INFLATION GONE MAD !

Biden's Inflation Monster is on the loose !

INFLATION is a dirty word . Writing this , listening to the pundits on TV , it seems that there is no stopping the inflation GONE MAD ! (1)>>Oh YES, "blaming Putin"! has become the norm in the Biden government . That pivot started at his state of the Union speech earlier this year. “My plan to fight inflation will lower your costs and lower the deficit,” he said in March. “By the end of this year, the deficit will be down to less than half what it was before I took office.”    Treasury  (2)>>Secretary Janet Yellen is scheduled to testify on June 8 before the U.S. House of Representatives Ways and Means Committee to discuss President Joe Biden's fiscal 2023 budget. Only 37% of Americans approve of Pres. Biden’s handling of the economic recovery, while just 28% approve of his handling of inflation, per a new ABC POLL. (3)>>Shall we call Joe "inflation Joe " for short . I was taught he was but I’m questioning that especially since it seems the entire world has increased food and gas prices. I feel like corporate greed is behind this. The Greed starts at the government. Okay, let's just assume every single company in the US is incredibly greedy and will rob you blind given the chance. Why does inflation go up this year then? Have companies just decided to be extra greedy the past months? What about in 2020 when inflation was super low? (3.1)>>Did companies just decide to be less greedy? Obviously that's not very convincing. There has to be something else happening, because if companies are always super greedy, why didn't they charge higher prices before? Inflation is ultimately governed by supply and demand. Lingering supply issues, oil prices, etc. are doing their part, higher demand after increases in the money supply, COVID stimulus, higher wages, etc. are doing their part.  Biden administration officials admitted Americans are suffering from soaring inflation —  “Inflation’s a problem. I will grant you that, and we will get it under control because we’re going to stick with it until we do,”  (4)>>Commerce Secretary Gina Raimondo said on CNN’s “State of the Union.”  It’s almost as if constant reporting on polling about how people think the economy is doing poorly is somehow influencing people’s opinions of how the economy is doing.Gas prices have risen 100% in 16 months under Biden yet he says it’s your 5% wage increase causing inflation. Biden administration is scrambling to control inflation.Inflation has gotten steadily worse and stayed high since then, but the White House’s messaging on the problem really kicked into overdrive in recent days. 

2. Food Shortage in the Fall? 

We are getting close to a dangerous situation in regards to the Ukraine -Russia -US proxy war .  (5)>>President BIden gave us a clue though he totally clueless on dealing with inflation .  The incoming disaster was known by the Biden Administration like the baby formula fiasco .  Of "course" , Biden did not make any sense so here is what he said a few months ago : The President, citing the millions of tons of Ukrainian crops that are not being exported because of the invasion, told the group of farmers and local officials in the room: "If those tons don't get to market, an awful lot of people in Africa are going to starve to death because they are the sole supplier of a number of African countries. (6)>>"He said the US needs to continue to invest in American farmers because they are the "backbone" of the economy and serve as the "breadbasket of democracy."I'm no expert, but I'm hard pressed to think that A. Biden rescue policies had a HUGE/massively  LARGE causal effect on inflation, but also B. that there was any real way to know at the time of the Rescue Plan how much or not to spend and that if you're in that position and can get the votes (!, especially these days) for the plan, you pass it.Can you imagine the discourse would be if the govt response was weaker, and the economy was weaker, and inflation was mostly still here? Then the narrative would be that the Biden WH didn't do enough on the left, and Fox/the right would STILL blame Biden's policies for inflation while also saying it wasn't enough to revive the economy or that it wasn't spent in the right way to bring the economy back.  NOW Corporate profits are up. Corporations are scrambling to plunder the citizenry while they still can, like rats on a sinking ship. One last heist. And the saddest thing is that we’re all tolerating it. The BIG QUESTION of food shortages starting in the FALL in the US should be on anyone who is a national disaster preparation , LIKE BE ON ALERT . 

