To me, this is just jaw-dropping. The Federal Reserve Chairman Jerome Powell made statements today akin to saying the emperor is wearing a beautiful coat. I can share examples, but to really encapsulate the issues, it’s actually easier to start by sharing a chart he presented when discussing inflation.
Do you notice anything missing in this chart? Look at it carefully.
If you look at it and say: “hey, where’s the actual 2021 data he is talking about“, give yourself a cookie.
The guy is talking about the issue of 2021 inflation and expressing his empathy that inflation is running “far ahead” of the federal reserve projections. Yet, the graphic Powell uses doesn’t even show the 2021 rate of inflation that he is expressing his concern about.
Why wouldn’t the graphic show the rate of inflation for 2021? Well, take one look at what the graph would look like, and you realize immediately why he would not want to put it in front of people.
This is in essence what the graphic would look like if Powell included the 2021 inflation he is concerned about:
The 6.8% inflation rate is just about where the dot in the “j” of the word projection would be located. That’s where we are currently.
Now, do you really think that scale of inflation is going to drop in a dramatic inverted V formation to where the Fed projects it will end up next year (the little red line in the thing that looks like a battery)? Pro Tip: It won’t.
The chairman even said he anticipates “strong inflation throughout next year” into 2023.
Worse still, are his remarks leading into the segment where he talks about inflation:
(1) Powell claims the Fed “can see no signs of weakening consumer demand“. Who in the Sam-hell is he talking to, and how can they not see a drop in consumer demand?
(2) Perhaps worse, the Fed Chairman says almost nothing about the largest ever drop in productivity last quarter (-5%), and instead is only slightly worried that the drop in productivity is larger than the increase in wages (+3%). Whiskey – Tango – Foxtrot. Does this guy not have anyone on Main Street who talks to him? If I’m an employer paying three percent more and generating five percent less, what do you think I’m about to do?
Watch his remarks from 03:23 to 05:13 of the video below (prompted), and you will see what I mean:
.
The key takeaway is this….
…. Take care of your family, this is only going to get worse.
Gaslighting writ LARGE… Look squirrel
They live in an imaginary world
And expect us to live there too
I gave up hallucinogens in College.
Problem with the squirrel…the gaslighting can ONLY work for the ones who watch Lame-Stream-Media…Sundance has quite succinctly called out Powell and the FED.
NOTE: The FED is still located under the Treasury and has NOT moved back to it’s original position in the FEDERAL Structure of things…
Are you commenting about this post?
Sundance, since I don’t eat cookies anymore, I’ll have a glass of wine with my venison. Thanks to you educating us I’ve been preparing for what’s coming and got 2 freezers full of it (the venison, not the wine 🙂 .
Hope you can pay for electricity
He may have a solar or LP refrigeration. One can live well off grid..
Ask the Amish if you don’t believe me 🙂
Got them on a separate circuit so in the worst case I can shut down the whole house and still have them powered. And if not there still plenty of live deer, feral hogs, jack rabbits,, squirrels, coons, etc, roaming around.
Cheers.
I’ve come to see my wife’s insane bird feeder array as a bait station. I wonder how many of my young suburban neighbors know how to clean the deer, tree rats bunnies, coons, and the occasional cat that frequent my half acre?
May be you can start a side business teaching them. BTW, my cats love my wife’s bird feeders.
Nooooooo! Not the cats! 😂
LOL! Not the cats. According to an autobiography I once read (and the only thing I can remember from it) is that during a time of great privation in China, the author who was a child said that cat meat was awful. Dog was better but was harder to come by, but that if one is hungry enough, one could eventually swallow cat meat.
When you are hungry enough you eat anything.. Cincinnati zoo better look out…
MSB has an article posted yesterday!
https://modernsurvivalblog.com/prepping-level-4/learn-to-hunt-gut-butcher-process-cook-deer-meat/
After loading the birdfeeders, I throw just as much on the ground to appease the squirrels. Now the squirrels have flourished and they are looking ready for the dumpling pot.
Never eat the cats….. they prevent vermin which prevents rampant disease in humans….
