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Fed Prints another $600B





jwellsy
The Fed announced that it is going to print another $600 Billion out of thin air and buy it's own Treasury Bonds.
http://www.washingtonpost.com/wp-dyn/content/article/2010/11/08/AR2010110806587.html

On a completely unrelated note gold passes $1400.
http://www.msnbc.msn.com/id/40075907/ns/business/

It appears that all commodity prices are trending up.
http://tfc-charts.w2d.com/

Gas prices have already jumped, it will take a couple of weeks for food prices to react.
jwellsy
Here's a real doom and gloom story. Take it with a grain of salt.

Quote:

November 5, 2010

NIA Projects Future U.S. Food Price Increases

The National Inflation Association today announced the release of its report about NIA's projections of future U.S. food price increases due to the massive monetary inflation being created by the Federal Reserve's $600 billion quantitative easing. This report was written by NIA's President Gerard Adams, who believes food inflation will take over in 2011 as America's greatest crisis. According to Mr. Adams, making mortgage payments will soon be the last thing on the minds of all Americans. We currently have a currency crisis that could soon turn into hyperinflation and a complete societal collapse.

"For every economic problem the U.S. government tries to solve, it always creates two or three much larger catastrophes in the process," said Adams. "Just like we predicted this past December, the U.S. dollar index bounced in early 2010 and has been in free-fall ever since. Bernanke's QE2 will likely accelerate this free-fall into a complete U.S. dollar rout," warned Adams.

NIA projects that at the average U.S. grocery store it will soon cost $11.43 for one ear of corn, $23.05 for a 24 oz loaf of wheat bread, $62.21 for a 32 oz package of Domino Granulated Sugar, $24.31 for a 32 fl oz container of soy milk, $77.71 for a 11.30 oz container of Folgers Classic Roast Coffee, $45.71 for a 64 fl oz container of Minute Maid Orange Juice, and $15.50 for a Hershey's Milk Chocolate 1.55 oz candy bar. NIA also projects that by the end of this decade, a plain white men's cotton t-shirt at Wal-Mart will cost $55.57.

NIA's special U.S. food price projection report is now available to download for free by clicking here.

The report highlights how despite cotton rising by 54%, corn rising by 29%, soybeans rising by 22%, orange juice rising by 17%, and sugar rising by 51% during the months of September and October alone, these huge commodity price increases have yet to make their way into America's grocery stores because corporations have been reluctant to pass these price increases along to the consumer. In today's dismal economy, no retailer wants to be the first to dramatically raise food prices. However, NIA expects all retailers to soon substantially raise food prices at the same time, which will ensure that this Holiday shopping season will be the worst in recorded American history.


http://www.inflation.us/foodpriceprojections.html
deanhills
Looks as though the US Government is going full out to let the Dollar Currency fall against international currencies, including China's? Guess one of these days it will become "funny" money?
coolclay
Wow that's absolutely ridiculous. Inflation is bad enough already why does Obama and his clan want to make it worse! Seriously the last time I went to Canada the exchange rate was so horrible it cost me US$15 for a hamburger! Now it's bound to get worse. I think the food prices quoted by the NIA might be a little silly but you never know, regardless its scary would get happen.
liljp617
Apparently Obama runs the Fed. How about we stop all this nonsense and start talking about Mr. Bernanke...you know, the guy who actually pulls the strings.
deanhills
liljp617 wrote:
Apparently Obama runs the Fed. How about we stop all this nonsense and start talking about Mr. Bernanke...you know, the guy who actually pulls the strings.
Good point liljp617, but who is doing all of the borrowing, and asking for additional funding? Bernanke is the one who is profiting from it, but the root of it is the Government however?
liljp617
deanhills wrote:
liljp617 wrote:
Apparently Obama runs the Fed. How about we stop all this nonsense and start talking about Mr. Bernanke...you know, the guy who actually pulls the strings.
Good point liljp617, but who is doing all of the borrowing, and asking for additional funding? Bernanke is the one who is profiting from it, but the root of it is the Government however?


The majority of people in government who are doing the "asking" (demanding) are quite clearly not economists in any sense of the word. They're largely "common folk" who happen to have enough money to run a solid political campaign. They rarely seem to understand the short term effects of economic actions, much less the long term effects.

Now, Bernanke is a graduate from Harvard and MIT with a specific focus in economics. I imagine others pulling the strings in the Fed have similar educational backgrounds and expertise. Why can't the Fed, the members of which presumably understand economics as well as anyone on the planet, simply cut the government off if the effects of their political demands are likely going to be at a net negative? (I'm pretty sure we all know the answer to the question. The answer to the question is the reason we have a problem).