3. Biden's INFLATION is Yellen !

Maybe it's just the american system that is more vulnerable to this level of inflation. Corporate price hikes and record profits without increasing wages. Might higher levels of poverty than similar nations thus requiring bigger bailouts. Shortages of seemingly random commodities and a transport network more reliant on truck fuel than other nations that use electric trains. I have a hard time seeing how a few extra checks for people are going to cause 8pct inflation. Or maybe it's just 50 years of economic liberalism coming home to roost. (7)>>U.S. Treasury Secretary Janet Yellen told senators that she expected inflation to remain high and the Biden administration would likely increase another 4.7% inflation forecast for this year in its budget proposal.During a Senate Finance Committee hearing, Yellen said that the United States was dealing with "unacceptable levels of inflation," but that she hoped price hikes would soon begin to subside. Yellen rejected the idea that corporate greed is causing the US inflation surge, differing with fellow Democrats who have accused big businesses of price gouging. “Demand and supply is largely driving inflation.”The average person has no conception of why anything costs what it does. They literally look at their own wallet and what the price is and if the price is higher they go “that costs too much”.

Buckle Up like a disaster is Coming !

As my first economics professor said, "if you are truly talking a out economics correctly, no one will be able to determine your political stripes." So, not this. It don't look good , one of things is the costs of fuel which is beyond criminal , and the government is making profits off the backs of the American people with the gas hikes , not just the oil companies  .  (8)>>Like I said above . Because that's literally the only way you can blame the current economy on Biden. Build Back Better aka New Green Deal , the plan to faze out fossil fuels is possible behind this . We live in a global civilization. NOW  Wheat grown in the US will increase in price because it can be sold outside the country. With a huge drop in supply, and demand not changing, prices have to go up. (9)>>We should heed what Peter Schiff on the current inflation , predictions . The US could have export controls but then would further increase wheat prices around the world, and countries that import US wheat could hit back with their own export/import controls.However, the US in in a position to be more independent. Also, the US is in a very powerful position globally. We have seen how the control of oil for example can steer foreign policy in a terrible direction. We are fighting for resources abroad while limiting the use of our own. HOW EVER the US is too dependent on other countries , has lacked being self reliant on manufacturing . Never thought that I would see the US in this kind of situation. I hope for you and your family's sake that the situation improves so buckle up for the months ahead!

