Anyone who lived through it the last time, could tell you that. White House is secretly indicating inflation could last for YEARS | Daily Mail Online
Just days after the government revealed a 5.4 per cent jump in inflation in June compared to last year, it was revealed that top Biden economic advisors met with former Treasury Secretary Larry Summers, who has been loudly raising the alarm about inflation. [SNIP]
On Thursday, Fed Chair Jerome Powell testified to the Senate Finance Committee about a 'big uptick' in inflation.
You can't spend tillions of dollars that you don't have, and expect everything to be OK. And once the population loses faith in the currency, it is all over. Don't you know what Fiat currency is?
In the words of Commander Scott, of Star Trek. It get's bumpy from here.
Hat tip to Vodka Pundit, who notes...
If the current inflationary surge were due solely to global COVID-related problems like lockdowns and supply-chain bottlenecks, you would expect core inflation to be about the same in the U.S. and Europe.
But if, say, Presidentish Joe Biden was doing literally everything wrong — like pumping the economy full of liquidity while crushing growth and innovation — you’d expect the U.S. to have much higher core inflation than Europe does.
Well, guess what? Biden is doing literally everything wrong.
We told you so, we told you so, we told you so.
I lived through the economic blahs of the 70's and the Carter recession, (I voted for Ford). Inflation and constant price increasese went on for a good decade....which included the Prime Interest rate topping 18% pushing mortgage rates well last 20%. What the Demonrats are doing will make those years look rosy by comparison. It's a near certainty that the US Dollar will lose it's status as the world's benchmark currency. When that happens the Dollar will almost certainly end up essentially worthless. Anyone with cash to save would do well to turn a bunch of it into physical gold/silver.
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