Looks like Glenn Beck is right on Inflation
Vigilans wrote:
Inuyasha wrote:
So you are saying there isn't any inflation? If you believe that I have a bridge to sell you.
I didn't say anything of the kind. But I do like bridges, particularly well engineered ones, or ones of unique architectural configuration
Inuyasha wrote:
If you studied history you would know that these figures are not insane, and in fact could be an understatement.
http://www.cnbc.com/id/40123426/Greensp ... ker_Dollar
IT'S an ominous day when the world's economic superpower starts printing money to buy its own government's debt.
"Who's going to buy the bonds?" Paul Keating asked two weeks ago. Who would finance a US budget deficit forecast to swell to $US1.7 trillion ($2.5trillion) thisyear?
Now US Federal Reserve chairman Ben Bernanke has revealed part of the answer: the central bank itself will buy $US300 billion of US Treasury bonds and pay for them by electronically printing the money.
The extraordinary move immediately pushed down long-term US interest rates, which set the benchmark for mortgage rates in the nation.
The markets lapped it up, just as they welcomed the Bank of England's move early this month to buy British government bonds.
Both central banks have cut their official interest rates about as low as they can go. So now they are using "quantitative easing" - literally expanding the quantity of money sloshing around their economies.
Start of sidebar. Skip to end of sidebar.
.End of sidebar. Return to start of sidebar.
With deflation now the big fear, the aim is to get institutions lending again. But the strategy obviously carries the enormous risk of stoking future inflation.
No wonder China's Premier Wen Jiabao said last week he was worried about the safety of China's $US740 billion holding of US Treasury securities. He will be worrying even more now Washington will end up using inflation to "monetise" away huge debts.
http://www.theaustralian.com.au/news/op ... 5689858523
http://www.cnbc.com/id/40123426/Greensp ... ker_Dollar
IT'S an ominous day when the world's economic superpower starts printing money to buy its own government's debt.
"Who's going to buy the bonds?" Paul Keating asked two weeks ago. Who would finance a US budget deficit forecast to swell to $US1.7 trillion ($2.5trillion) thisyear?
Now US Federal Reserve chairman Ben Bernanke has revealed part of the answer: the central bank itself will buy $US300 billion of US Treasury bonds and pay for them by electronically printing the money.
The extraordinary move immediately pushed down long-term US interest rates, which set the benchmark for mortgage rates in the nation.
The markets lapped it up, just as they welcomed the Bank of England's move early this month to buy British government bonds.
Both central banks have cut their official interest rates about as low as they can go. So now they are using "quantitative easing" - literally expanding the quantity of money sloshing around their economies.
Start of sidebar. Skip to end of sidebar.
.End of sidebar. Return to start of sidebar.
With deflation now the big fear, the aim is to get institutions lending again. But the strategy obviously carries the enormous risk of stoking future inflation.
No wonder China's Premier Wen Jiabao said last week he was worried about the safety of China's $US740 billion holding of US Treasury securities. He will be worrying even more now Washington will end up using inflation to "monetise" away huge debts.
http://www.theaustralian.com.au/news/op ... 5689858523
I thought you didn't trust NBC? And what does this have to do with my studying history? This is economics. I have put some effort into studying economic trends in the past but honestly I'm much more interested in military history and also classical antiquity
I don't trust NBC, I just thought you seem to act like it is the gospel truth, so I figured you might get it through your head that this is not a joke.
Vigilans wrote:
Also what you posted there is much more reasonable than what Beck's initial claims were, such as :
Quote:
He says the price of food will rise 700%-1000% in 2011
And he has stated that nobody can accurately predict dates or the exact percentages of inflation, that said there is historic precidence for prices rising to those levels. Thing is you should know all about the precidence if you are familiar with the years between WW I and WW II. Glenn Beck's statements are based off of what has happened before as an example of what would happen.
Vigilans wrote:
Inuyasha wrote:
Sadly this is no April Fools Joke this is reality, and you can either stick your head in the sand or start paying attention.
I do pay attention. It depresses me sometimes
You think I enjoy this, I would much rather have the scenario of Glenn Beck being crazy, unfortunately I came to the conclusion after doing research independent of what is on Glenn Beck's site, and came to an even scarier scenario, that Glenn Beck is actually correct in his assessment of the situation.
Inuyasha wrote:
[
@ number5
Well hope Wegman's stays in business, because they are either going to cut the size of the product to keep the same price, or they will go back on their word.
