patrick.net

https://rudy.substack.com/p/the-bezzle

To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in—or more precisely not in—the country's businesses and banks. This inventory—it should perhaps be called the bezzle—amounts at any moment to many millions of dollars. ...

People think they're going to get paid X, but they're only going the get X/2, either through outright default, or the sneakier default of inflation. ...

No one in Congress objected to the Fed’s “new inflation strategy” of seeking above-2% inflation for an extended period of time. This was a financial war crime. ...

“One of the most profound comments that I’ve heard over the past couple of years was with a labor leader who represents low-income service workers…She said to me, inflation is worse than a recession. That is contrary to conventional economic thinking." - Kashkari ...

Yet there is never any accountability at the Federal Reserve for their horrific policy errors which permanently harm hundreds of millions of Americans.

https://barsoom.substack.com/p/so-were-winning-now-what

Beyond the cultural war, is the economic war - and this one we are losing for sure. America alone has $175T (with a T!) worth of debt, and the rest of the world is similarly bankrupt. Balaji has a good post here on it:




This debt is all a function of the fact that no modern state has held itself, or been held in any way, economically accountable. If any of them were a business, they would’ve defaulted a hundred times over by now, and would have been shut down, so that someone more competent could come in and run the show. But that’s not the way it works (to the detriment of you and I). At that high level, the state is in bed with the global central banking cabal, who simply conjure money and debt up out of thin air, resulting in the never-ending destruction of the current and future purchasing power of the money we use to buy goods and services - and the eternal indebtedness of our future generations.

This “inflation” as they like to conveniently call it is not the price of things increasing, but rather the decrease in purchasing power of the unit of account (the money/currency) you’re trading for the good or service. Do you think that McDonald’s has somehow become less efficient at producing burgers than they were 50 years ago? Of course not! But the price of a Bic Mac has gone up tenfold.

THAT IS NOT NORMAL! The Big Mac uses shittier ingredients today, and much of the distribution and production process is streamlined and automated, so if anything, it should now cost twenty cents, not $7.

So long as there’s a money printer, it will dull and even negate whatever other victories we enjoy on the cultural and political fronts.

Patrick says

12 oz * 10 =120 oz * ~$2400=
Avg. Home price = $288k not $400k

DemocratsAreTotallyFucked says

.
.
Median US home sold for $85,000 in 1985

Median US household income was $24,000 in 1985, yet the average 30 year mortgage rate was 12%

back in 1985 my family rented a 3 bedroom/2 bathroom villa (new construction with patio and amenities like pool, gym, clubhouse, etc) for $425 a month in South Florida ; local minimum wage was around $4.50 an hour, so a single wage earner making $7 an hour could easily afford to rent it for their family

I rented a 1 bedroom garage apartment in very good shape in Panama City Beach for $300 a month back in 1993 and entry level local wage was around $5 an hour

there is now no rentals in Panama City Beach where you can earn the entry level local wage of $15 an hour (for service workers like hotels, fast food, etc) and be able to rent a 1 bedroom apartment ; 1 bedrooms go for $1450 a month

people who lived in Panama City Beach were not house poor back in the 1990s and still were able to average $5 an hour for 40 hours a week and have plenty of money left over

sources:

https://www.huduser.gov/periodicals/ushmc/winter2001/histdat08.htm#:~:text=1984,140%2C400

https://www.census.gov/library/publications/1987/demo/p60-156.html#:~:text=Median%20household%20income%20in%201985,the%20Bureau%20of%20the%20Census.

https://www.bankrate.com/mortgages/historical-mortgage-rates/

AD says

"Median US home sold for $85,000 in 1985
Median US household income was $24,000 in 1985"

A couple of thoughts:

1. That was before the Alan Greenspan Housing Bubble - the financial fraud that is still with us today.

2. Note that the price of the house is very affordable - roughly three times the household income.

Yes, she's crazy, but my kind of crazy.

I do not think we really want to end the federal government, but just streamline it down to its Constitutional duties.

https://x.com/RonPaul/status/1854948637052186957

Patrick says

https://wtfhappenedin1971.com/

Thanks, lots of good graphs there:

https://rudy.substack.com/p/fiscal-red-bull

Finally, an op-ed with the revelation that “average inflation targeting” is a concept so stupid it could only have come from PhD economists:

“Because inflation targeting has boosted returns to capital over labour, it may have also contributed to increasing income inequality. This disparity has probably played a role in the rise in populism in many countries.”

Former St. Louis Fed President and current idiot Jim Bullard explains...

To be fair, there were one or two cranks who objected back in 2020:

Patrick says

All of the bloodline families own or are assigned various bank branches. It's a nom de plume.

https://rudy.substack.com/p/all-roads-lead-to-inflation