Believe it or not, the current bout of inflation is worse than the bad old inflation of the 1970’s. Hyperbole? No, because when we look at a long-term chart of CPI-adjusted prices we see that the last two years have the steepest slope on record.
But anybody who’s been shopping already knows this. You can easily fit $150 worth of groceries into a single paper shopping bag now. It’s depressing and alarming.
Insurance costs for home and auto have been spiking miserably, to say nothing of health insurance. Many people are now going “naked” without insurance.
Now, finally, wage inflation has entered the game and will conspire with price inflation to drive costs higher.
Add it all up and we’re facing much more inflation – that pig is still working its way through the python.
In Part II, for subscribers, I take us through both the evidence that we’re coming into a rough patch and steps you can take to minimize the harms of high inflation.
Remember, inflation is a form of collective punishment that falls most heavily on the lower socioeconomic classes, so it’s really poorly disguised class warfare being conducted by the banking and political classes against the rest of us. We really should protest it more.
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