Posted on 04/19/2021 7:10:47 AM PDT by bert
What will be the results of a Pelosi/Biden government?
Many think there will be inflation. Milton Friedman taught us that “Inflation is always and everywhere a monetary phenomenon, in the sense that it cannot occur without a more rapid increase in the quantity of money than in output.” The $2Trillion Covid relief plus the !5% minimum wage plus the forgiveness of college loans all pump money into the economy.
Those actions are the very definition of monetary phenomena. The Bureau of Economic Analysis keeps us informed on the inflation rate but fails in one respect. The inflation information provided leaves out food. So, in the era of Pelosi/Biden induced inflation, bert has developed a basket of 20 common food products and will track prices and compute the inflation rate on the basket total and each individual item at a one month interval.
The reason given for excluding food in the BEA inflation figure is because there are so many variables that effect prices that monetary inflation gets lost in the shuffle. So, there will be no attempt to correct for other variables.
The current news includes articles pointing to food price inflation all over the world. Some places are more alarming than others.
One we know that is already happening is China. China is in terrible food shape. Crop failure, massive flooding, swine disease and poor management of stock piles have forced China to import phenomenally large quantities of soy beans and corn.
Being bert and being conservative, I choose to ignore China and blame all the food price increases on Pelosi/Biden
The first monthly food inflation presentation is posted below. The Market Basket priced increased by 1.9%
Will it happen? As President Trump was fond of saying……..We’ll see
a 112 grammer?
Check out the big brain on bert!
I like to buy a box of 18 Spicy Sausage Patties(Swagerty Brand).
A month ago they sold for $5.99. Now they are $7.29.
Food prices have shot up in Knoxville.
Inflation is already here.
Yes Aldis prices are very good. We shop there for a lot of items.
All the time, not just 'now and then.'
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IMO, a lame excuse. There are lots of variables in the stock market, yet you can detect a trend by using a moving average of prices.
I ususally use my own home canned tomatoes but the sauce is usually quick and easy.
Already here. And not just food. Inevitable result of the scarcity of product, and the abundance of dollars in circulation. And the recent expenditures are going to make it much worse.
Inflation is their target. By increasing the numbers, they fool many of the people into thinking that prosperity has arrived. A DOW of 40,000 is meaningless unless adjusted for inflation.
"The current news includes articles pointing to food price inflation all over the world.
Some places are more alarming than others."
"One we know that is already happening is China. China is in terrible food shape.
Crop failure, massive flooding, swine disease and poor management of stock piles have forced China
to import phenomenally large quantities of soy beans and corn."
"Being (FReeper) bert and being conservative, I choose to ignore China and blame all the food price increases on Pelosi/Biden."
Additionally, when you have China reluctantly importing all these food commodities into their country, just to keep peace among their population
because they haven't met their anticipated agricultural productivity goals, thus, you will have price increases here in the US.
Corn, produced in the US is at an eight (8) year high price, and yet we still are burning corn distillation (Ethanol) in our automobiles for transportation fuel.
The blockage of the Suez canal already alerted us to the possibility of a 'supply chain' breakdown, having delayed some $9 Billion dollars of supplies while 'in transit', thus leading to some additional cost increases.
This represents the first month of acknowledged inflationary price increases,
however 'the FED' believes that they can control and keep a 'lid' on it. (Say,.. where have I heard the term 'lid' used before ? )
YMMV , ..but keep an eye on your expenses, and your savings ! !
Check out the comments, some are quite insightful !
In 2019, I told hubby to go ahead and order all the stuff he needed for the shed/root cellar/storm shelter combo he decided to build. So he did. Already the prices for those items have tripled. We could never have afforded it at today’s prices.
Our current shopping list contains items to use now plus 2 for the pantry, on all canned goods and staples. And we always buy either, salt, sugar, honey, baking soda, etc. any time we go to the store. Always get something for long term storage.
We never buy corn - raise our own heirloom corn. Fresh produce too often has loads of pesticides and GMO/roundup crap. Most of the stores around here don’t carry organic stuff except for Walmart - which we try to avoid as much as possible — don’t want to support their “woke” attitude and betrayal of buy American.
I just hope inflation doesn’t get worse than it did the last go around, but I’ll be surprised if we don’t get Venezuela style financial crash.
Actually, 114 g...
Don’t be shortin my qp, homey...
“Corn, produced in the US is at an eight (8) year high price, and yet we still are burning corn distillation (Ethanol) in our automobiles for transportation fuel.”
I use ethanol-free 90oct fuel in my Jeep HEMI V8. Far superior to 10-15% ethanol crap.
I don’t have an Aldi near me, but we got a new Lidl about a year ago. I like them quite well. Great croissants!
A Quarter Pounder?
I just got back from the crappy grocery store. I bought a carton of 30 eggs for 3.19. The carton of 12 were 2.49.
Agreed ! But you also are willing to pay a premium price for that pure 90 octane fuel.
Hopefully you will have many more happy miles in that vehicle.
I was merely trying to point out that corn distillates (ethanol) are still being burned during an 8 year highest price for corn.
Needless to say, but that the ethanol producers are mostly Eco-friendly Dims.
According to Wikipedia, 25% of the US corn crop goes to ethanol production; to my mind, that is a considerable amount of crop invested,
for minimal results and lower btu's in transportation fuel.
Agreed 100%. That corn-to-ethanol (and soybeans-to-ethanol) could be used to feed more people here and overseas. The Corn Lobby in IA are corrupt scumbags.
The corn residue, after the alcohol is made, is still eaten by animals.
I don't like alcohol in my fuel either.
The cost of bacon, hot dogs and other pork products is rising. Here’s why
https://news.yahoo.com/cost-bacon-hot-dogs-other-190400567.html
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