Posted on 09/09/2022 6:44:43 PM PDT by Nextrush
One of the most senior economists in the United States says that the world's largest economy is still in the grip of an inflation crisis that will likely persist for the forseeable future.
Loretta Mester is the president of the Federal Reserve Bank of Cleveland, which means she is currently one of the 12 people who determine the official interest rate in America.
In an exclusive interview with the ABC, Ms Mester had a warning for Americans struggling under the pressure of steep price rises.
"I don't have enough evidence now to even conclude that inflation has peaked in the US," she said.
This puts her at odds with claims from US President Joe Biden, who said inflation "may be, may be--I'm not over-promising--may be beginning to ease"...
(Excerpt) Read more at abc.net.au ...
Stagflation?
Keynesian economics won’t fix it as hard as they try.
I never would’ve guessed based on my grocery bill, and I don’t even buy things are used to buy on a weekly basis anymore. As an example, in January of this year I could buy for muffins for $3.99. It went up to $4.29 sometime in the spring. Since then, it has skyrocketed up to $8.49 as of last week.
But my quick math that is something like 113% Ice increase in Nine months.
That’s crazy. 8 bucks for muffins? I definitely think it is corporate greed. There is no reason for those to cost that much regardless of ingredient prices.
It’s just beginning, coming to your community; Food Shortages, high fuel prices, high taxes, armed IRS Agents just to name a few surprises.
I fear that we have only begun to taste the “stag” portion of stagflation because the unemployment figures are artificially reduced. Those of us who have long predicted real pain are afraid that our national Christmas present will be grave unemployment after the first of the year when the Christmas rush is over.
Because of our fiscal profligacy and monetary irresponsibility, we are now in a place where if the Fed puts a foot down wrong anywhere we will be pitched into serious dislocations and hardship.
That silver tongued devil.
That’s crazy. 8 bucks for muffins?
—
And that’s just the price for one muffin! But don’t worry. You can arrange for a muffin loan.
I for one look forward to double digit interest rates, but I have my selfish reasons. 😂
Beef prices skyrocketed in 2011 during the drought when ranchers sold their stock off for pennies. They didn’t come down once herds were back. Companies know customers will buy at these inflated prices so there’s no reason to drop down to normal prices.
I used to buy 24 bottles of water for $1.99 when Trump was president. Yesterday I paid $3.69. Food inflation is lot higher than 8.5% from gov’t numbers for July. Dozen eggs at Aldi ranged between 79 cents & $1.29 during Trump. Yesterday same brand of dozen eggs were $3.49.
It’s 8.49 for a 4 pack of all the same flavor. They sell individual muffins for the low, low, price of $2.99 each. So, if you want two blueberry, one corn and one lemon, that will be ~$12!
I spoke with a employee and made some small talk, they carry 11 flavors and used to make anywhere from 8-20 of each flavor daily. Now they prep no more then 5 of each flavor with the exception of about two or three most popular where they make 8 and still have most left over at night.
Similar in my area. My local chain usually had some sort of 3 for $x sale on bottled water, either a store or regional brand like Poland Spring each week in the 3 for $6-8 range depending on brand.
Most recent sale was 3/$11.49 or in the ballpark.
Under Trump I never paid more than $2 for a dozen of eggs. Last week I paid $3.79 for the generic store brand ones. The name brad ones were in the low to mid $4 range.
That’s obscene.
I paid .99 for CVS brand sparkling water just a couple weeks ago.
Today it was 1.69.
Might straighten me out and force me into drinking water from the tap, which is practically free...
It’s not.
5 bucks for flour and 2 bucks/90 for sugar and they won’t have any choice. They have to sell the muffin for 8 bucks.
And yes, they have to have some sort of a profit in there. Businesses aren’t charities.
Yes businesses are not charity for sure. But they shouldn’t be thieves either.
With $30T+ Federal Debt. I cannot imagine the new territory we’re entering. How close are we to a total disaster with a dollar decoupling?
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