Loading ...Globalization put a headwind on inflation re artificially cheap import prices. Reversal? Higher prices. The western leaders have gotten stupid over the decades. And they passed that stupidity to millions of innocent people.
Lately in local news a place that prints newspapers was blockaded by global warming fossil fuel haters because the Media was not doing enough to promote their green “religion”. Poetic justice. The Media created these anti fuel whackos to start with. Also they have been calling the reversal of everything, de-globalization.
Its also amusing the new word they use referring anti establishment info they don’t like as Disinformation instead of my word, im-propaganda. And TPTB are the masters of that. Even the Germans in WW II were envious of western disinformation.
I’ll never forget the 1970s im-propaganda media telling my friends and relatives that “higher prices were caused by a wage price spiral.” “The United Auto Workers make too much money and ruining the country” “Globalization is good, the consumer will get better cheaper products” “we don’t want those dirty polluting factory jobs” “we don’t need the rust belt”.
And besides all that, if we define inflation as “Increasing the money supply”, THAT happened between 1934 and 1971. During the 1970s the Fed was REMOVING money supply with high interest rates. The higher prices of the 1970s, was the LAGGING result of increasing money supply between 1934 and 1971.
That was also the year ’71 they were forced to stop redeeming foreign owned US Dollars for US gold at $35/oz that was worth $140/oz. 1 oz of $34 gold backed dollars was equal 15 bbls of oil. One oz Silver was 1 bbl/oil, removing the gold standard DROPPED the Dollars value, so the Arabs needed more dollars to stay equal. Forget about that embargo crap disinformation.
Also note the coincidence, after we cut off giving away Gold and Silver to other countries in 1971, that started all the cheaper imports to get CPI numbers lower. The above is my view, gleaned by watching and I’ve said it a thousand times hear and on Vronskys place. But nobody remembers.