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Neel Kashkari is head of the Minneapolis Federal Reserve. If you know the financial lingo, you can see the dire forecast behind the opaque language. In plain-speak, Kashari is saying when it comes to prices and inflation, “ we’re screwed “…
In this interview with CBS talking head Margaret Brennan, Kashari admits inflation is still going up, and it will get worse. Keep in mind, the lingo of the inflation conversation is discussing “ percentages of change .” Kashari claims the percentages of change will start to slow in a few years, but the prices will never return to their former level.
The percentage of inflationary change (this year vs last year) will continue going up, as prices continue to skyrocket over almost every sector. CTH points out this issue, because as the Fed continues printing current money, the value of future money drops and the price of goods continues to climb. The fast-turn goods rise in price quickest (now recorded at 6.2%), and the inflation on slow-turn durable goods lags but hits even harder.
Current real inflation inside the ‘total’ economy, the cumulative snowball that is coming down the mountain, is over 20% and still growing. This situation puts the forecast prices of 2022 goods at an alarming level. WATCH : The fed has no tools to slow the rate of current inflation, as interest rates are disconnected { Revisit The New Dimension in Modern Economics } from the cost of goods produced. The only thing the Fed can do is to stop purchasing debt (Quantitative Easing), stop purchasing our own bonds, at a slower rate.
Despite being a progressive himself, even Neel Kashkari is telling congress to stop spending money. .
Maybe you don’t have kids at home, maybe you don’t pack lunches or care what the cost of a pound of bologna will be, maybe you are retired and the stove hasn’t been operated all year as you prefer to dine out…. but I can assure you, to a demonstrable certainty, that almost all middle class working Americans will be making decisions on what food products they can afford. Head lettuce […]
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