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Here is a good thread over at the ticker forum about food inflation which is about 9 pages long, but with lots of good information in comparing food prices then and now.
Yesterday, one of our young Jedi analysts at Hedgeye, Kevin Kaiser, sent me a highlight from The Grocer (an industry trade rag) that inflating food prices are making ordinary breakfast items like orange and apple juice a "luxury."
Now a Wall Street analyst at a sell side investment bank would find a way to dress this data point up with a pig's lipstick and call it an "affordable luxury." Someone working for Federal Reserve Chief Ben Bernanke probably calls something like breakfast "non-core" or "free." But we simpleton, non-recipients of government bailout moneys, just call it what it is – inflation.
Bernanke doesn't count food or energy..he looks at the CPI which says we have no inflation. Core CPI does not include food/energy.
I couldn't tell if you were serious or not. I see many conservatives blaming the FED for for prices going up, which has nothing to do the FED or is even anything they could control.
Saudi Arabia made itself self-sufficient in wheat by using water from a fossil aquifer, which doesn't refill. It has harvested close to 3 million tonnes a year, but in 2008 the Saudi authorities said the aquifer was largely depleted. Next year could be the last harvest. This is extreme, but about half the world's people live in countries with falling water tables. India and China will lose grain production capacity through aquifer depletion. We don't know when or how abruptly the bubble will burst.
How does Bernanke have any control over how much food the world wants to consume?
The cost of food is not only tied to supply/demand but also the value of the dollar. The longer the US prints money and monitizes its debt the less a dollar will buy.
Luckily the sheeple don't seem to understand that food is left out of inflation calculations or they wouldn't believe the sunshine being blown up the posterior about the economy by this administration.
Quote:
Originally Posted by HappyTexan
Bernanke doesn't count food or energy..he looks at the CPI which says we have no inflation. Core CPI does not include food/energy.
I couldn't tell if you were serious or not. I see many conservatives blaming the FED for for prices going up, which has nothing to do the FED or is even anything they could control.
Sorry..I meant that tongue in cheek. Should have put one of them "sarcastic" icons at the end.
The cost of food is not only tied to supply/demand but also the value of the dollar. The longer the US prints money and monitizes its debt the less a dollar will buy.
Luckily the sheeple don't seem to understand that food is left out of inflation calculations or they wouldn't believe the sunshine being blown up the posterior about the economy by this administration.
Exactly.
In the US. Once it leaves the shore though the other countries get it cheaper since our dollar is worth less so they are buying more.
It's a lose/lose for US taxpayers.
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