I’m afraid that having a bird feeder here in FL only invites (eventually) the snakes looking for small mammals. Just saying…. Unless you like snake meat of course. 😉
Good idea to have a pressure canner, lots of canning jars and a wood fired stove or fire pit as back up.
I have the biggest All American canner on the market, but no point in my hundreds of jars without lids. Ball have been out of lids for 18 months. The only lids available are made in China, and untrustworthy! My freezer is full, and my generator ready!
Re the lids–isn’t that the truth! They have absolutely not been in stock anywhere for many, many months….
And that proves people are worried about food security. 19 BS is not their problem, but feeding their family is! Make sure you have a good seed supply too. I always have beans, squash, corn and peas etc, and keep toms/peppers in a tight box in the fridge. Heirloom varieties are best
Just bought 12 pkg each regular and wide mouth lids (144 each) – when others weren’t even looking.
I scored 12 as well!
Found them quite by accident.!!
My brother now has a generator. To prevent power surges at startup, he added a device that I think is called a “Soft Start”. I think he said the company is in Utah. My brother and his friend the electrician were both pleased when they tested the device. Apparently these are commonly installed on RVs.
Sounds like my central Texas home on the Highland Lakes. No jack rabbits, lots of fox, all the other critters.
Powell must have attended the WH briefing on reporting economic news. Consumer spending could remain strong if you do not adjust the number to reflect loss of purchasing power 🙂
Thanks Sundance, fake news would never show that.
“Many believe that the mass media just tell whole-cloth, outright lies all the time, but that’s not usually how it works. What they do is selectively omit inconvenient facts, disproportionately amplify convenient facts, and uncritically report on dubious government assertions. Basically they only tell the truth when it’s convenient for them, and when it’s inconvenient they are silent. Only telling the truth when it’s convenient for you is effectively the same as lying all the time, only you can get away with it a lot easier.”
<Thanks Sundance, fake news would never show that.>
CTH is the dot.com before the storm 🙂
I used to listen to radio Moscow on shortwave. They never lied about America. They did however select which truths to tell.
It’ like Pravda opened a US branch office.
mycroft, Pravda would be jealous of the LSM.
The difference between the the lies of omission and comission.
Just enough to forget about exculpatory information.
The most believable lies are always mixed with grains of truth. The mainstream media favors the lipstick on the pig approach.
As the old story goes however, once the recipient realizes that the media is delivering a product for their advertisers, and never cares whether the message is true, the only safe assumption is that it is all lies. Which it pretty much is. The modern “consumer” must interpret the lies based upon familiarity with the agenda of the liar and triangulate from there. The assumption of the liars is that consumers are too stupid and pathetic to discern. Like psychopaths everywhere, they have contempt for those they can dupe and hatred for those they cannot.
If one were to use the 1980 CPI to calculate 2021 inflation you would get 14.8% inflation in 2021. Hyper-inflation is here (why do you think BBB was abandoned today?) and we cant use 1980 style interest rate increases to tame it because then the USG would not be able to pay interest on the $29T national debt and maintain current social and defense spending levels.
Of course all this inflation is purposeful and intended to crash the economy, discredit capitalism, and pave the way for socialism/communism.
Along with abandoning the dollar as the global reserve currency. That’s when the REAL disaster will occur. With the amount of debt, no domestic manufacturing and the weakest world military since Carter, we become a third world socialist country overnight.
Muthaucker – your last sentence hit the nail on the head. That is exactly what he Central Bank and globalists want to do. America fall to socialism then all other countries fall. Great Reset!
With PPI at 9.6%, the end of the year inflation is likely to exceed 7%. The rising cost of energy (yes, the last couple of weeks, natural gas and WTI oil are a bit lower but still quite high, and oil in the US wis expected to average $80-90/barrel for WTI for next year), is the root cause of raw materials going u in costs, which leads to rising costs for engineering materials price increases, to finished goods price increases, etc., etc. No admin can be this incompetent, ergo, has to be deliberate.
Let’s hope for a better future and work towards it. I hope that the idiotic build back better is dead, otherwise, the costs of everything will increase again next year with added pressures of increases in corporate taxes. Yikes!! Take care. Thank you.
