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.”
> They want inflation. <
Right, if for no other reason than the government would love to be able to pay back the national debt with inflated paper.
I just bought tires too :)
Just as one example regarding one food item. A 24-oz. pack of bacon in my area ran around $5.98 six months or so ago. That same size pack (depending on the brand) now sells for anywhere from $9.98 to $11:98.
Glad now that I always tend to buy a little more than needed, whether it be of bacon, canned tuna, rice, etc. Doesn’t take long to build up into an adequate supply for hard times. There’s still time — although not much — to do that. Better early than late, but also “better late than never”.
Just in Walmart, no carts to ship with which was fine bc they didn’t have half what I was looking for, rest of shelves were bare looking. Local grocery seems fine though
It appears that we’re headed into a Perfect Storm.
Yeah I was like, seriously. 😞
Kartographer’s
“.. here is my Preparedness Manual I put together some time ago “
https://www.mediafire.com/file/nita0e562aytg1b/Preparedness_1j.pdf/file
If you don't mind me asking: how so?
Went to buy Diet Coke at Walmart. Still none in 6 pack bottles and still no Distilled water.
they did have a 12 diet coke pack in cans at $6. next time probably $7
Well, it makes sense to stock up a bit yes. But hoarding is likely to be counterproductive. There are people out there who still have their lifetime supply of toilet paper from a year and a half ago. Lots of money tied up in nothing. Meanwhile, stores I go to have whole aisles for toilet tissue, paper towels, etc, stacked to the ceiling. Likewise with beef, chicken, whatever other “scarce” goods I should jam my freezer with.
That is a tautological truth, indeed. But that sociological/socioeconomic bubble could be easily popped yet this administration is totally rudderless and inane. I just read that our maternity-leave transportation secretary claim it is a sign of a booming economy.
Basically there are 2 things absolutely necessary to live, food and water. Yet even in these times people refuse to stock it to the rafters, if at all. And a lot of them have young children to care for. Bizarre.
Ping
Ha!!
And people think I am silly for stocking up on oatmeal, pancake mixes, flour, sugar, canned beans, tomatoes, soups, and the potatoes, too. Oh, lots of cans of pureed pumpkin, too.
Food riots soon?
A lot of stores have bare shelves now.
You’re right of course.
Overkill is always counterproductive.
Sometimes I wonder if the media does this to create crises.
Yup.
He wants to sell you some gold.
I'm still waiting for the 2010 collapse he predicted.
“I-5, railroad, ships, or all?”
It was going to be comprehensive is all I gathered. I was on my way out the door and my informant said “oh by the way...”
I just tried to buy 4 new 16" tires for my truck. The tire store didn't have any. He said he could order some for me but couldn't tell me when they would come in or how much they would cost until they arrived.
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