If you looked at comments to articles you would find that you may not be getting the whole story just by reading the article.
Label prices dont mean much where food inflation is concerned. You can freeze the price but if the size of the container shrinks. Most manufactures today are shrinking the size contents of their containers -- fedup78 February 23, 2011 at 12:59PM
http://www.pennlive.com/midstate/index. ... zes_p.html
Now I'm not saying that they aren't going to try to hold to their word, but considering the cost to produce said food is going up, they can only hold their prices low for so long before they will start to be selling at a loss.
@ number5
Well hope Wegman's stays in business, because they are either going to cut the size of the product to keep the same price, or they will go back on their word.
If you looked at comments to articles you would find that you may not be getting the whole story just by reading the article.
Label prices dont mean much where food inflation is concerned. You can freeze the price but if the size of the container shrinks. Most manufactures today are shrinking the size contents of their containers -- fedup78 February 23, 2011 at 12:59PM
http://www.pennlive.com/midstate/index. ... zes_p.html
Now I'm not saying that they aren't going to try to hold to their word, but considering the cost to produce said food is going up, they can only hold their prices low for so long before they will start to be selling at a loss.
Do you really not see the problem with getting your "news" from commenter "fedup78?" This seems to be a common theme today, particularly among Fox viewers. Comments, op-eds, etc. =/= news!
Wegman's is really stable company with an actual fanbase and are almost always in the top 100 companies to work for category - usually #1 or #2. Their practices are mimicked across the country. I remember an interview with one of the Baldwin brothers (Alec, I think) on the Letterman show where he said that he couldn't get his mother to leave to central NY area because she could never leave Wegman's. I have absolutely no doubt whatsoever that the company will remain strong.
Yes, sometimes packages shrink, but only in certain practical instances. Cereals, snacks, and other similar prepackaged goods can and are subjected to shrinkage, but bulk foods, produce (sold and priced by weight), and cans are usually constants. In any case, I'm not particularly scared. Fear leads to consumption and a**holes like Beck take full advantage.
Quote:
And he has stated that nobody can accurately predict dates or the exact percentages of inflation
And yet he claimed to do it.
There is inflation and it will be bad, but overall Orwell will end up right, Glenn Beck's sensationalist predictions are far-shots and relying on far-shots means you will be wrong most of the time. It helps him in that when he is right people can suddenly claim "Hey look! he was right after all". Of course, relying so much on the Jeane Dixon effect is not particularly commendable.
_________________
.
Vexcalibur wrote:
Glenn Beck's sensationalist predictions are far-shots and relying on far-shots means you will be wrong most of the time. It helps him in that when he is right people can suddenly claim "Hey look! he was right after all". Of course, relying so much on the Jeane Dixon effect is not particularly commendable.
It's an old carnie barker routine. He's selling end-of-the-world crap to the stupid masses.
_________________
Wherever they burn books they will also, in the end, burn human beings. ~Heinrich Heine, Almansor, 1823
?I wouldn't recommend sex, drugs or insanity for everyone, but they've always worked for me.? - Hunter S. Thompson
Inuyasha wrote:
I don't trust NBC, I just thought you seem to act like it is the gospel truth, so I figured you might get it through your head that this is not a joke.
What are you talking about? I have never referred to NBC before. This is not the first time you have attempted to assert I am a supporter of the left wing media you despise, but I will state again for the record, I do not watch any American news media, and I rarely watch any Canadian media either. In fact, I almost never watch television. I'll read about a few things on the internet from various sources, but I don't feel that reading some initial journalistic reports warrants me building a strong opinion. I am historically minded, and for this reason I don't tend to build any opinion or conclusion for some time after the fact- essentially the opposite of what Beck does. I digress.. I hope you can respect that, and please stop insulting me by making assumptions about me and what I think is the truth
Inuyasha wrote:
And he has stated that nobody can accurately predict dates or the exact percentages of inflation, that said there is historic precidence for prices rising to those levels. Thing is you should know all about the precidence if you are familiar with the years between WW I and WW II. Glenn Beck's statements are based off of what has happened before as an example of what would happen.
There are a lot of analogies between the inter-war period and what we are going through today. Inflation is one of them, but one that comes to mind most for me is the hugely increasing gap in inequality. There are other, political (as opposed to economic) analogies I can think of, but they are not relevant to this discussion
Inuyasha wrote:
You think I enjoy this, I would much rather have the scenario of Glenn Beck being crazy, unfortunately I came to the conclusion after doing research independent of what is on Glenn Beck's site, and came to an even scarier scenario, that Glenn Beck is actually correct in his assessment of the situation.
