Markets are bracing for blistering Consumer Price Index (CPI) numbers after the Biden White House warns of “extraordinarily elevated” inflation.
Jen Psaki said, “We expect March CPI headline inflation to be extraordinarily elevated due to Putin’s Price Hikes. Because of the actions we’ve taken to address the Putin price hike, we are in a better place than we were last month.”
For a start, and admittedly we’ve rang this bell before, but this is all artificial. Former Vice President Joe Biden is blaming Russia for the rising cost of food, fuel, power, and other staple goods. But we know these CPI metrics were on the rise well before the White House started leveraging sanctions. So this is bad. Inflation was hitting the stratosphere harder than Jeff Bezos’ pornographic rocket ship before the war in Ukraine, and now the Biden administration and whoever has their hands on the levers of power has the perfect excuse to lay in on the economy good and hard.
They are going to make you wish you never heard of Donald Trump, and just in case you ever think about voting for a populist again, they’re here to let you know how badly they can hurt you. This is just phase two of the biggest transfer of wealth from the working class to the corporate class in history.
The CPI report due on Tuesday will be the last one the Fed will have before its meeting in May. It is coming with speculation that the Fed will move as much as 50 basis points (BPS).
Michael Feroli, writing for JP Morgan claims, “Consumer spending will rise in the coming year despite near-term inflation. Despite indications in the Chase card spending data of a spending drag in March, the ISM services survey strengthened last month, with broad-based gains in the details. The composite for ISM services survey rose from 56.5 to 58.3 in March, reversing three months of decline. The details of the report show gains in business, new orders, and employment. Supplier delivery times are signaling some easing in supply chain pressures.”
This statement was taken as contrary to the White House’s claim that CPI will go up, but it really isn’t. The exchange was strange, and it goes to show that the way financial information is presented to the public sometimes comes with a double meaning, an exoteric meaning (what the public is supposed to believe), and an esoteric meaning (what insiders are supposed to make of the claims).
To circle back to Pasaki’s statement, Putin is raising prices because he has to. With revenue streams drying up inside Russia, they have to make the most out of what they have. The idea that prices will go up across the board is nonsensical. We do import a lot of things from Russia, but the list does not include food, aside from a few edible preparations and a short list of produce. We import some mineral fuels, oils, and distillation products. But we do not get anywhere near the amount of fuel from Russia as we do from other sources.
War has long been associated with rising fuel costs, but this was largely true during our wars of adventure in the Middle East. What’s more, anything we get from Russia, we can get somewhere else. This is not the demolition of some key bridge. It is also interesting to note that Elon Musk is being pressured to remotely shut down Tesla cars owned by Russian citizens. That is a monstrous proposition, and it shows how seemingly benign remote tech can be used to hurt innocent people.
Psaki continued, saying, “[…] anytime there’s heightened monthly data or inflation reporting or numbers, it is a reminder to us, our allies on the Hill, and hopefully to many of the American people that we need to do more to reduce costs for the American people.”
According to former NY Fed president Bill Dudley, one of the things Psaki is alluding to is crashing the market. Dudley says this would reduce inflation, but it wouldn’t stop it and it won’t have any effect on inflation driven by speed bumps being artificially built into the supply chain.
From where we’re standing, the American economy looks like the bus in Speed, and the only ideas the driver seems to have involve driving it off a bridge to nowhere.
How is it that a person SCAMS himself into the White House then declares war on the people who supposedly voted him into office but somehow is not pulled from office and tried for TREASON??????? Wake up America Joe Biden is a Billion times worse than NIXON!!!!!!!
But, but, but…..D-rats are the good guys. Ask them, they’ll tell you.
The Bidens and Hillary and Obama and pelosi deserve the worst
They are the lowest of the LOW LIFES!!!
Well said, Bret!
In the guise of our souring economy the Biden cartel places the blame on Russia, OPEC, and wherever else they can to shift the focus off of their political secrets, dishonest activities, and maneuvering.
Take a look at Hunter and papa Joe’s China and Russian deals in the Burisma scandal. It will eventually implode on them. Pelosi’s insider trades (a legality that should not be permitted) that gained her millions of dollars in profit while the economy tanks. The border fiasco with Harris and Biden (who has yet to venture to the border).
They like, Schumer, Gates, Cuomo, and others blame guns as the main culprits for the ills of our society while they chant to defund the police yet fail to stop the influx of illicit drugs crossing the border.
Corporations throw money into the campaigns of Democrat Socialists while their executive salaries soar beyond multi-millions of dollars (their employees, on the other hand, struggle with the effects of inflation, a.k.a., higher gas, food, and essential items prices, brought to us via the ills of feckless socialist ideals).
See the problem?
It all started with Obama’s hate of America. A tome he eagerly passed on to his political parasitic VP, Biden.
We all suffer.
It is time to change the political call for Socialism before America turns into another Venezuela or pre WWII Germany under Hitler’s rise to power.
Sadly, it is more akin to the rise of the Soviet regime at the end of World War I.
The blame goes to the DEMOTRASH AND THE US GOVERNMENT, IE. CONGRESSIONAL HOUSES AND THE DISCONNECTED REPRESENTATIVES FROM THE 50 STATES!!!
Do you remember Obama’s second term election? Do you remember that he won by a landslide? Do you remember which ACORN agency was in charge of organizing the election from Democrat’s side?
Somebody should look into it because most likely, he stole the election, too, as Biden did.
The democrats goal is to follow Bill Ayers manifesto which is to destroy America. Break it into pieces and don’t care what happens to them. New England back to England. Everything west of the Miss River back to France and Mexico. For world communism to succeed all patriotic Americans must die. That was the goal behind covid and the vaccine. Had Trump stayed in office I may have taken the death shot. Once the democrats started mandating it I said no thanks. Glad I did since it has killed and injured so many people. Now they begin WW3 to kill the rest of us, and whoever Russia and China don’t kill Biden will with his own nukes. He already threatened the South and mid west with nukes. Think of it, an American president threatening to nuke his own country. Just following Ayers.
BIDEN IS THE BORDERBOY. BOUGHT AND PAID FOR BY ALL THE WORLDS INVERTEBRATES!!!