Comrade Lenin would have been proud!
Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at the confidence in the equity of the existing distribution of wealth.
– John Maynard Keynes
This Bidenflation has gone way too far!
The Labor Department reports that the consumer-price index, said to measure what consumers pay for goods and services, was up 7 percent in December from the same month a year ago.
That is the highest inflation rate since 1982. A CNN anchor even said, “Yikes!”
President Biden tweeted that, “inflation numbers show a meaningful reduction in headline inflation over last month. We are making progress in slowing the rate of price increases.”
Having tracked the numbers ourselves, we are at a loss to understand where a meaningful reduction is to be found. It may be he is trying to lipstick the Biden Inflation pig by referring to month-to-month changes, but “headline inflation” traditionally refers to the 12-month rate, which is now 7 percent.
Through November the 12-month CPI rate came in up 6.8 percent, so it just keeps climbing no matter what POTUS says.
In fact, it is the third straight month in which the 12-month inflation rate was more than 6 percent and the highest of the three months.
Meanwhile, real hourly wages accounting for the impact of inflation, continue to come in well below the rising cost of living. And that is the formula for wiping out the middle class.
Or as Lenin is thought to have said, “The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.”
Watch out ahead! The Biden Brigade is headed straight for the millstones! Speak with a Republic Monetary Exchange gold and silver professional today and create a sensible plan to protect and preserve your wealth.