This Is The Worst Inflation Since The 1970s, And The Stage Is Being Set For The Total Collapse Of The U.S. Economy
How does it feel to live in a country with double-digit inflation? On Tuesday, the Bureau of Labor Statistics told us that the consumer price index has risen 5.4 percent over the past 12 months, and such a high number shocked a lot of people. But in order to make a fair comparison to the past, we have to account for the fact that the way inflation is calculated has been changed literally dozens of times over the past several decades. According to John Williams of shadowstats.com, if inflation was still calculated the way that it was back in 1990, the official rate of inflation over the past 12 months would be about 9 percent. And if inflation was still calculated the way that it was back in 1980, the official rate of inflation over the past 12 months would be well into double-digits.
Everyone that has been warning that we could soon see inflation rise to levels that we haven’t witnessed since the the Jimmy Carter years can stop, because we are already there.
The Bureau of Labor Statistics is committing fraud, because the numbers that they give us are almost meaningless. For example, U.S. home prices have risen 20 percent over the past year, but the “shelter component of inflation” makes up only a tiny fraction of the overall consumer price index…
We’ll get the latest read on inflation Tuesday, when the Bureau of Labor Statistics puts out its consumer price index for the month of June. As you may recall, the May report showed the biggest annual increase in consumer prices, 5%, in 13 years. But if you’re looking for the recent jump in home prices to show up in that number, you’re likely to be disappointed. The shelter component of inflation, as measured by the CPI, has stayed pretty steady, from around 2% to 3.5%, for the past decade. And some economists have a problem with that.