I used this opportunity to buy USO. If I’m paying for it at the pump you better be damn sure I’m getting it back via my investments.
Thank you BuckNutGuy. I did similar things, however, at even 5+% dividend yield and at 7-8% inflation, it is still losing purchasing power. High div. yield investments don’t grow in as much equity value as more riskier investments, as I believe if inflation vs. wage ‘increases’ gaps increase, the equity markets will correct next year by ~10% at the least, so……..interesting times indeed. I hope I am wrong, but, we are all preparing for a correction of some sort, and, if the interest rates do not go up 3-4 times to reach 150 basis points, and, Feds do not stop buying bonds, I am afraid of stagflation setting in, that’d be really really bad indeed.
USO???
Echo: What is USO?
USO = Stock symbol for U.S. Oil Fund LP https://www.marketwatch.com/investing/fund/USO
Steve Bannon: “We told you that this is what Mitch McConnell has brought upon us. I told you this was going to happen. He gave them $3 trillion and now he’s given them a pathway to federalize all of these elections which is the only way they can win and they understand that. They understand.”
h/t .. nwtex
Imho, Musicphile, it (BBB) may be “shelved”, but make no mistake, yet within reach.
https://www.thegatewaypundit.com/2021/12/breaking-bannon-goes-off-news-breaks-dems-will-shelve-build-back-better-bill-will-move-federalize-elections-permanent-power-play/
I put back plenty of popcorn for the show.
Bewildered Biden supporters wandering empty store aisles will be a sight to see.
“Bewildered Biden supporters” have not yet emerged from under their beds. They are hiding from the latest bogeyman scariant.
The FED is complicit with the disaster going on, they they facilitated blowing up the debt by printing 9 Trillion dollars, and they are still printing money. And people are calling this ‘hawkish’.
Conservative media must share this. I wish OANN, Newsmax, even center-left Fox, would talk about inflation everyday all day. Go to grocery stores and interview people, show the harsh reality while Democrats have fun with their sham jan 06 clown show.
The hosts on the Fox Business talk inflation incessantly! It’s the only Fox station I will watch, ever since NeverTrumper Paul Ryan got on its Board of Directors!
The data set Powell shared begins in 2016 and ends in 2020.
Essentially Powell cherry picked the inflation data from the Trump Administration, transferred the credit to COOTUS, and used it to hide COOTUS’ own skyrocketing inflation.
I saw 2020 and lol’d. The emperor has no clothes, and is shitting himself running down the street.
Running? He can barely walk let alone run.
He trots once in a while, but Dr Jill tells him when to smile.
He’s a lawyer. Not a world class economist.
To be accurate, Sundance, his slide is about PCE – Personal Consumer Expenditures. That is the inflation number the Fed focuses on. There are 3 other consumer inflation numbers that the Labor Dept Bureau of Labor Statistics (BLS) puts out CPI-U, CPI-W, and C-CPI-U. And there’s the producer price index PPI. And the basket of prices that these indexes are composed of change over time. Why all the different inflation numbers? Some good reasons, some bad. Not the least of the bad ones is this is the way the Fed can keep pumping out cash and hoodwinking the public there’s no inflation. Don’t believe your lying eyes.
If we kept the same definition of CPI as we had in the 70s, I think the inflation number would be drastically higher.
Powell is INTENTIONALLY obfuscating the data. He’s not a world class economist, but he is smart enough to know how to manipulate the public – just like a magician who draws your eyes away from what he is doing. The federal government needs low interest rates so they can spend like drunken sailors, else debt would control their spending or the govt goes bankrupt.
As I said in another post, play the same game. Borrow as much as you can with these cheap interest rates. There are plenty of places you can achieve a higher rate of return – and then be prepared to pay off the loan in a few years when interest rates hit north of 5% – perhaps 7-10%.
I should have said that the PCE number for the year isn’t out yet. PCE is running about 1% behind CPI, so his chart shows a projected PCE just under 6%.
Yep. You can post all day long about Blackrock this or Vanguard that…. Or you can get in on the game.
