The problems that many of us in the blogosphere, the new media which dares to speak the truth, is that the propaganda being promoted on television and sold to the public as “fact” is nothing more than a political campaign; especially in economic circles.
The Bubblevisions, aka, financial media would have one believe that even though the average consumer paid more for a dozen eggs this week than they did two weeks ago, the current inflation is peaking and there is nothing to worry about. Then two weeks later when one pays even more, it’s just a “residual” effect of the original inflation, bird flu, or every empty suit’s favorite line “Putinflation.”
A great example of this is the self-promoting hero of plastic bull throwing and “don’t sell Bear Stearns”, the one, the only Jim Cramer of CNBC. I posted this video on July 5th as part of a realistic review of the inflation dilemma that the United Sates and Fed have created:
That was from June 30, 2022.
Now from June 8, 2022:
.@jimcramer sees signs of peak inflation that could help the market get out of its slump. Join the CNBC Investing Club and watch today’s full Morning Meeting here: https://t.co/jHCLRKw7wt pic.twitter.com/X9tECVwceC— CNBC (@CNBC) June 8, 2022
May 5, 2022:
April 12, 2022:
Excerpt from his CNBC Squawk Box appearance in the story linked above:
“Overall, I think people are going to start making – and the market’s making a case – that this is the last bad number,” Cramer said.
February 15, 2022:
November 11, 2021:
Or you can just watch this great compilation of all of his declarations of “peak inflation” since October 2021:
I’m not picking on Jim Cramer because he’s the best contrary investment indicator in the last year and all of the 2007-2009 Great Financial Crisis. Hell, Alexandra Scaggs of the Financial Times did that on July 13, 2022:
Excluding hotels and the like, inflation in rent and home prices is approaching double digits. And Jim Cramer is saying inflation has peaked, which leads us to worry that it hasn’t.Hear that? That’s the sound of 100 basis points, Financial Times 07.13.22
I could have produced hours of Bloomberg audio or video, some from Fox Business, any of the “traditional” mainstream media and all sound the same. There is a major propaganda effort being promoted to smooth over the warts of this administration’s incompetence and the loss of faith in the Federal Reserve not just by consumers, but global investors who are shedding US Treasuries at a frightening pace.
Sadly, the financial media has demonstrated just what horrid whores they truly are. They will say or do anything to protect “their man” in the White House even if the consumer has to suffer right though the elections. Who can forget the May story endorsing more inflation from the Washington Post:
It is truly insane.
I refer again to my article, The Inflation is Over Myth, where I reminded everyone that the true peaks in inflation are nowhere even close and that this current bout of rising prices is more akin to the late 19 70’s surge in inflation and could trigger an Argentina style result if it is not contained immediately.
The problem that Cramer, CNBC’s investment used car sales crew, Bloomberg’s leftist touts, and the media in general does not want to admit is that the only tool the Federal Reserve has is to increase the Fed Funds Rate to outrageous amounts while at the same time rapidly reducing the balance sheet of US Treasuries and Mortgage Backed Securities they are holding.
Neither of which can or will happen before a national election.
The talking down of inflation did not work in the 1970’s and the refusal to reduce the balance sheet in any meaningful fashion means that any temporary reprieve from month to month inflationary pressure will return with a vengeance shortly thereafter. This means that odds are the US public will endure real inflation north of 25% and the doctored CPI-U numbers well north of 12% by this autumn as the second wave of shortages hit industry and the consumer, along with skyrocketing rental costs.
Ignore the propaganda and use your own eyes. I did yesterday and what did I see at my local Publix grocery store?
This inflationary super spiral is not over by a long shot. Do not believe the propaganda folks, our long national economic nightmare is just going to keep getting worse.