How does it feel to live in a country with double-digit inflation? On Tuesday, the Bureau of Labor Statistics told us that the consumer price index has risen by 5.4% over the past 12 months, and such a high number has shocked many people. But to make a fair comparison with the past, we need to take into account that the way inflation is calculated has changed literally dozens of times over the past few decades. According to John Williams of shadowstats.com, if inflation were still calculated the way it was in 1990, the official rate of inflation over the past 12 months would be around 9%. And if inflation were still calculated the way it was in 1980, the official rate of inflation over the past 12 months would be double-digit.
Anyone who has warned that we may soon see inflation rise to levels we haven’t seen since Jimmy Carter’s years can stop, because we’re already there.
The Bureau of Labor Statistics is committing a fraud, because the numbers they give us are almost meaningless. For example, house prices in the United States have risen 20% in the past year, but the “safe haven component of inflation” makes up only a small fraction of the general consumer price index …
We will have the latest inflation reading on Tuesday, when the Bureau of Labor Statistics releases its consumer price index for the month of June. As you recall, the May report showed the largest annual increase in consumer prices, 5%, in 13 years. But if you’re looking for the recent house price hike to show up in that number, chances are you’ll be disappointed. The hedging component of inflation, as measured by the CPI, has remained fairly stable, from around 2% to 3.5%, over the past decade. And some economists have a problem with that.
Wouldn’t it be wonderful if the mortgage payment represented only 3.5% of the total budget each month?
It goes without saying that such a figure is completely and utterly unrealistic.
For most of us, housing is the biggest expense we face on a regular basis. And as I have documented in many previous articles, housing costs have skyrocketed to the stratosphere in recent months.
Car prices are also rising at an extremely alarming rate. According to CNN, the average price of a new car has risen 12% over the past year …
In May, the average price of new cars hit a record $ 38,255, according to JD Power, a 12% increase over the same period last year. About two-thirds of car buyers paid within 5% of the sticker price in May, with some paying even more.
Instead of buying a new vehicle, you could buy a used one, but used car prices have gone up 10.5 percent in the last month alone …
Last month alone, average used car prices rose 10.5 percent, the largest monthly increase since registration began in January 1953. That peak accounted for about a third of the monthly increase for the third consecutive month.
Vehicle rental has also become much more expensive.
In fact, average rental rates have increased 86 percent since this point in 2020 …
Daily car rental rates are up 86% from this time last year and 140% more than in 2019, according to Julie Hall, a spokesperson for AAA.
The “5.4% inflation” that the Department of Labor is trying to sell us is absolutely ridiculous.
And as long as they continue to publish such faked numbers, they will have zero credibility.
Everyone can see that prices are skyrocketing around us. In such an environment, a New York restaurant can charge $ 200 for fries and some people will really pay that price …
Serendipity3, the iconic Upper East Side restaurant, has established a Guinness Book of Records title for making the “Most Expensive French Fries” – just in time to celebrate National French Fries Day on Tuesday!
Serendipity3 creative director and chef Joe Calderone and corporate executive chef Frederick Schoen-Kiewert are the masterminds behind the “Creme de la Creme Pommes Frites,” which cost a whopping $ 200.
Our leaders thought they could pump trillions upon trillions of new dollars into the system without serious consequences.
Unfortunately, they were very wrong.
Inflation is out of control and an economist just told Breitbart News that the US is starting to “look a bit like a Latin American country” …
Desmond Lachman, an economist and senior member of the American Enterprise Institute (AEI), told Breitbart News Sunday that the United States is starting to look like a Latin American country given its inflation, government spending and printing of money.
“[The U.S. is] in [a]bad position from a long-term point of view. I don’t see how this can end well when we’re running – now – budget deficits of something like 15% of GDP, “Lachman told SiriusXM’s Breitbart News Sunday with presenter Joel Pollak.” This is starting to look a bit like a Latin American country “.
It’s actually a lot worse than that.
The truth is that we are in the terminal phase of the largest debt bubble in the history of the world, and at such a critical moment, US officials have decided to systematically destroy the value of the planet’s reserve currency.
Before the pandemic, the US government stole more than $ 100 million an hour from future generations of Americans, but now our politicians have raised that rate to more than $ 300 million an hour.
And when the next big crisis comes, even more “emergency packages” will pass, because spending money is the only solution they have.
Meanwhile, the Federal Reserve continues to pump giant mountains of money into the financial system. Since September 2019, the size of the Fed’s balance sheet has more than doubled and this should be considered a crime against humanity.
Unfortunately, the vast majority of Americans don’t even know what the Federal Reserve is, and only a small fraction of the population actually understand what it is currently doing to our financial system.
Meeting no significant resistance, our politicians will continue to put us in staggering debt and the Fed will continue to turn the US dollar into toilet paper.
Unfortunately, what they are doing is setting the stage for the collapse of the late, great US economy, and the economic pain that awaits us will affect every single man, woman and child on the entire planet.
[ https://patriotrising.com/this-is-the-worst-inflation-since-the-1970s-and-the-stage-is-being-set-for-the-total-collapse-of-the-u-s-economy/ https://d26toa8f6ahusa.cloudfront.net/wp-content/uploads/2021/07/30214746/a-quiet-place-part-2-bigs-16.pdf