Putting money where your keyboard is and buy real assets. You can do so with several brokers for free.
I lined up for this best I could each year for many years now – retirement investments, funds and actual real estate are doing fine. SO what? Everything has changed. After the Great Reset, it’s all nothing but bits and bytes in a computer somewhere. Investment strategies are the furthest thing on the mind of average paycheck earner or retiree with this level of inflation.
It is a rigged game. They control currencies too. Deflation is coming and I suspect it will likely be in real estate. So as pink slips are handed out and inflation leaves the working class with less money every month to pay underwater mortgages, I’m sure their will be plenty of vultures to offer us all help.
They do not call it the Great Reset for nothing and it is going to get far worse. They do not plan to transfer our wealth – they plan to eliminate the need for us to have any wealth.
Food, ammo, barter. Buckle up.
Set the watch. Man the wall. The wolves are approaching.
reminds me of the ‘saying’
how can you tell a lawyer is lying
his lips are moving
Look, just like the FBI, DOJ, CIA, FDA, CDC and OSHA the Federal Reserve along with Powell and Yellen are simply a department of the Democrat Party. Powell gets his orders from Janet Yellen who dispises President Trump. In fact, the day after President Trump won the election in 2016 Yellen was on TV in rage screaming that she was going raise interest rates and destroy the economy!
But hey. The market exploded higher afterwards! So everything is okay right? Right?
Whenever I go grocery shopping and compare prices, I consider the central tendency, the median projections and the range of projections before deciding what to make for dinner. That way, I am able to maintain longterm price stability, in line with consensus economic models.
Touche!
You win the internet tonight! 🙂
In all seriousness, I’m applying for at home gigs because my independent biz has collapsed. The lack of responses had me wondering if we’re not already in an economic contraction.
Best of luck with a work at home gig. I hate to hear that your business went under.
I don’t believe Main Street exists anymore. In fact I don’t recognize My Country anymore.
You could reach for her
But she’s no longer there
The left killed main street and the smash and grab gangs, set free by Soros AGs, are feeding off the carcass.
You know, your comment seems wildly overstated but… reality suggests that your description is very accurate!
Articles like this make ignoramuses like me go all “hair on fire.” I’m trying to glean practical insights from comments … sigh.
Is he implying the consumer causes inflation because their demand is not down?
That’s the error. He’s not looking at regulations. So it’s the typical Supply-Demand curve – if demand is greater than supply, then prices increase. So he talks about supply shortages and excess demand.
But ignores Biden inflation – caused almost completely by regulations to choke supply and helicopter money to increases demand.
If you look at the Trump years, the economy boomed and demand increased – but so did supply and inflation DECREASED.
And they are working overtime on new ways to drive supply even lower. Certain areas in the world are beginning to see Diesel Exhaust Fuel (DEF) shortages, they are likely artificial but if it becomes reality then trucks will be parked because we know their “climate change” focus so they won’t relax regulations and newer trucks can’t run without it I don’t think. That will also idle large tractors/combines/cotton pickers etc. so farmers will no longer be able to grow our food. If you haven’t gotten your vegetable seeds better do so now. Also get fuel stabilizer to store additional fuel before there is none, get non-perishable foods – rice, beans, flour and sugar, etc.
Actually it is the vast raw meat conspiracy that is the source of the problem.
Congress is just as responsible as Powell for this financial madness. So of course, the committees listening to Powell will do so while sitting on their thumbs. They want the hearings over as much as Powell does.
“Nothing to see here folks except some inflation for which you should be grateful to us for delivering to you”.
We’re lucky we can still draw breath to complain about their Great Reset. /s
Now would be a good time to buy a new wheelbarrow. You will SOON have to fill it with U.S. dollar bills to buy a loaf of bread.
The won’t raise interest rates now because it would crash the stock market, and with that, the ruling classes would abandon Biden. They’ll hold off as long as they can (sometime in 2022).
These idiots have learned nothing from history.
Pray for the best, anticipate for the worst.
Yes, Pray for Peace, Prepare for War. The Prince of Peace is coming soon!
