Posted on 10/18/2021 12:02:19 PM PDT by blam
The price of pretty much everything is rising precipitously. The CPI for September came in above expectations with a month-on-month increase of 0.4%. Peter Schiff appeared on Unfiltered with Dan Bongino to talk about inflation in Joe Biden’s America. Peter said you should stock up now because things could get ugly really quickly.
Bongino pointed out that while wages are rising, they aren’t rising as fast as prices. Wages have risen 4.6% while inflation has surged by 5.4% — according to government numbers. Peter said that is typically the trend.
The price of labor never keeps up with the price of stuff.”
Peter said the real problem is during and after COVID, a lot of Americans stopped working.
Unfortunately, they didn’t reduce their spending because the government made the mistake of replacing the incomes they lost with new money that the Federal Reserve was printing. So, we were making fewer things to buy, but everybody had more money to buy stuff, and so, prices just went ballistic. And they’re going to keep going up.”
Bongino pointed out that the rich have accounts and hedge mechanisms to shield themselves from the impacts of inflation. But what does an average middle-class family do to avoid the financial apocalypse of inflation coming down the pike?
Peter said, first of all, remember that inflation is a tax.
So, when the Biden administration says they’re not taxing people that make less than $400,000, they’re hitting them with this huge inflation tax.”
So, how do you avoid it?
Peter said, “Stock up now!”
Buy the things that you think you may need a year from now, two years from now. Buy it now. Especially the stuff that is nonperishable. Because in the future, stuff is going to be in even shorter supply than it is now, but prices are going to be much higher. So, why wait for the prices to go up? Just buy the stuff that you need now while it’s available and a lot less expensive than it’s going to be pretty soon.”
Bongino said we have plenty of historical examples that show us an inflation problem can get very ugly very quickly if we don’t get our arms around it. Just look at what happened in the Weimar Republic. Peter said it will get ugly, and there really is no way to get our arms around it.
I think we’re going to reap the whirlwinds of the winds that we’ve been sowing. And you know, you have to go back to the 1970s to see inflation anywhere near this bad. The problem is we’re already at the point that we were at the latter part of the 1970s. We’re just getting started. So, we’re going to be looking at serious annual inflation rates in the double digits. And imagine how high the official rates would be if the government was actually measuring them accurately. Because we’re not keeping track of prices using the same CPI that we used back in the 1970s. What we’re doing now really understates the true degree to which prices are rising. And so Americans are feeling the pain of inflation to a much greater degree than it’s being reflected in the official numbers.”
Interesting. This thought crossed my mind recently. If people think inflation is going to get a lot worse, it makes economic sense to hoard now.
Many we know have noted their grocery bills have risen noticeably for many months now. Any additional increases will be on top of at least two phases of price increases we've had since China released their biological weapon, developed and paid for by the US.
The one thing I’m really good at is living off Raman noodles and Hungry Jack mash potatoes with a little butter and a Foster’s oil can.
This is like a push poll. They want inflation. The ships off LA are being deliberately held up. BUY NOW!! they are yelling. I figured that out a couple weeks ago when the VP what’s her name was telling people the same thing for Christmas presents.
I got a tip from a reliable source, Portland radicals(D) are planning a transportation disruption event in mid November.
Inflation is Biden's most shameful achievement. We had a smooth nice economy under President Trump. Biden has destroyed it.
Not saying that big inflation isn't coming...just that Schiff has a reputation for being overly dramatic.
Have you checked the prices on your Raman noodles, butter and Hungry Jack lately? I’ll soon be betting you wheelbarrows of gubmint script to loaves of bread that your staples are up too.
Along this “buy now” philosophy, I’m waiting for an estimate on a new gas furnace and air conditioner combo. My 20 year old set works fine, but if they go down, availability problems going forward will be a problem. The contractor said as much and also said in November the combo will go up 12%. I also think Demented Joe would like nothing more than to halt all AC sales as a gift to the Greenies. Boy, what times we live in.
Actually, people thinking inflation will get worse is a self-fulfilling prophecy.
Most of the time the furnace is fine. Just get a new outside condenser unit and new evap for the old furnace.
Woohoo! One hundred trillion!
💸💵💸💸💸💵🤑💲🤑🤑🤑
🤪🤪🤪
Well I was gonna buy new tires
They were $57 a week ago
Now $64
I-5, railroad, ships, or all?
Freezer is full. Food shelves are full and now we’re keeping stuff in boxes on the floor. Moved to small acreage ten years ago and have meat goats and a place to garden. Got plenty of heritage veggie seeds and am hoping to buy some fruit trees/bushes in the Spring. Bought a 30mpg car last Spring after the braindead one coronation.
I knew what another obama term would look like. Became a prepper back in 2008/9.
I was thinking that also. Thanks.
The good news is the Fed is finally slowing down the money press. They were increasing the money supply at 38% annual but in the last few months have slowed down to 9%. It takes as long as 2 years for the market equilibrium to be reached so we will have double digit inflation at least until the end of next year.
An opportunity exists for growth of a large underground economy, using other than the Federal Reserve currency as a medium of exchange. Old silver of all kinds, perhaps commodities, either from supplies already squirrelled away or home-grown, useful tools (manual tools would command a premium), or exchange of labor for goods or other services.
This is probably the normal way of life for much of the world right now. For those of you who want a simpler and less complicated life. Did not say it would be easier.
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