The beef in this country, in terms of economics, seems to be largely misdirected. Yeah, Congress and the Executive branch have some answering to do, but why isn't the Fed the target of more criticism when their policies seem just as harmful as anything a politician has suggested, and the Fed is the one that really has a strong effect on the economy?
deanhills
liljp617 wrote:
The beef in this country, in terms of economics, seems to be largely misdirected. Yeah, Congress and the Executive branch have some answering to do, but why isn't the Fed the target of more criticism when their policies seem just as harmful as anything a politician has suggested, and the Fed is the one that really has a strong effect on the economy?
Agreed. But looks as though the Media in general has a very poor understanding of how it works, or is that deliberate, the Media usually towing the line of those who are funding them? Or am I being a bit paranoid now? Smile
Voodoocat
Does anybody honestly believe that journalists have a clue when it comes to a complicated subject such as economics? Take a look at the University of Florida's journalism curriculum:

JOU 1100 - Introduction to Journalism
JOU 3101 - Reporting
JOU 3110 - Applied Fact Finding
JOU 3411 - Design
JOU 3601 - Photographic Journalism
JOU 4004 - History of Journalism
JOU 4121 - Journalism Research
JOU 4181 - Public Affairs Reporting
JOU 4201 - Newspaper Editing
JOU 4202 - Advanced Editing
JOU 4301 - Literary Journalism
JOU 4302 - Public Opinion and Editorial Analysis
JOU 4308 - Magazine & Feature Writing
JOU 4311 - Advanced Magazine Writing
JOU 4313C - Sports Reporting
JOU 4341 - Reporting and Writing for Online Media
JOU 4421 - Advanced Design
JOU 4445C - Applied Magazines (Orange & Blue class)
JOU 4510 - Magazine Management and Publication
JOU 4603 - Specialized Journalistic Photography
JOU 4604 - Advanced Photographic Journalism I
JOU 4605 - Advanced Photojournalism II
JOU 4700 - Problems and Ethics of Journalism in Society
JOU 4905 - Independent Study
JOU 4930 - Special Topics in Journalism
JOU 4940 - Journalism Internship
JOU 4943 - Photographic Journalism Practicum
JOU 4946 - Applied Journalism
MMC 2100 - Writing for Mass Communication
MMC 2265 - Technology, Change and Communications
MMC 3260 - Communications on the Internet
MMC 4200 - Law of Mass Communication
MMC 4302 - World Communication Systems
MMC 4341L - Advanced Online Media Production
PGY 3610 - Survey of Photojournalism

Did you see any difficult classes? Yet these are the people we trust to report on the most powerful economy in the world! I think this explains alot.

I wonder if such weak academics does not explain their left leaning tendencies Laughing
liljp617
deanhills wrote:
liljp617 wrote:
The beef in this country, in terms of economics, seems to be largely misdirected. Yeah, Congress and the Executive branch have some answering to do, but why isn't the Fed the target of more criticism when their policies seem just as harmful as anything a politician has suggested, and the Fed is the one that really has a strong effect on the economy?
Agreed. But looks as though the Media in general has a very poor understanding of how it works, or is that deliberate, the Media usually towing the line of those who are funding them? Or am I being a bit paranoid now? Smile


My inclination is they just don't know what they're talking about. They may have some economists on staff to translate things so they can actually report it in somewhat layman's terms. But really (as above), if you go down the common requirements to get a degree in Journalism, how many economics courses do you see? How many business courses do you see? Most people, not just people in the media, only take one or two economics courses while in college as electives -- and those are the most basic of microeconomic and macroeconomic theory...you don't build a real-world understanding of a global economy by having only six to eight months of basic economic theory (most of which a lot of people probably learn solely geared towards the test, not to gain an understanding).

Voodoocat wrote:
I wonder if such weak academics does not explain their left leaning tendencies Laughing


Because there are no right-wing journalists. Certainly no dense ones at least, am I right?
Voodoocat
Quote:
Because there are no right-wing journalists.


Apparently they all work for Fox, and the consensus of the rest of the media is that Fox is not a real media source. Laughing
liljp617
Voodoocat wrote:
Quote:
Because there are no right-wing journalists.


Apparently they all work for Fox, and the consensus of the rest of the media is that Fox is not a real media source. Laughing


They're certainly a media source. A news source? Maybe stretching it a bit. And I'll gladly say the same for any other mainstream "news" source on television, in print, or on the radio.
deanhills
Voodoocat wrote:
Did you see any difficult classes? Yet these are the people we trust to report on the most powerful economy in the world! I think this explains alot.

I wonder if such weak academics does not explain their left leaning tendencies Laughing
Brilliant quote Voodoocat .... think you have hit it right on the nail .... Laughing
liljp617 wrote:
My inclination is they just don't know what they're talking about. They may have some economists on staff to translate things so they can actually report it in somewhat layman's terms. But really (as above), if you go down the common requirements to get a degree in Journalism, how many economics courses do you see? How many business courses do you see? Most people, not just people in the media, only take one or two economics courses while in college as electives -- and those are the most basic of microeconomic and macroeconomic theory...you don't build a real-world understanding of a global economy by having only six to eight months of basic economic theory (most of which a lot of people probably learn solely geared towards the test, not to gain an understanding).
Agreed. But then don't they usually get instructions of what to report on, so that basically the news is decided by people other than journalists? I.e., journalists are just part of an overall team of people who are responsible for the final news that we get to see or read about? Smile
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