Everything is so easy yo understand once one realities we are living in an Idiotocracy.
But little Jimmy Kramer down the street said this is the strongest economy in the history of the world.
Of course he’s glad to keep riding the 401k gravy train until he and the insiders jump off, right before it slams into the speculative securities mountain they’ve generated.
Analysis finds that inflation will cost the average US household $3500 in 2021. Barry Soetoro could not be more proud.
https://www.theblaze.com/news/analysis-finds-that-inflation-will-cost-the-average-us-household-3500-in-2021
Supposedly three rate increases are going to happen next year to combat inflation. Turbo tapering it is called by some. Tapering by the way is the new tight monetary policy. It used to be when they actually stopped purchasing and started selling. Now it just means they will purchase less than before. These signals are supposed to calm the markets and let them know a new sheriff is riding into town next year, maybe, or later depending on everything you know. No worries though, if things crater they can print more stimulus checks. Anything else is above their pay grade. Some of this inflation is transitory, of course. Transitory until a new sheriff is put into the oval office again. If we make it that far. We could get a new sheriff before then and things could go from bad to worse also. How do they intend to keep power given the crushing they are delivering to the voters? Is all their faith in the counters? Likely.
Would 0.75% short term rates cure 7% inflation?
He’s behind the curve.
To some extent — I have no idea how much __ consumer demand is being driven right now by worried people stockpiling basic necessities and tools. And also buying now before prices go higher. When they are stocked up, they will stop buying.
Ok so we can keep talking about the corrupt legacy systems and opine about the old days or we can do something about it.
Freedomcells dot org
Here’s the truth.
Pelosi gushes over ‘perfect’ Biden: ‘Our country could not be better served’
Nancy Pelosi gushes over Joe Biden: ‘He’s just perfect’ – Washington Times
Barf, just gross, the both of them.
“Perhaps worse, the Fed Chairman says almost nothing about the largest ever drop in productivity last quarter (-5%)…”
Though I suppose this may not be the cause since productivity didn’t drop this much last year, but from my experience with it in good economic times, remote working crushes productivity.
But the big takeaway for me is that I am frightened for my children. The world they are heading into in what should be their productive years is going to be hellish.
What you’re looking at is the vaccinated (no)inflation chart.
“…the thing that looks like a battery” is one of the boosters.
😅
Joe could probably do it in 2yrs in the US.
If only they had President Trumps magic wand …
My non negotiables for any known liberal whining about inflation are they must admit Trump was right all along, the election was stolen, Biden is not the legit POTUS, the Russian hoax was a hoax, Fraudci and the entire Covid crap are huge attempts to control and there are many demonrats that must be brought to justice, these are just a start. If their response is, “never”, I will say it’s obvious you aren’t hurting enough. Come back when you understand what has happened. They must feel the burn to their very core. Sure, I will feel it to, but I am secure in my knowledge of the truth.
I agree…they will not listen or turn from the lies until there is a lot more pain.
Save your breath. The teeth gnashers won’t know what hit them until it’s too late. That’s why they are called the teeth gnashers and not The Saved.
Going to get very interesting when the welfare queens in the ghettos can’t buy enough food for their 6 to 8 kids.
Progressive mayors in the large cities (Chicago, NYC, Philly, etc.) are doing their very best to push the violence in their cities to the desired endpoint – another George Floyd moment in which officers shot and kill a black violent criminal involved in a smash and grab, or a car jacking. Create another diversion that will lead to mass riots, looting, arson, and mayhem. The “free stuff” gathered in the riots will keep a lid on any ideas of blaming the Dems for the financial squeeze they will feel soon, if not already. Nothing like racism to divert the disadvantaged. Dems know how to create an enemy for those that the oppress.
there will be a rash of stolen white toyota P/U trucks, and 5ocals will be mounted in the bed inorder to procure for welfare kings and queens.
It is getting bad.
Quit waiting for it to be obvious.
One more thing, former president Trump won’t change it going forward.
When are the American people gonna stand up and say, “I’m not gonna take it anymore!” and stop paying taxes?
