“It’s a hurricane. That hurricane is right there, down the road, and coming our way.”
So says Jamie Dimon. He’s the head of JP Morgan Chase, banking’s most influential figure.
“You better brace yourself,” warns Dimon.
Now that you’ve heard from the C-suites, let’s go down to the field to see what they are saying.
“People don’t realize what’s fixing to hit them,” said Texas farmer Lynn “Bugsy” Allen. “They think it’s tough right now, you give it until October. Food prices are going to double.”
From the high rises of Manhattan to rural Texas, the stagflation threat grows clearer every day. Manufacturing employment looks to have already begun sliding. Price inflation remains high.
Food prices are taking even more of the household budget.
And the war in Ukraine, responsible for today’s higher energy prices, could send prices even higher. Dimon says we could see oil soar to $150 or $175 a barrel.
The Wall Street Journal estimates that higher gas prices are already costing the American people an extra $2000 a year.
Higher oil prices mean even higher food prices, too. “They have no electric trucks delivering that food and there are no electric tractors,” Allen said. “It takes diesel to run all this.”
So how do you brace for a hurricane? You’re not a multi-national financial institution. You can’t call loans to troubled borrowers. You can’t just raise rates on hopelessly indebted credit card customers. And you sure as heck can’t borrow money from the Fed at crony below market rates. You’re probably not on the special list of those who get bailed out by congress, either.
So how do you brace for a hurricane? Get out of the Fed’s failing money. Just the other day former Fed chairman and current Treasury secretary Janet Yellen confessed that she had been wrong about the whole inflation thing. “I was wrong then about the path that inflation would take,” she said. “As I mentioned, there have been unanticipated and large shocks to the economy…that I, at the time, didn’t fully understand.”
Right. There are only thousands of years of history regarding inflation. People who knew that history knew we had an inflation thunderstorm headed right at us. But Janet Yellen didn’t know. Nor did Jerome Powell.
Now we have to brace for a hurricane.
The best way to do that is to get out of the Yellen-Powell-Biden dollar. Thousands of years of history teach that gold and silver are the best way to brace yourself for a currency crisis.
Want to know more? Speak with a Republic Monetary Exchange gold and silver specialist. Just don’t wait for the hurricane to make landfall!