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.”
Goodwill Stores could shift gears and become a store barter center.
I remember. you did an excellent job on that.
(Thanks)
Don’t forget the Spam!
I just think of the vacant aisles shown on TV right before a hurricane ie how quickly they empty.
I went into my tire guy yesterday and had the same thing happen. Their regular supplier didn’t have any available. They ended up ordering from a different supplier and I would have to wait for them. A not normal transportation fee was added.
They said it would take a month or longer. After I left I realized that the shipment would be coming through Portland right about the time of the planned transportation disruption.
*
Won’t be delighted about it after a few weeks, but we can live on dried rice and beans for years. Will just need clean water 😔. A lot of people don’t realize that if the electric power goes out, eventually the pumping stations that pump the water to your house will go out too.
He’s a broken record market bear. At least Glenn discusses things that do not involve the apocalypse.
I don’t know if it’s coincidence but my wife went by the store. When she came home she said there was only 1 variety of iceberg lettuce and it was organic. She paid 15 dollars for 1 head of lettuce and a vegetable tray (we live in the Midwest).
time for me to hit costco, sams club and the 99 cent store to stock up on stuff...
Clark Howard and Dave Ramsey are telling folks to wait it out. Hold onto your cash for any voluntary purchase ( car, appliances, etc . Buy used if it is a necessity. Curtail Demand.
At least with food and supplies, you can eat and use your mistake.
And keep your eye on the wheelbarrow, otherwise crooks will steal it and leave the cash in it like in the latter days of Germany's Weimar Republic.
Just got a flyer from Costco, sale on BF Goodrich tires.
Thanks. I have a trip already planned to Costco today.
You ain’t seen nothing yet, whenever Congress & President give relief to the mortgage lenders and allow home mortgage rates to change to 6-8-10%, even though you signed a 30 year fixed rate at 4%....
Social security to increase 5.9% eff Jan 1.
I bought a newly built house in 1980 for 13% interest....my neighbor had 17% interest.
If you’re not stocked up already you’re too late.
That’s just the way it is.
L
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