I just want to state that, though I am more then willing to make fun of Beck and post silly pictures, he has to be right at least sometimes. But he tends to be very keen on hyperbole, but that is part of his selling point. But ultimately I feel he plays on people's fears and prejudices. He is a sensationalist and that taxes his credibility for me.
Quote:
And he has stated that nobody can accurately predict dates or the exact percentages of inflation
Well... he seems to be doing this here? Sorry if I am getting a wrong impression
_________________
Opportunities multiply as they are seized. -Sun Tzu
Nature creates few men brave, industry and training makes many -Machiavelli
You can safely assume that you've created God in your own image when it turns out that God hates all the same people you do
number5 wrote:
Inuyasha wrote:
[
@ number5
Well hope Wegman's stays in business, because they are either going to cut the size of the product to keep the same price, or they will go back on their word.
If you looked at comments to articles you would find that you may not be getting the whole story just by reading the article.
Label prices dont mean much where food inflation is concerned. You can freeze the price but if the size of the container shrinks. Most manufactures today are shrinking the size contents of their containers -- fedup78 February 23, 2011 at 12:59PM
http://www.pennlive.com/midstate/index. ... zes_p.html
Now I'm not saying that they aren't going to try to hold to their word, but considering the cost to produce said food is going up, they can only hold their prices low for so long before they will start to be selling at a loss.
@ number5
Well hope Wegman's stays in business, because they are either going to cut the size of the product to keep the same price, or they will go back on their word.
If you looked at comments to articles you would find that you may not be getting the whole story just by reading the article.
Label prices dont mean much where food inflation is concerned. You can freeze the price but if the size of the container shrinks. Most manufactures today are shrinking the size contents of their containers -- fedup78 February 23, 2011 at 12:59PM
http://www.pennlive.com/midstate/index. ... zes_p.html
Now I'm not saying that they aren't going to try to hold to their word, but considering the cost to produce said food is going up, they can only hold their prices low for so long before they will start to be selling at a loss.
Do you really not see the problem with getting your "news" from commenter "fedup78?" This seems to be a common theme today, particularly among Fox viewers. Comments, op-eds, etc. =/= news!
I know that op eds don't necessarily equal news, but there are occassionally good information, and yeah I've noticed what this gentleman is actually happening.
number5 wrote:
Wegman's is really stable company with an actual fanbase and are almost always in the top 100 companies to work for category - usually #1 or #2. Their practices are mimicked across the country. I remember an interview with one of the Baldwin brothers (Alec, I think) on the Letterman show where he said that he couldn't get his mother to leave to central NY area because she could never leave Wegman's. I have absolutely no doubt whatsoever that the company will remain strong.
I'm not saying they are a bad company, I'm saying this is a promise they may not be able to keep. If the cost of goods continues to rise, then Wegman's won't be able to stay good on their word or they go out of business.
number5 wrote:
Yes, sometimes packages shrink, but only in certain practical instances. Cereals, snacks, and other similar prepackaged goods can and are subjected to shrinkage, but bulk foods, produce (sold and priced by weight), and cans are usually constants. In any case, I'm not particularly scared. Fear leads to consumption and a**holes like Beck take full advantage.
Sure, Pizza Hut large pizzas have shrunk while prices remaining the same is for practical reasons...
Vexcalibur wrote:
Economics 201: Inflation cannot be attributed entirely to a single misrepresented event.
I am not saying it is entirely due to one event, neither did Beck, however a single event (depending on what the event is) can cause hyper inflation.
Example:
Say you have some gadget that is extremely rare, and quite valuable. Suddenly someone starts making thousands of these gadgets so everyone in town has at least 1 often 2 or 3. The gadget has thus lost value because everyone has one or several of them.
The same principle holds true with the US dollar, the Fed recently printed $1 trillion dollars out of thin air. This causes the value of the dollar to drop (a lot).
Inuyasha wrote:
number5 wrote:
Yes, sometimes packages shrink, but only in certain practical instances. Cereals, snacks, and other similar prepackaged goods can and are subjected to shrinkage, but bulk foods, produce (sold and priced by weight), and cans are usually constants. In any case, I'm not particularly scared. Fear leads to consumption and a**holes like Beck take full advantage.
