{"id":57974,"date":"2021-05-22T06:39:47","date_gmt":"2021-05-22T11:39:47","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57974"},"modified":"2021-05-22T06:39:47","modified_gmt":"2021-05-22T11:39:47","slug":"surging-inflation-might-be-the-rumblings-of-an-economic-tsunami","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57974","title":{"rendered":"Surging Inflation Might Be the Rumblings of an Economic Tsunami"},"content":{"rendered":"
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Surging Inflation Might Be the Rumblings of an Economic Tsunami<\/a><\/h3>\n<\/div>\n<\/div>\n<\/section>\n
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\u795e\u5948\u5ddd\u6c96\u6d6a\u88cf or\u00a0The Great Wave off Kanagawa<\/em>, by Katsushika Hokusai, 1831<\/span><\/div>\n
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Inflation in the U.S. is\u00a0on the rise<\/a>, may have\u00a0started heating up last year<\/a>, and is now on the cusp of spiraling\u00a0out of control<\/a>.Gasoline prices pushing $5 per gallon are concerning bad, and will strain family budgets across the country following on the heels of the\u00a0COVID-19 pandemic<\/a>.<\/p>\n

The\u00a0400% increase in lumber prices<\/a>\u00a0isn\u2019t helping either, and as Business Insider\u00a0reports<\/a>: \u201cCertain food items, household products, appliances, cars, and homes are\u00a0all seeing prices surge<\/strong>\u201d thanks to supply chain issues.<\/p>\n

So the economic situation is already pretty dicey.<\/p>\n

But what if the situation is much\u00a0worse?<\/em><\/strong><\/p>\n

What if the Fed has played such a good \u201cshell game\u201d with inflation that something bigger is actually brewing?<\/p>\n

Former Treasury Secretary\u00a0Larry Summers is worried<\/a>\u00a0because of how fast inflation is heating up:<\/p>\n

\u201cI was on the worried side about inflation and\u00a0it\u2019s all moved much faster, much sooner than I had predicted<\/strong>,\u201d Summers said in an interview with David Westin on Bloomberg Television\u2019s \u201cWall Street Week.\u201d \u201cThat has to make us nervous going forward.\u201d [emphasis added]<\/em><\/p>\n

And this fast-rising inflation\u00a0still<\/em>\u00a0seems to be flying under the Fed\u2019s radar. Robert Wenzel didn\u2019t mince any words,\u00a0calling<\/a>\u00a0Chairman Jerome Powell\u2019s Federal Reserve \u201cclueless.\u201d<\/p>\n

Based on Powell\u2019s\u00a0previous track record<\/a>, Wenzel\u2019s comment might be reasonable. That Powell seemed to be \u201cignoring\u201d parts of the entire story behind inflation last year\u00a0further<\/em>\u00a0supports Wenzel\u2019s argument, and adds uncertainty.<\/p>\n

Inflation surging and the Fed failing to even\u00a0acknowledge\u00a0<\/em>it, let alone live up to their inflation-control mandate? This is a recipe for a frightening situation.\u00a0Bloomberg<\/a>\u00a0spotlighted one fact that raises at least one serious question:<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Surging Inflation Might Be the Rumblings of an Economic Tsunami \u795e\u5948\u5ddd\u6c96\u6d6a\u88cf or\u00a0The Great Wave off Kanagawa, by Katsushika Hokusai, 1831 Inflation in the U.S. is\u00a0on the rise, may have\u00a0started heating up last year, and is now on the cusp of spiraling\u00a0out of control.Gasoline prices pushing $5 per gallon are concerning bad, and will strain family […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[18769,124,1055,172,303,426,16888,538,13351,721,827,3650],"class_list":["post-57974","post","type-post","status-publish","format-standard","hentry","category-economics","tag-birch-gold-group","tag-central-banks","tag-consumer-price-index","tag-cpi","tag-fed","tag-inflation","tag-jerome-powell","tag-money-printing","tag-price-inflation","tag-shadow-stats","tag-united-states","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57974"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57974\/revisions"}],"predecessor-version":[{"id":57975,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57974\/revisions\/57975"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}