Inflation is beginning to break out all over. The government is beginning to look even sillier trying to deny that it is a problem.
Joel Bowman provides the following commentary:
Did you read that, truck driver in Chicago (where gas is now over $4.35 per gallon)? Did you see that, grocery-shopping mom in Middle America, (where retail meat prices have risen more than 7% in the last year)? You read that, right, person who eats cheese and/or drinks milk and who has seen dairy prices climb by 15% during last month alone, and milk futures, as traded on the Chicago Mercantile Exchange, rise more than 50% in the past year? Cheese, in case you’re wondering, is currently trading at prices not seen since 1984.
That’s right, cheese-eating, milk-drinking, burger-chomping, car-driving people of America. There’s nothing to see here. Move it right along. Kindly return to your sofa for the latest episode of American Idol. Your government has everything under control.
Don’t worry, though. The Federal Reserve and the Federal Government assure us that inflation is under control. They lie!
Bernanke says that the spike in prices won’t last because it is based on supply and demand: http://www.cnbc.com/id/42421042
I say its the beginning of hyperinflation. But of course, as an investor I’ve been preparing for it for the last two years. I feel sorry for those who have believed Bernanke and the media cabal that saying that inflation is not happening.