It has been a while since we posted something about the economy, but since this effects everyone it’s well worth a post.
* Oil is at $89 a barrel, up 21% in the last year.
* Gold is trading at $1,413, up 23% in the last year.
* Silver is trading at $30, up 66% in the last year.
* Copper is trading at 4 per pound, up 26% in the last year.
* Corn is trading at 573 a bushel, up 49% in the last year.
* Soybeans are trading at 1,300 a bushel, up 23% in the last year.
* Wheat is trading at 779 a bushel, up 41% in the last year.
* Pork is trading at 104 a pound, up 23% in the last year.
* Beef is trading at 106 a pound, up 28% in the last year.
* Cotton is trading at 130 per pound, up 78% in the last year.
* Sugar is trading at 29 per pound, up 32% in the last year.
* Coffee is trading at 205 per pound, up 40% in the last year.
Bernanke says he is keeping inflation under 2 % which is clearly bollox if you take food and energy into account (which he doesn’t).
Nobody expects the President or Ben Bernanke to speak honestly, as the truth would shatter an increasingly fragile status quo.
Meanwhile Bernanke makes the ludicrous claim he is Is 100% Sure that HE is in control despite his horrific track record.
Averaged out, these price rises come to a 37.5% increase for these various essential (and non essential) items. Anyone get a 37.5% salary rise last year? I would guess not since many companies absorbed these price rises so far as the average consumer (I hate that term) is already stretched.
Prices in Weimar Germany started off rising at a similar rate, before eventually rising this much per month, and eventually per day. Let’s hope they stop the monetization madness before then, although I am not sure the alternative is much better either.
Bernanke Is 100% Sure
I don’t know about you, but I’m not 100% sure about anything. The older I get, the less sure I am about everything. I question things that I was sure were true when I was 25 years old. I’m not sure I’ll wake up in the morning. I’m not sure I’ll survive my commute to work. That is why I was flabbergasted last night as I watched Scott Pelley interview Ben Bernanke on 60 Minutes. As a side note, boy this show has gone downhill. In the old days of real journalism, Mike Wallace would have scorched Ben Bernanke, pointing out his phenomenal ability to be wrong or clueless on every financial issue the country has faced in the last 10 years. Today, Pelley underhands softball questions to Bernanke and never challenges him. It was a pathetic display of journalism.