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Chris Wysocki
Caldwell, NJ
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Saturday, 13 July 2013
Stagflation II, Bernanke Boogaloo!
With interest rates at or near zero what could be better news than surging inflation?
U.S. producer prices rose more than expected in June, pointing to an apparent increase in inflationary pressures that could make the U.S. Federal Reserve more comfortable about reducing its monetary stimulus.
The Labor Department said on Friday its seasonally adjusted producer price index increased 0.8 percent last month.
A Reuters survey of economists had forecast prices received by the nation's farms, factories and refineries rising 0.5 percent last month.
A jump in gasoline prices fueled much of the increase and could weigh on consumers by leaving them less money to spend on other things.
But don't worry America, the Keynesian Kooks say this is good news.
The 12-month reading for core inflation at the wholesale level rose to 1.7 percent from 1.6 percent. That actually could be good news for the economy because rising core inflation could be a signal of firming demand from consumers.
Higher prices and devalued money is actually good for you! Write it down so you don't forget while you're struggling to pay your bills each month.
It's a good thing Ben Bernanke is smarter than a 3rd grade economist.
But really, he's not. Because if he was honest about the inflation rate, if he calculated it the same way Arthur Burns did for Richard Nixon, he'd be touting an inflation rate of about 8% right now.
And so unemployment stubbornly stuck at record highs coupled with anemic economic growth the addition of high inflation creates a classic case of stagflation.
Pay no attention to the man behind the printing press, we're smack dab
in the middle of Stagflation II, Bernanke Boogaloo.
Posted at 10:41 by Chris Wysocki
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