{"id":95156,"date":"2023-08-13T23:45:09","date_gmt":"2023-08-14T04:45:09","guid":{"rendered":"https:\/\/milesfortis.com\/?p=95156"},"modified":"2023-08-14T00:05:16","modified_gmt":"2023-08-14T05:05:16","slug":"95156","status":"publish","type":"post","link":"https:\/\/milesfortis.com\/?p=95156","title":{"rendered":""},"content":{"rendered":"

Economic Expert: \u2018Transitory\u2019 Inflation Enters 31st Month, and It\u2019s Not Going Away<\/a>.<\/p>\n

\u201cOur income is falling even as the thieves who took away our prosperity continue to masquerade as people we can trust to solve the problems that they created,\u201d Jeffrey Tucker observes soberly about America\u2019s economic and monetary situation.<\/p>\n

Tucker, Brownstone Institute founder and president, wrote\u00a0an op-ed<\/a>\u00a0that was published Friday in The Epoch Times. He noted that the inflation problem continues and the dollar is likely to lose half its value by the 2030s. Basically, Biden\u2019s economic policies and the Federal Reserve created a crisis, and it\u2019s not getting any better.<\/p>\n

\u201cThe Consumer Price Index came out this morning and it showed no improvement over last month,\u201d Tucker wrote. \u201cIt is still rocking at 3.2 percent with new strength in food and medicine. The sticky index is frustratingly high too at 5.4 percent.\u201d<\/p>\n

As we face the 31st month of \u201ctransitory\u201d inflation, we\u2019ve also have almost that long a period in the Federal Reserve\u2019s \u201cwar on inflation by raising rates higher and faster than in the whole history of the institution,\u201d Tucker continued. \u201cThat said, in real terms, federal funds rates are still barely above zero. That\u2019s because inflation is still rocking and eating away the dollar\u2019s purchasing power.\u201d<\/p>\n

The purchasing power of the U.S. dollar is declining at a somewhat less rapid rate than it was as of a year ago, Tucker noted. But the dollar is still declining, not hitting the Fed\u2019s target. \u201cPrices are nowhere near going back to 2019 levels but instead it all keeps getting worse,\u201d he wrote. \u201cWe have now lost 16 cents from its value at the start of Trump\u2019s last year of his presidency. The mad money printing has taken a terrible toll. All of the value of the transfer payments from 2020 and 2021 have completely vanished.\u201d<\/p>\n

According to Tucker, \u201cthe Fed has done everything it knows to do in order to bring this under control,\u201d although the Fed also created the problem to begin with by \u201cenabling\u201d a Congressionally-authorized spending spree. And the \u201cclean-up\u201d after the \u201cfire\u201d didn\u2019t go particularly well; we all know that from our own experience. Tucker gave a technical explanation of velocity, or \u201ca measure of the pace at which money is spent,\u201d and how the pace of spending now is fueling inflation and is not likely to improve soon. But velocity isn\u2019t under the Fed\u2019s control, either.<\/p>\n

Tucker insisted, \u201cIf velocity continues to increase like this, we are looking at years of price increases at 3 percent and higher. And that is presuming no sudden surprises.\u201d Unfortunately, he noted, Americans seem to be getting used to the inflation pain. It hurts, but we\u2019re starting to accept it as normal. That\u2019s how \u201ctransitory inflation\u201d turns into a permanent state of affairs, Tucker stated:<\/p>\n

At the current pace of decline, we can expect the 2020 dollar to keep falling in value, so that it will be worth half its value by the time we reach the 2030s. Keep in mind that this is a tax that wrecks the standard of living of the middle class and the poor while enriching the people and institutions that can afford to endure the storm\u2026<\/strong><\/span><\/p>\n

This is exactly what has happened to gas prices. In the long sweep, it has only increased in price but right now it feels not so bad. This is entirely in your head. The reality is that you are being pillaged.<\/strong><\/span><\/p>\n

Gas prices could eventually reach their old highs but by this time, you will have been so bruised and bloodied that you will be no longer screaming in pain. In short, our masters are trying to acculturate us to suffering so that we will no longer have the strength to protest.<\/strong><\/span><\/p><\/blockquote>\n

One thing Tucker does not address is how the dollar is weakening internationally even as the Chinese yuan rises, and\u00a0multiple<\/a>\u00a0countries<\/a>\u00a0start to turn from the U.S. dollar as standard world reserve currency. Could that \u201cde-dollarization\u201d pushed by Communist China also spell serious trouble for the future value of the dollar? Probably.<\/p>\n

Ultimately, however, the conclusion is the same: it\u2019s ordinary Americans who suffer most from inflation and the dollar\u2019s loss of value.<\/p>\n","protected":false},"excerpt":{"rendered":"

Economic Expert: \u2018Transitory\u2019 Inflation Enters 31st Month, and It\u2019s Not Going Away. \u201cOur income is falling even as the thieves who took away our prosperity continue to masquerade as people we can trust to solve the problems that they created,\u201d Jeffrey Tucker observes soberly about America\u2019s economic and monetary situation. Tucker, Brownstone Institute founder and … Continue reading “”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,50],"tags":[],"class_list":["post-95156","post","type-post","status-publish","format-standard","hentry","category-economy","category-goobermint"],"_links":{"self":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/95156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=95156"}],"version-history":[{"count":1,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/95156\/revisions"}],"predecessor-version":[{"id":95157,"href":"https:\/\/milesfortis.com\/index.php?rest_route=\/wp\/v2\/posts\/95156\/revisions\/95157"}],"wp:attachment":[{"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=95156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=95156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/milesfortis.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=95156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}