Looks like Glenn Beck is right on Inflation

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The scary part is Glenn isn't crazy, and this is not an April Fools Joke.

[youtube]http://www.youtube.com/watch?v=Ee_VFGMnpKo[/youtube]


[youtube]http://www.youtube.com/watch?v=M_elaPrqe6Y[/youtube]

[youtube]http://www.youtube.com/watch?v=F4WFHfRwfJk[/youtube]

As annoying as it is for some website trying to use this as advertising, you should listen to this.

U.S. consumers face "serious" inflation in the months ahead for clothing, food and other products, the head of Wal-Mart's U.S. operations warned Wednesday.

The world's largest retailer is working with suppliers to minimize the effect of cost increases and believes its low-cost business model will position it better than its competitors.

Still, inflation is "going to be serious," Wal-Mart U.S. CEO Bill Simon said during a meeting with USA TODAY's editorial board. "We're seeing cost increases starting to come through at a pretty rapid rate."

Along with steep increases in raw material costs, John Long, a retail strategist at Kurt Salmon, says labor costs in China and fuel costs for transportation are weighing heavily on retailers. He predicts prices will start increasing at all retailers in June.

"Every single retailer has and is paying more for the items they sell, and retailers will be passing some of these costs along," Long says. "Except for fuel costs, U.S. consumers haven't seen much in the way of inflation for almost a decade, so a broad-based increase in prices will be unprecedented in recent memory."
http://www.usatoday.com/money/industrie ... tion_N.htm

I pay somewhere about $3 for a loaf of good bread (sometimes less, since it's frequently on sale). How about we make a bet here Inuyasha, to see if Beck's predictions come true? He says the price of food will rise 700%-1000% in 2011? I'll be generous and say that his prediction comes true if we see a measly 300% increase. This December, I will go to my grocery store and buy a loaf of bread, the same brand I buy now. If it costs under $10, Beck is full of s**t. Agreed?

If you want me to take a broader basket of food prices, I can get prices for all the food I typically eat when I go shopping this weekend and compare against the same foods in December.

Wegman's, the greatest supermarket ever, has a price freeze in effect for all of 2011 for many of their staples.
http://www.syracuse.com/news/index.ssf/2011/02/wegmans_freezes_prices_on_40_p.html

So, fail? Feel free to buy one of Beck's insanely overpriced food insurance kits if you like, but just know you're getting ripped off.

That and gold. That's all directly tied to Beck's rhetoric. Same as Alex Jones. Both of them hock end-of-civilization crap that'll bankrupt you before the evil "bankers/globalists/jews" do.

Those aren't entirely his predictions. If you watched the videos. He sourced the National Inflation Association. This isn't just something he pulled out of his behind.




Why do you think he went shopping? Btw, even if the Fed hadn't been printing money like crazy a lot of food prices would be going up.

It is kinda easy to prove Beck is correct on this issue, just using simple logic.

Causes of price increases
1.
Corn, soybeans, sugar, etc. being used as fuel:
Ethanol for Fuel uses a substancial amount of corn (it also isn't as good from an energy standpoint as gasoline but that is beside the point and I will address this later). Now Corn, Soybeans, etc. are used in a lot of different food items, so using them to power vehicles will cause these food items to increase in price. It doesn't just stop there though, Corn is also used for cattle feed as well as food for other livestock. Therefore the price of meat, eggs (which is a type of meat), milk (dairy variety), soy milk, etc. also increases.

2.
Emerging Marketplaces:
This causes an increase in demand in food and energy, that said assuming these countries aren't resorting to unfair trade practices this is not an altogether bad thing, it can be a good thing.

3.
Government shutting down or severely hampering domestic Oil Production, turmoil in mideast, Government trying to force uneconomically sound alternative fuel sources, Government trying to hamper energy production and/or force unviable "Green Tech."
a.
Obama has severely hampered oil drilling despite what liberals claim, Obama's Interior Department has been hit with a "Contempt of Court" charge for violating a court order. He has only recently allowed a few oil companies to start drilling again.
b.
The situation in the Middle East also affects oil supply and it is really bad that Egypt is unstable because while Egypt lacks the oil production, they have the Suez Canal. There are substanical fears which are causing the price of oil to rise, and despite blaming the speculators, it is the uncertainty of the situations, the price would fall dramatically if we upped Oil Production here at home.
c.
Biofuels made from corn, sugar, soybeans, etc. do not live up to hype, they require an enormous amount of energy to create, and do not provide effective return. Biofuels do not provide the same amount of energy when burned as gasoline or diesel does, this means you get fewer miles to the gallon. Solar power does work in a desert, but it doesn't work everywhere. We've seen the Green Energy scam in Spain where they were getting more power collected during the night than during the day. Wind Energy may sound good until you stop and consider that the turbines generate a lot of pollution. Specifically noise pollution.
M.B.Ch.B.P.G.Dip.E.N.T. Barbara J. Frey and Peter J. Hadden, February 2007... Likely the best single source to date within the emerging body of documentation on health issues effected by industrial wind turbines. The review concludes that a safe buffer zone of at least 2km should exist between family dwellings and industrial wind turbines of up to 2MW installed capacity, with greater separation for a wind turbine greater than 2MW installed capacity. Also included is a lengthy annecdotal compilation regarding property devaluations that occur when wind turbines are sited too close to dwellings and residential lands.
http://www.savewesternny.org/health.html

