activistpost.com/2021/11...principle.html

And folks are still stupid enough to think (in their heads) that things at a dollar store still cost a dollar.

[acptulsa]

And folks are still stupid enough to think (in their heads) that things at a dollar store still cost a dollar.

Fifty years ago those were called dime stores.

[Pauls' Revere]

Fifty years ago those were called dime stores.

I remember Woolworth's and Thrifty's.

[Madison320]

Spot on. All it takes is another Covid Outbreak either real or imagined and they have what they need to QE to 10 trillion with a global CB coordinated effort to raise rates proportionally across the globe. If I'm not mistaken they did something like this in 2008 although I believe it was the CB's that took turns taking on the burden.

Another aspect in my head I just can't shake is that this financial pressure will cause a war to break out, which may just be the exit door they're looking for.

I agree, it could be a covid outbreak, war, but I think the most likely crisis will be a plain old market crash.

I'm not a conspiracy guy but I think when you're in as much debt and as dependent on foreigners as we are, bad things tend to happen.

[acptulsa]

I agree, it could be a covid outbreak, war, but I think the most likely crisis will be a plain old market crash.

I was amazed when it didn't happen a month ago. When will it come? When their printing is delivering diminishing returns, because prices are rising proactively? That might prevent the government from propping Wall St. up.

[enhanced_deficit]

Needless to say, it's a media poll.

Poll: 77% of Americans now say inflation is personally affecting them

Andrew Romano·West Coast Correspondent
Tue, November 23, 2021

More than three-quarters of Americans (77 percent) say inflation is affecting their lives as the holiday season begins, according to a new Yahoo News/YouGov poll — and a clear majority (57 percent) blame President Biden.

The survey of 1,696 U.S. adults, which was conducted from Nov. 17 to 19, also found that more of them selected inflation as the “most important issue facing America” (17 percent) than any other issue, including COVID-19 (15 percent), which continues to kill more than 1,100 Americans each day, on average.
And just 18 percent say Biden is doing enough to address it.
These results explain in part why the president’s overall approval rating has steadily declined to 43 percent in recent months while his disapproval rating has risen to 52 percent — and why, on the economy, Biden’s approval rating is even lower (40 percent).
Since last October, overall prices have soared 6.2 percent amid supply-chain bottlenecks and sky-high demand for goods — the fastest yearly pace in more than three decades.

yahoo.com/poll-77-percent-of-americans-now-say-inflation-is-personally-affecting-them-and-57-percent-blame-biden-210739716.html

[Madison320]

I was amazed when it didn't happen a month ago. When will it come? When their printing is delivering diminishing returns, because prices are rising proactively? That might prevent the government from propping Wall St. up.

I think right now the market reactions are psychological but at some point when they start reducing QE the reactions are going to be "physical". The economy is a debt bubble that needs QE to function. Whose going to monetize all the debt?

[oyarde]

I think right now the market reactions are psychological but at some point when they start reducing QE the reactions are going to be "physical". The economy is a debt bubble that needs QE to function. Whose going to monetize all the debt?

The interesting thing is now the economy could be starting to decline yet the double digit inlation is locked in regardless because of raw matl increases .

[acptulsa]

The interesting thing is now the economy could be starting to decline yet the double digit inlation is locked in regardless because of "raw matl increases."

You forgot the quote marks.

[Madison320]

The interesting thing is now the economy could be starting to decline yet the double digit inlation is locked in regardless because of raw matl increases .

Yeah, that's the box the Fed is in as Peter Schiff always says. We've got stagflation. If the Fed tries to tighten to fight inflation the economy crashes. If the Fed tries to loosen to stimulate the economy the dollar crashes. My guess is the Fed is going to keep trying to stimulate the economy until inflation becomes so horrific that they'll be forced to tighten and let the economy crash.

[acptulsa]

Yeah, that's the box the Fed is in as Peter Schiff always says. We've got stagflation. If the Fed tries to tighten to fight inflation the economy crashes. If the Fed tries to loosen to stimulate the economy the dollar crashes. My guess is the Fed is going to keep trying to stimulate the economy until inflation becomes so horrific that they'll be forced to tighten and let the economy crash.

Or introduce their brand new currency. Featuring global acceptance. Not featuring a cash version.

[Madison320]

Or introduce their brand new currency. Featuring global acceptance. Not featuring a cash version.

Yeah, central banks would love that but I don't think it will fly. Chances are that if the dollar collapses so will many of the other fiat currencies. It'll be hard to get people to trust a new fiat currency after watching their savings evaporate. Governments and central banks power is not unlimited. They would love to force a currency down our throats at gunpoint but I don't think it will work.