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They’ve gone to great lengths to promote a message that we have nothing to worry about. But a simple trip to the grocery store, gas station, or mall will tell you otherwise.
Food prices have risen every month since June of 2010 and 57% in the first two years of President Obama’s term in office.
Gas prices are up 34% during that same time period.
And cotton has hit a 150-year high, as the price of this essential clothing commodity has soared 210% since the 2009 inauguration.
In the first two years of their joint reign, Obama and Bernanke have waged a hidden inflation war on the middle class that has fleeced more wealth from folks on Main Street than the previous 20 years combined.
In just his first four years in office, Bernanke has been the captain of a reckless and out-of-control money printing press that has drowned America in more “new cash” than was created during the entire 26-year period from 1959-1985.
Mild inflation has been anticipated since Bush's "bailouts" began. This is something we can control, and much better than the alternative...deflation.
They’ve gone to great lengths to promote a message that we have nothing to worry about. But a simple trip to the grocery store, gas station, or mall will tell you otherwise.
Food prices have risen every month since June of 2010 and 57% in the first two years of President Obama’s term in office.
Gas prices are up 34% during that same time period.
And cotton has hit a 150-year high, as the price of this essential clothing commodity has soared 210% since the 2009 inauguration.
In the first two years of their joint reign, Obama and Bernanke have waged a hidden inflation war on the middle class that has fleeced more wealth from folks on Main Street than the previous 20 years combined.
In just his first four years in office, Bernanke has been the captain of a reckless and out-of-control money printing press that has drowned America in more “new cash” than was created during the entire 26-year period from 1959-1985.
when I see and here of the rising cost of living. the penutman, Jimmy Carter comes to mind
After reading some of the responses on this thread, it makes me even more sure that an Econ 101 course should be mandatory for all Americans. It is a basic economics concept that when the money supply is high (i.e. the Fed prints more), then the value of the dollar declines. When the money supply contracts, the value of the dollar increases. The Fed has flooded the market, thus devaluing our dollar. As a result, you have inflation because the buying power of the dollar is less.
History has shown us that the Fed will do this at times to try and spur economic growth through government interference but the goal is supposed to be to do so without making inflation spin out of control. Unfortunately, there have been times where some administrations do not recognize the signs of inflation spinning out of control until it is too late. Personally, I think this administration is starting down that path. Actually, truth be told, I am against government interference into the economy at all but that's a different argument.
After reading some of the responses on this thread, it makes me even more sure that an Econ 101 course should be mandatory for all Americans. It is a basic economics concept that when the money supply is high (i.e. the Fed prints more), then the value of the dollar declines. When the money supply contracts, the value of the dollar increases. The Fed has flooded the market, thus devaluing our dollar. As a result, you have inflation because the buying power of the dollar is less.
History has shown us that the Fed will do this at times to try and spur economic growth through government interference but the goal is supposed to be to do so without making inflation spin out of control. Unfortunately, there have been times where some administrations do not recognize the signs of inflation spinning out of control until it is too late. Personally, I think this administration is starting down that path. Actually, truth be told, I am against government interference into the economy at all but that's a different argument.
We live in the information age. Once it's announced the fed will increase the money supply, by let's say 1%, the providers of goods and services will have raised prices 2% to compensate before ink touches paper. 200 years ago when it took weeks to get news, such a policy was manageable but since the invention and implementation of the telegraph, that paradigm hasn't worked particularly well.
If Sam the mild-mannered shoeshine boy knows that Bernanke is about to press the magic money button and has already raised his prices accordingly, it's pretty safe to assume everyone else knows too. This isn't 1973 when the grocer had to put the crew on OT feverishly re-tagging the stock. Now it just takes a few keystrokes and the prices are changed and not in just one location but in every store in the region(s) depending on how much stress they think their patrons can sustain. Way back in those wondrous times when people might take a glance at the business section of the Sunday paper, most people were cheerfully oblivious to the world crumbling around them. Now most average people have instant access to such data. While the accuracy of much data is questionable and people's interpretations of said data may vary wildly, it's safe to say that the general public today is far more knowledgeable than just a few years ago.
Back when rocks were soft and I was taking "Econ 101", there were many widely divergent opinions on economic theory. There still are. Generally speaking, the professor who likely had exactly zero real world experience would push whatever theory he/she subscribed to but would at least familiarize students with other theories and most students tend to agree with their professor. Others, like myself, quickly realized that you can argue with the prof and discredit them at your leisure AFTER you have the degree. To do so before you have your hands on that slip of paper could easily prevent you from ever obtaining it at that particular institution. Even students who may disagree will generally just shut up and let the prof talk. Soon they will start to identify with their "captor".. and you know the rest.
So, assuming someone who holds a different opinion must not be educated (while possibly correct) is fallacious. They may in fact be very well educated/programmed in Economics but from a different school of thought.
I have noticed over the years that, as strange as it may sound, the most economically insightful people tend to be those who were self educated and not in any way corralled into any one particular train of thought by conventional institutionalized education. Not always, but often enough.
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