NOTES AND COMMENTS :(1)>>Oh YES, "blaming Putin"! As much as pointing  Putin as a problem, it’s wrong to blame him for everything. Prices in US have been surging way before Feb 24, and mostly it was caused by Democrats’ decisions and their own handling of covid. The supply chain issue was going way before the Ukraine conflict . The Biden administration blamed the Russian president for too many reasons  . Unfortunately for Biden, it’s a tactic that’s unlikely to work. As he witnessed from the other end of Pennsylvania Avenue more than four decades ago, rampant inflation has the potential to steamroll the political fortunes of presidents in both parties — and it’s difficult for them to use geopolitics as a way out. The whole Biden administration sounds sorta "brainwashed" when it comes to pointing the finger elsewhere . Looking at the baby formula shortage for example . Remember too that the Democrats blamed Putin for the fact Donald Trump won in 2016 . Russian President Vladimir Putin joked  that he would have a "serious talk" with the West about being blamed for the world's current economic troubles. "What is happening over there is that they really underestimated it by reading their own media. They got inflation yet the truth is 'Putin is to blame,' 'Putin is to blame for everything,'" Lukashenko continued. Reuters reported that Putin forced a smile and nodded in response to Lukashenko's comments. "We will have a serious talk with them," Putin said, drawing a chuckle from Lukashenko, per the outlet.Understand supply and demand. There are less goods available so they are more expensive. There is a bunch of money printed to give out during covid which makes the dollar worth less. Neither of these things have to do with Putin.Cancelling keystone XL the day he got into office also didn't help but I'm sure looking to the Saudi's or Venezuelans is a much better option that getting energy from Canada.(2)>>Secretary Janet Yellen is scheduled to testify on June 8. Treasury Secretary Janet Yellen will kick-off discussions on President Biden's FY 2023 budget plan. Which includes more money to Ukraine .The hearing, which is on “the president’s fiscal year 2023 budget” will only feature testimony from Yellen, according to the committee’s website.Biden’s budget likely will be under extra scrutiny as gas prices continue to hit record highs and inflation rises at the fastest level in decades.The Congressional Budget Office recently released new projections about the U.S. federal debt that raised the alarm for many experts  with its reports that federal debt will continue to outpace GDP growth. Asked in a CNN interview whether she was wrong to downplay the threat that inflation posed in public statements over the past year, Yellen said: "I think I was wrong then about the path that inflation would take." (3)>>Shall we call Joe "inflation Joe " for short .Anyway, for a family to have an increase of $5,200 for household expenses due to inflation at 6.4%, the expenses would be are $84,000, $7,000 a month. Also too, they reference one agency that puts out a different report. BLS releases the CPI and the PCE is from the BEA; they reference BLS and the PCE. Fuel prices are rising, rent is too damn high, and elections are coming. As inflation and high costs of living spoil the country’s economic mood, President Joe Biden has revived a recent talking point to get across how seriously he takes the country’s economic situation: “I reduced the federal deficit.”After all, Joe Biden promised to send more natural gas to Europe, to help that continent’s shortage of fossil fuels. Won’t he make the same effort for American consumers?But no amount of sloganeering or actions that may cut the price by a small amount will undo the economic – and political damage – that inflation is doing to the country and the fortunes of Democrats as they approach the critical November midterm elections.(3.1)>>Did companies just decide to be less greedy? NOW going back pre pandemic to 2019 gas price average was 2.60 and the daily production was 12.29 million barrels per day, now in 2022 average gas prices are a whopping 4.60 and we produce 11.85 million bpd, so thats less than 5% decrease in production and a 44% increase in prices. consumers are getting raped by private companies and are more than happy to pay people to get you to blame someone else.  Biden signed orders to : Halt new drilling. Sent millions of barrels of crude from the U.S. Strategic Petroleum Reserve -- record amounts to Asia. And that was last year. US production or global production? As the Biden administration is buying from European suppliers, not only are his policies affecting US price but also those over the Atlantic! Biden’s main goal is to reduce the deficit, he also said live on air that he believed inflation was a good thing! The reality is that this inflation is deliberately because he knows that inflation reduces government debt! That’s been his plan from the start, only problem is now that the economy is slowing, adding that to run away inflation, it’s s a major problem that may get out of control if not handed correctly, Biden doesn’t understand the economic impact of his harsh policies and how fragile things are coming out of the pandemic, that’s why he’s at odds with many of his own team and isn’t getting the backing of even his own party in congress! (4)>>Commerce Secretary Gina Raimondo.  Raimondo said she disagreed with the characterization that Biden’s $1.9 trillion American Rescue Plan had contributed to the current high inflation. Congress passed the COVID-19 relief package a year ago before it was signed into law, marking a signature achievement of Biden’s first year in office. Biden Commerce Secretary Gina Raimondo admits she’s “not involved in the administration’s response” to the nationwide baby formula shortage, but INSISTS “they’re doing a very good job.”So she said it is the white house, the white house says it's not them. No one is in charge in the Biden administration.CNN'S JAKE TAPPER: "As recently as six months ago, you were calling inflation 'a short-term problem, not a long-term problem.'" COMMERCE SECRETARY GINA RAIMONDO: "I still think we will get inflation under control, we just have to stick with it."