4.
The Fed is monatizing the debt and is thus creating a huge devaluing of our currency. This last part is what Glenn Beck has focused on a lot, and is also why he is constantly bringing up George Soros, and why the Federal Reserve is a major problem. The reason that Beck recommends gold is that you can't print more gold. A lot of other countries are getting worried as well.

5.
Government runaway spending, feeds into problem item 4. This puts us on a path of continued inflation and if not stopped will lead to hyper-inflation.


In summary despite what liberals claim, if every rich person in the US gave up all of their money, they wouldn't begin to put a dent in the deficit, and it would be a onetime thing because the rich would have no more money to give.

My opinion on what can be done about this:
In short I would say we should stop with the biofuels (that use corn, soybeans, sugar), and stay gasoline (focus on creating hybrids that can utilize electricity as well). Now, I have heard of biofuel being produced using algae grown in controlled vats, if they can do that then we have a much more viable biofuel, but we shouldn't use food supplies as energy supplies. We should also continue with coal (and continue to work on filters that block a lot of the harmful material from making it out into the atmosphere), we should also use nuclear (and learn from other people's past mistakes so we don't end up with a fiasco, (that means no skimping out on maintainence or cutting corners). If solar and wind power improves we should throw them in too, but we can't switch to solar and wind because they don't perform at the levels needed.

I am hesitant to suggest hydrogen being a power source because of where they would likely get the hydrogen from and while we have plenty of water right now, a couple hundred years could cause us a lot of problems because hydrogen is so light that it can actually escape into open space if not chemically bonded with another element.

@ 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.

@ Vigilans
Grow up.

Predicting inflation in these inflated times is not particularly amazing. And exaggerating the predictions to such extremes is kind of dumb cause eventually the date will come and you will look like a fool.

The NIA are just a bunch of gold sellers. It benefits them to hype the risk and dangers of inflation so they can sell more gold.

From their own website:



Found in their legal disclaimer.

skafather84, here is something so simple that a 3rd grader can understand.

Economics 101: When the Fed prints $1 trillion dollars and throws it into the market what happens to the value of the dollar?

Answer: The value of the dollar drops (a lot), and the value will keep dropping the more the Fed prints money at an insane pace. This is known as inflation.



That legal disclaimer is so that they can't be sued if gold prices and stock prices do not behave as they predicted... It's a fairly standard disclaimer for any company dealing with investments, stocks, bonds, etc.

You first buddy Posting humorous pics making fun of the Beck is a lot less immature then believing every word the Beck has to say then flaming people who point out the fallacies, boorishness and idiocy of (most of) Beck's claims.
Especially these horribly blown out of proportion figures. A few years from now Beck will be out of vogue when people really get tired of his hyperbole and you'll probably be making fun of him with the rest of us as if you were never a staunch supporter

And any 3rd grader would know that you don't buy something when it's at its most expensive. Purchasing gold right now is beyond stupid considering where the prices are sitting and yet it's such a great sell for the people too stupid to realize this because they say "prices are going up! must buy gold!!"


Buy low, sell high. Guess who's selling right now!! !

This is my favorite April Fools joke ever

Was reading this morning that different Fed. Presidents were concerned about rising inflation in the US.

"Bernanke Battling Dissention in Own Ranks?"
http://www.moneyandmarkets.com/bernanke ... 4?FIELD9=2

From the article:

So you are saying there isn't any inflation? If you believe that I have a bridge to sell you.



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.

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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



Sadly this is no April Fools Joke this is reality, and you can either stick your head in the sand or start paying attention.



Oh so that's what you look like in real life, no wonder.

Last edited by Inuyasha on 01 Apr 2011, 6:23 pm, edited 1 time in total.

I didn't say anything of the kind. But I do like bridges, particularly well engineered ones, or ones of unique architectural configuration



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
Also what you posted there is much more reasonable than what Beck's initial claims were, such as :



I do pay attention. It depresses me sometimes

Economics 201: Inflation cannot be attributed entirely to a single misrepresented event.