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However bad you think we have it in the States, Europe is worse, China's economy isn't there, and people are giggling at Japan.
Misc says However bad you think we have it in the States, Europe is worse, China's economy isn't there, and people are giggling at Japan. Europe is continuing zirp/qe and thus the dollar has gotten stronger again and the Euro crashed. It's maybe somewhat worse over there, not by much though. You have more opportunities here to react to changes and make money from it as the US economy is still freer than Europe's, but the wealth gap is bigger here.
There is no European economy, it is all fake, people are just going through the motions. --- They will QE until they implode,
Out of touch as ever, President Biden celebrated record-high gas prices Monday, gushing that the pump pain was part of “an incredible transition” of the US economy away from fossil fuels.
Alex Epstein@AlexEpstein16hMy new book Fossil Future comes out today, and not a moment too soon.Anti-fossil fuel policies have caused a global energy crisis--which is now causing a global food crisis.Fossil Future proves definitively that the world needs more fossil fuels.I wrote Fossil Future because, as the current energy crisis is tragically demonstrating, billions of lives depend on the *enormous and widely-ignored benefits of fossil fuels*.Fossil Future carefully weighs BOTH the benefits and side-effects of fossil fuels.When you weigh both the benefits and side-effects of fossil fuels from a human flourishing perspective, you find that most of the world's thought leaders are 180° wrong: global human flourishing doesn't require rapidly eliminating fossil fuel use, it requires expanding it.
That Other Driver of Inflation: RegulationExcessive government spending isn’t the only activity that causes costs to skyrocket.
Patrick says https://boriquagato.substack.com/p/kitten-corner-the-inflation-diet That was the 'logic' of Weimar Germany too. That's why the Reichsbank kept printing and printing and printing.Bet you can find the same kind of crap happened in Zimbabwe as well.
Those were incredible times. The inflation began slowly around 1921 and climbed for a year or two. By the end of that period ten marks had become the value of one mark. But in 1923 it started to climb like wild fire. A hundred or a thousand marks bought you what you used to get for a mark, then into the millions. Finally it took hundreds of millions and billions of marks to buy a towel or something. There were ordinary postage stamps that were the value of one billion marks. One billion marks to post a letter.During the inflation the wage rates changed every day, and then, at the height of the inflation, twice a day. At the end of the day you got your day’s pay. You had to spend it right away because the next day your cash would be worth a half or less of what it was the day before. The stores stayed open late just for that. They were trundling truck loads of cash back and forth from the banks to the factories every day. Whatever money anyone had managed to save was completely lost.At the beginning of the inflation I had saved up a hundred marks towards a sewing machine. When I saw what was happening to the value of the money I decided I'd better buy something quick, but I had waited too long. Because all I got for that hundred marks, which was quite a few months’ saving, was a skimpy blouse — made of paper. Money was literally not worth the paper it was printed on. But that was nothing, many people who had their savings in bank accounts or government bonds lost everything they had managed to scrape together during their entire lives for their retirement.Once the inflation really started it was a runaway. The banks just took the bills in and printed over them. Ten marks would have a thousand mark printed over it and later it would be printed with 100,000 mark. You could see how things were starting to break down. Some towns began to issue their own scrip tied to local values and exchange. Naturally, that didn’t work either.Finally, there was a revaluation and each person could turn in so much of the previous money, if they hadn’t spent it for nothing already, and get a small amount of new currency. It was very little, 200 marks or so. And the rest was all lost. I’m not sure how they did manage to stabilize the currency, but once the government decided to take action they did it.Of course all the little people who had small savings were wiped out. But the big factories and banking houses and multi-millionaires didn’t seem to be affected at all. They went right on piling up their millions. Those big holdings were protected somehow from loss. But the mass of the people were completely broke.And we asked ourselves, “How can that happen? How is it that the government can’t control an inflation which wipes out the life savings of the mass of the people but the big capitalists can come through the whole thing unscathed?” We who lived through it never got an answer that meant anything. But after that, even those - people who used to save didn’t trust money anymore, or the government. We decided to have a high-ho time whenever we had any spare money, which wasn’t often.
Why didn't people just immediately buy gold or silver when they got money
all the little people who had small savings were wiped out.
Why didn't people just immediately buy gold or silver when they got money? At least it would hold value more or less.
During the inflation the wage rates changed every day, and then, at the height of the inflation, twice a day
Yellen Throws Biden Under The Bus On Runaway Inflation: She "Wanted" $1.9 Trillion Stimulus Cut By A ThirdPerhaps the most idiotic thing to ever come out of the Biden administration - and there has been plenty to choose from - was the repeated lie that (trillions in) stimulus does not cause runaway inflation, but rather lowers it. ...Only instead of taking one for the team of senile, clueless economists and Putin puppets (because if there is any admin that has done the Kremlin's bidding by sending oil prices to near record highs, it is Biden's) especially after the so-called "president" made it clear he will blame Powell and the Fed ahead of the midterms for his admin's catastrophic MMT policies which have assured an avalanche this November that will hand control of Congress to republicans on a silver platter...... Yellen has decided to strike back, and as Bloomberg reports citing an advance copy of the Treasury secretary's biography- due out on Sept. 27, just weeks before the midterms - the treasury secretary initially urged Biden administration officials to scale back the $1.9 trillion American Rescue Plan by a third "worried by the specter of inflation"... the same stimulus plan that she herself said last March would not lead to an inflation problem. But, in retrospect, she appears to have changed her mind. ...Of course, it's too little too late now, and with even the liberal media turning on Biden, Yellen's last-ditch attempt to preserve some of her reputation in the twilight of her career, and life, will be a miserable failure just like Biden's entire administration...
assured an avalanche this November that will hand control of Congress to republicans
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