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Noted in Passing: Inflation is a tax hike

For the record, gas went over $4.00 in my California town this weekend. Only the beginning folks. Only the beginning!

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  • PA Cat May 24, 2021, 9:54 AM

    How much more does Hunter pay for hookers and blow these days?

  • ghostsniper May 24, 2021, 10:17 AM

    And he’s only been in office 4 months. Think you’ll make it to the end of the year?

  • Richard May 24, 2021, 11:09 AM

    Yeah, well, at least we don’t have to be subjected to anymore nasty tweets! Totally worth it!

  • Kevin in PA May 24, 2021, 12:22 PM

    Yeah, Orange Man bad. Mean tweets are just so racist!

    Joe is a man of the people, from Scranton, don’t you know? Real working class hero, he is.
    Friend of the common man. Fighting for the little guy.

    Don’t forget the big guy.
    And besides, it’s all Trump’s fault.

  • Mike Austin May 24, 2021, 2:35 PM

    Inflation can destroy nations, but not everybody suffers. Debtors win; creditors lose.

    I lived in Argentina for ten years. I was there during the catastrophic economic meltdown 2001 – 2002. The peso, which had been pegged to the US dollar, was allowed to float. No warnings were given. Before, any Argentine could exchange his pesos at any bank at 1 peso for 1 US dollar. After, the peso fell though not at Zimbabwean levels. Overnight Argentines who thought they had $10,000 US in the bank, suddenly had their accounts switched to pesos. The government simply stole their dollars. Prices rose precipitously as the peso fell. The middle class was nearly wiped out.

    Since I got paid in dollars, and kept my money in a French bank, I was unaffected. But overnight I was suddenly wealthy. Wine which had cost $100 US now cost $5 US. Of course, I lost money in other accounts—$19,000 US if memory serves.

    The distortions in the economy were remarkable and seemingly random. No one would choose to live that way. And as Milton Friedman wrote, “Inflation is, in each and every case, government caused.” I noticed that the wealthy at the time remained wealthy. Some even vastly increased their wealth.

    What a world.

  • Webutante May 24, 2021, 3:13 PM

    So here’s an interesting irony: being in the hardwood lumber business, I and we’ve certainly seen the price if logs skyrocket. But then the pipeline crashed and there’s still no farmers’ diesel anywhere to be found at any co-ops etc. So no logging, no skidding, no loading and taking to mills. Thrn, when it comes back, hopefully this week, the price of fuel is going to be astronomical….with no end in sight.

    There’s another interesting piece on inflation and hyperinflation on Zero Hedge today.

  • Kevin in PA May 24, 2021, 5:17 PM

    To be fair to the corrupt and current dementia patient occupying the White House is not entirely to blame. None of this would be possible without fiat currency.

    The Constitution for the United States says that only gold and silver coin is used as money, yet in 1913 the congress in a sneaky move slipped in the Federal Reserve Act and thereby abrogated their responsibility to control the national purse. Instead of doing their lawful duty, they sold the matter of monetary policy off to an international banking cartel. The purchasing power of the dollar has diminished by more than 90% since the inception of the Fed.
    And as a footnote, the Federal Reserve has never been audited.
    Hint there is nothing “federal” about it and there are no reserves.

  • ghostsniper May 24, 2021, 6:53 PM

    Kevin sed: “The purchasing power of the dollar has diminished by more than 90% since the inception of the Fed.”

    The last I heard it was about 97%.
    What that means in 6th grade terms is that something that cost $1.00 in 1913 costs $97.00 today. Seems unreal doesn’t it?

    The hiking boots I am wearing right now cost $119. but back in 1913 they would have cost about $3.57. Amazing, no? Also, back then the sales tax was less than 4%, today it is 8%. What’s 4% of $3.57? 15 cents What’s 8% of $119? $9.52 Stunning, right? For the sales tax alone today I could almost buy 3 pairs of the 1913 boots. Where the hell did all that money go? Where the hell is it still going?

    Amazingly enough 97% of the american citizenry either have no knowledge of what I just wrote or are unable to comprehend it, or just don’t care. The gov’t treasury just “makes” money and that is all there is to it, silly!

  • bruce wayne May 24, 2021, 7:49 PM

    I bought gas today. $1.46 Last week was $1.56

  • John The River May 25, 2021, 5:31 AM

    Obviously the ‘working poor’ that are awaiting the paradise had with “$15/Hr Minimum Wage” will be totally confused that their lives haven’t changed a bit. Maybe even gotten a little worse.

    Must be “White Privilege’ cheating them out of their just desserts.
    Incidentally, I’d imagine that America’s foreign trade is drying up. Our products will become to expensive to sell worldwide, and China smiles. All going according to plan.

  • ghostsniper May 25, 2021, 6:52 AM

    John sed: “Maybe even gotten a little worse.”
    Some smart dood once said something like, “In a rising tide all boats are lifted.”
    After the gov’t mandated wage increase $20 haircuts will cost $23.
    But, that wage increase will effect everything all up and down the line which may cause that, now, $23 haircut to cost $25.

    It’s not just the increase that the barber must pay but everybody else in the supply line that allows the barber to exist in the first place. The people that work in the manuf sector that create the supplies the barber uses (witchazel for example (wtf is witchazel anyway???)) will cause the supplies to increase in cost to the barber who must also take that into consideration as he raises his prices. For every $1 mandatory increase in wages equals $2+ increase in supply prices.

    Everything this goddammed gov’t touches turns to shit.
    It has ruined almost everything in this country and even the world to one degree or another.
    The US gov’t is truly the worst thing that has ever happened to this planet.
    And to think, NONE of it is necessary at all.
    There is not one human being anywhere on this earth that NEEDS any gov’t.
    What everyone does need is a savior. A real one.

  • Mike-SMO May 26, 2021, 9:51 PM

    This is why the Corruptocrats have to stir the pot in the Mid-East. Ain’t no grift in peace. Only productive societies and businesses can make a profit with peace. Slo Joe and the Ho (and Kerry and the Clintons, you know, RST and Associates) get grift with bombs bursting in air. With the Muslim Brotherhood in Gaza ( a/k/a Hamass) hurting, there will be lots of opportunity for getting the kick-backs from “foreign aid” and support of the United Grifter Nations (who all will contribute to the kitty).

    Wonder why “Whitey” got that special shampoo…… Warning to the others? And now there is the High Speed Rail Grift bonanza.

  • EX-Californian Pete May 27, 2021, 7:03 AM

    I think the inflation chart above should incorporate ammo, reloading components, and ‘liberal values’ too!

    2021 2020
    $0.69 one round of .9mm $0.32

    $52.00 one lb. of IMR 4350 $27.45

    $260.00 1000 LR or SP primers $32.80

    less than zero value of a Liberal’s life, or opinions zero