(5)>>President BIden gave us a clue though he totally clueless on dealing with inflation . President Joe Biden said that the world will experience food shortages as a result of Russia’s invasion of UkraineFarmers turned into renters” as Bill Gates becomes the “nation’s largest farmland owner” by using “shell companies…a web of at least 22 limited liability shell companies.Gates was also an early investor in fake-meat companies aiming to combat the environmental harms of raising livestock by creating more convincing, plant-based alternatives."Rich nations should shift entirely to synthetic beef" – Gates: “I do think all rich countries should move to 100% synthetic beef."By the start of 2020, Chinese owners controlled about 192,000 agricultural acres in the U.S., worth $1.9 billion, including land used for farming, ranching and forestry, according to the Agriculture Department. CHRISTIANA FIGUERES: “Changing what we put on our plates has become an urgent priority” … “The pandemic has taught us that rapid change is possible. Now, we must bring the same urgency (and even more follow-through) to fixing our relationship with food and how we produce it.World Economic Forum: “The market research company predicts the global market for edible insects could grow to $1.18 billion by 2023. That’s almost triple its current level.It may not be too long before we can all buy a bag of edible insects at our local grocery store.(6)>>"He said the US needs to continue to invest in American farmers because they are the "backbone" of the economy and serve as the "breadbasket of democracy. The White House announced new actions that aim to give farmers resources to boost production, including moves to increase the number of counties eligible for double cropping insurance by 681, bringing the total number of counties to as many as 1,935.Double cropping means harvesting two different crops from the same field in the same year. Biden vowed to help American farmers try to ease a global spike in food prices following Russia’s invasion of Ukraine as he visited a family farm Wednesday and unrolled policies meant to increase harvests in ways that the administration believes could also help to reduce grocery bills at home. "Helping" is another problem with US farming and agriculture , with the exceptions of drought conditions in the mid -west could hamper any ambitions to reduce costs of groceries . Biden noted that Ukraine has 20 million metric tons of wheat and corn in storage that the U.S. and its allies are trying to help ship out of the country. This would help to address some supply issues, though challenges could persist. Again if the war continues another year?    (7)>>U.S. Treasury Secretary Janet Yellen told senators . Janet Yellen’s press conference to set off some fireworks, but it was a complete dud. The questions were lame, and she gave no unexpected responses. Yellen in March 2021 said inflation posed only a "small risk." Two months later, she said she didn't anticipate inflation would "be a problem." Earlier that spring, Biden signed his $1.9 trillion COVID-19 rescue plan into a law, providing a boost in spending that his critics blame for accelerating inflation. The Covid "rescue" plan did not work.  The economic data is flawed as Yellen. Even then, you can set 2 equally qualified economists in front of the exact same set of data and they'll come up with 2 opposite conclusions. Macroeconomics is one of the "softest" hard sciences. it isn’t about predicting shit, you can make some common sense from what the government has done the past 2-3 years to determine if inflation would come or not. They simply didn’t care and also I have never liked her, I think she is morally corrupt. I also believe, greed has something to do with it. Some of the stuff that increased prices aren’t inflation prices, companies have took advantages to increase prices ridiculously.(8)>>Like I said above . Because that's literally the only way you can blame the current economy on Biden. Of course Biden isn't solely responsible. No President is ever solely responsible for anything. He's sure made a lot of bad choices, though. Biden's choices may have exacerbated the problem . Example , Like the first thing he did when he got into office was cancel pipelines and stop federal leasing for energy infrastructure. Then he had the EPA increase the cost of gas production through new emissions requirements. He also SLOWED down supply shipments at the ports , where Cargo ships could not unload materials again of "regulations" . There is a huge list , was not due to the pandemic , but mostly by government meddling . Not saying that Biden is the only person to blame (after all, it's not just him making these policies.(9)>>We should heed what Peter Schiff on the current inflation , predictions . Peter Schiff doesn’t think the Fed can beat the current inflationary pressure America is dealing with today. “Not only can’t the Fed win a fight against inflation without causing a recession, it can’t do so without causing a far worse financial crisis than the one we had in 2008,” Schiff explained on Thursday. “Worse still, a war against inflation can’t be won if there are any bailouts or stimulus to ease the pain,” the economist added. The impact of high inflation on consumers, the strategist said, is a collapse in consumer confidence. In June, it fell to 50.2, a level he says is the “lowest ever.” He notes that currently, the reading is “lower than during the 2008 Financial Crisis and lower than during the Covid lockdowns.”And he thinks that consumer confidence will fall even lower should the Fed go on to take the steps needed to fight inflation. According to the strategistt, a proper response from the Fed in relation to the pandemic – a better monetary policy – would have been to reduce money supply, not increase it.