Sure, Pizza Hut large pizzas have shrunk while prices remaining the same is for practical reasons...
To clarify, I meant practical in terms of cost vs. benefit with respect to company profits. It is practical to change a cardboard container because it is relatively cheap and easy to do. It is not practical to change can sizes because it can become quite involved and expensive as major adjustments would be needed at the manufacturing plant.
I am certain that Wegman's will neither go out of business, nor go back on their price freeze. They will likely increase prices on their premium items like organics and seasonal merchandise.
Also, is shrinking the size of Pizza Hut pizzas really such a bad thing? Does it even actually qualify as food? I suspect we'd all be a little better off with a little less Pizza Hut.
Inflation affects all dollar denominated assets. A price increase in commodities does not inflation make. We'll have inflation when the prices of consumer goods, housing and other capital goods (i.e. everything) increase along with commodities. Right now some asset classes are deflationary.
Telekon wrote:
Inflation affects all dollar denominated assets. A price increase in commodities does not inflation make. We'll have inflation when the prices of consumer goods, housing and other capital goods (i.e. everything) increase along with commodities. Right now some asset classes are deflationary.
The government does not factor in food, energy, and fuel prices into their calculations for inflation, which is rather conveinent cause those are the areas where one would most feel inflation.
Orwell wrote:
Enough of your BS and evasion, Inuyasha. Put your money where your mouth is and take the bet. Will I be paying $10 for a loaf of bread this December?
Depends on whether or not the Fed Continues to print money like it wants to cause their printing presses to meltdown.
Also depends on whether or not China and/or Japan puts our bonds up for sale. Additionally, depends on whether or not we actually get some fiscal sanity in Government.
Orwell, I don't bet, I'm just looking at the facts and yeah there is a historic precident for something like $10 for a loaf of bread happening. There are in fact two precidents I can think of offhand, and since you pay attention to history you should have no problem thinking of Russia (Collapse of Soviet Union) and Germany between WW I and WW II.
Inuyasha wrote:
Orwell wrote:
Enough of your BS and evasion, Inuyasha. Put your money where your mouth is and take the bet. Will I be paying $10 for a loaf of bread this December?
Depends on whether or not the Fed Continues to print money like it wants to cause their printing presses to meltdown.
Also depends on whether or not China and/or Japan puts our bonds up for sale. Additionally, depends on whether or not we actually get some fiscal sanity in Government.
Orwell, I don't bet, I'm just looking at the facts and yeah there is a historic precident for something like $10 for a loaf of bread happening. There are in fact two precidents I can think of offhand, and since you pay attention to history you should have no problem thinking of Russia (Collapse of Soviet Union) and Germany between WW I and WW II.
C'mon, take the bet you big vagina jk
For me the classic example of hyperinflation that most Americans (at least in the South) should be aware of is the situation that occurred with the Confederate dollar
_________________
Opportunities multiply as they are seized. -Sun Tzu
Nature creates few men brave, industry and training makes many -Machiavelli
You can safely assume that you've created God in your own image when it turns out that God hates all the same people you do
iamnotaparakeet
Veteran
Joined: 31 Jul 2007
Age: 38
Gender: Male
Posts: 25,091
Location: 0.5 Galactic radius
Orwell wrote:
Enough of your BS and evasion, Inuyasha. Put your money where your mouth is and take the bet. Will I be paying $10 for a loaf of bread this December?
I doubt that a loaf of bread will cost $10, unless you buy it from Lund's & Byerly's overpriced yuppie markets. At ALDI a loaf of bread costs about $0.88 and I bet that won't increase to more than a dollar or two.
What is it with Inuyasha's absurd way of criticizing anyone who cites NBC yet repetitively citing Faux News and self-proclaimed Rodeo Clown Glenn Beck as a news source and admitting mainly reads Rightwing media?
Master_Pedant wrote:
What is it with Inuyasha's absurd way of criticizing anyone who cites NBC yet repetitively citing Faux News and self-proclaimed Rodeo Clown Glenn Beck as a news source and admitting mainly reads Rightwing media?
*shrugs*
I dunno. He also likes telling me my 'leftist idols' lead me to dislike Fox News
I still don't know who these idols are. American Idols? I don't watch American Idol. Is that what he's talking about?
_________________
Opportunities multiply as they are seized. -Sun Tzu
Nature creates few men brave, industry and training makes many -Machiavelli
You can safely assume that you've created God in your own image when it turns out that God hates all the same people you do