If this report doesn't scare the hell out of you, you sure as heck don't understand the economic disaster now staring us in the face.
Since March of 2020, Americans and the world alike have watched from the sidelines as power hungry politicians have ushered in draconian lockdowns, shutdowns, police state measures, and brought the economy to its knees. While governments around the planet used their central banks to devalue their currencies by printing money to fund their tyranny, the US led the way down this road to fiscal horror.
Thanks to the trillions of dollars the Federal Reserve has printed over the last two years, America is currently in an inflation crisis. One need only look at the price of groceries over the last two years to realize just how bad of a crisis we are currently experiencing.
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As government spending has skyrocketed over the last two years, they have financed their massive expenditures by stealing value from your savings by printing more money through the central bank.
When you print more money it means there are more dollars chasing the same amount of goods and services, which causes prices to rise. In just the past three fiscal years, federal spending has swollen to nearly $7 trillion a year, up from about $4.4 trillion in fiscal year 2019. Spending was $6.6 trillion in 2020, and $6.8 trillion in 2021.
If we want to put this into perspective, we can take a look at the monetary supply at the beginning of 2020, which showed just $4.0192 trillion in circulation. By January 2021, that number had jumped up to $6.7 trillion — but this was only the beginning.
By November of last year, that number climbed to $20.354 trillion dollars in circulation — meaning that since January 2020, the United States has printed nearly 80% of all US dollars in existence.
As the Hill points out, “the Biden administration and Democrat-controlled Congress are causing America to slowly but certainly commit economic suicide. The only hope the United States has to reverse course is a widespread, firm backlash against the irresponsible policies that created the present crisis in the first place. A good place to start would be a total rejection of the Build Back Better bill now under consideration in Congress.”
Unfortunately, that did not happen and the US is setting itself up for a situation similar to that of Germany’s Weimar Republic.
There's more at the link.
Forget the "official" figure of inflation at about 7%. That's been bureaucratically mangled, folded, spindled and mutilated until it's meaningless. It no longer measures reality for consumers "on the ground". Applying the criteria I discussed last year, plus the corrective factor of 3.5 that I proposed, I firmly believe that our actual consumer inflation rate is more like 25% right now, and getting worse by the day.
The money supply figures explain why. Crippling inflation, perhaps hyperinflation, is now unavoidable. All that money is flooding the market, looking for something to buy - and in the process, driving up prices in all directions. (If you don't understand how money supply drives inflation, see here for an excellent primer.)
Most of us don't have sufficient discretionary income to accommodate such price increases. It's time to make a radical, wide-ranging analysis of our income and expenditure, and cut back on the latter wherever possible, concentrating on essentials and leaving out luxuries. This is going to take years to sort out, and we should adjust our perspective accordingly.