Milton Friedman has famously said that inflation is always and everywhere a monetary phenomenon. Despite the self-evident nature of this the Fed and Treasury continue to ignore it because... populism sells.
Here’s the result.. commodity prices are soaring to record highs, in step with the gush of dollars created by the most irresponsible monetary policy in the entire history of the US.
Even the labor market is screaming warnings. Friday’s payroll numbers came in as a complete and utter surprise, disastrously lower than expected (266.000 vs 1.000.000). Why? Because despite lots and lots of job openings people just don’t want jobs. And why should they? The government is sending out free money to everyone, including an EXTRA $300/week in unemployment benefits. Predictably, wage pressures are rising, particularly in the leisure and hospitality sector where labor costs jumped a huge 3.6% in just one month.
Job Openings Back To Near Record High
Hospitality And Leisure Wages At Record High
Dunno, methinks inflation is already happening.... But hey, ostriches with heads in the sand know best, right?
They're saying it'll be a transitory phenomenon Lol... Just temporary inflation.
ReplyDeleteOnce wages start rising, inflation gets “baked in”.
DeleteHere we go again:
ReplyDeleteSpace-aged wine could fetch $1 million
A bottle of Petrus 2000 red wine, which spent 14 months maturing in space, is up for sale and could fetch around $1 million, according to Christie's.
And this was back in 2018:
ReplyDelete"Iconic 1963 Ferrari 250 GTO sells for a record $70 million."
Latest craze in non fungible tokens. Digital only “Art” that sells for tens of millions... the ultimate trading sardine.
Deletenow the question is, can we make something like that? i think I bottomed art class in school.. sure would be cool to be a legit million dollar artist.
DeleteHell,... can you make a prediction that is incredibly wild but still has a change of occurring and then we NFT it... who know, we might be looking at a million dollars =)
DeleteHow about a Trading Sardine cryptocurrency? The ultimate speculation only, no substance whatsoever, asset?
DeleteThat would be Dogecoin Lol
DeleteHow about the Goldman Sache's coin, backed by the full faith of and confidence of Goldman Saches (i.e. nothing).
DeleteI always did like how the British 20 note says, the bank of England promises to pay the bearer 20 pounds... very British sense of humor.
And the dollar bill says... In God We Trust.... yup... right....
DeleteA definite change of tone in the markets since yesterday... Big indecision but skewed lower. They're fighting to keep the retracement contained. It's volatile intraday. Could be the start of something bigger...
ReplyDeleteCPI came in much higher than (others) expected
Delete*since monday after hitting a new high.
ReplyDelete