I know, we’re “sceered” they’re gonna throw us all in jail with those 80,000 IRS agents (that they are using our money to hire) and that will collude with them to make us pay….with our skin if nothing else. They will probably hire the prisoners, criminals and thugs to become IRS agents even though they don’t have the sense God gave a billy goat. They’ve already gotten away with using us as ferrets and incarcerating us in hospitals. So what’s next?
I hope as many of you as possible will survive to see the sun rise and shine on this country once again.
I’m going Galt, for as long as I can.
According to the 40 seconds of news from CBS or ABBC I heard on the car radio yesterday, we are all about to die of Omicron, with many of us dying in the ER as the hospital beds are already divvied up. So does inflation matter? Because Omicron the Powerful is continuing to smite everyone in the world!
Yes, a blurb about UNvaxxed crowding hospital beds popped up on my computer screen from Bloomberg News.
The sky is falling! The sky is falling! Cancel Christmas! ACK! /s
I can’t believe that people are still falling for the poison death shots.
When you obtain assurance of election wins, you can continue with the total destruction of the American civilization so that you and your comrades can Build Back Better. During the destruction, they will need to confiscate ALL ASSETS to enable the rebuild because you can’t Build Back Broke. That leaves a small window to manage our assets, which I have noticed, the Uber-rich are doing right now.
I’m still seeing some industrial items going up 30%+ in the last week. items I bought a week ago.
Welding helmets up 30%, industrial electrical multimeters up 40%, welders up 32%…. all from one week ago prices.
Ivermectin horse paste is up 16%.
Still cheap for a miracle drug.
If trump got reelected he should nominate Ron Paul to the fed… The sheer comic value of that alone would be worth the inflation on popcorn and then some.
Honestly at this stage of insanity we NEED the average American to not see the truth. If they all knew how bad things are they would really stop purchasing things!
And would dump their portfolios.
I saw this coming right at the begining of the pandemic when governments started spending like drunken sailors… and they ain’t stoppin’!
They are always Ivy-educated and dumb as rocks.
You know, he looks and sounds EXACTLY like the talking heads we had on TV for months and months in Poland throughout the final wave of Solidarity movement’s strikes in the early 1980s, right until the martial law was declared.
This is sooooooo beyond willful blindness now. This is pure, unadulterated LIES in the service of evil.
Was Schiff involved in the graph omission?
Brief political history of Powell:
Nov 2017—”President Trump named Jerome Powell to be the next chair of the Federal Reserve, the first time in decades that a President hasn’t reappointed a chief of the central bank for a second term.”
PDJT refused to reappoint Janet Yellen the “1st woman” Fed Chairman. However, Yellen returned to “center stage” when Biden appointed her Treasury Secretary; so she is still an active part of the DC establishment. PDJT has often publicly criticized both Powell and Yellen but they are still in DC and P Trump is at Mar-a-Lago. The political winds are often unpredictable unless you are a Dem or Dem sympathizer.
Powell, a “Republican” and Investment Banker, was nominated for his post as Fed governor in 2012 by President Barack Obama. Unlike recent Fed chairs, Powell is a lawyer and not a Ph.D. economist.
Note—Not surprisingly, Yellen “questioned the merits of tariffs imposed by the Trump administration on billions of dollars of Chinese goods, stating that they’ve harmed U.S. consumers.” (July 2021)
The Fed is owned by the member banks not the US government. They say the owners have no say in the way it’s run, if you believe that I have a bridge I would like to sell you.
What the hell is it with these people, Biden, Powell, Blinkin, Garland, Myorkas, Harris, et al. They all, every damned one of them, have this vacant look about them that scares the hell out of me. The only one that doesn’t is Fauchi, but he is just pure evil thru and thru.
Right now, I’m 72 years young and in my life I’ve done and seen some scary things, from Viet Nam and being shot at, to 31 years as a Trooper, being attacked with a knife by a deranged individual, a tractor trailer driver purposely smashing my police car with me in it, and on and on, but all of that is nothing compared to what we all are experiencing now with this batsh*t crazy bunch in charge.
Respect to You , mspsgt 💐