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Soaring US Inflation at a 75-Year High

Written by Subject: Inflation

Soaring US Inflation at a 75-Year High

by Stephen Lendman

Every American who eats, drives a car, heats a home, pays for healthcare, college tuition and other essentials knows more about inflation than TV talking head economists and other analysts.

It's dismal, rising and thirdworldizing America and the West more than already.

Based on how US economic data were calculated pre-1990 — before jerry-rigged to look better than reality — US consumer price inflation rose to 16.8% in May year-over-year, the highest level since 1947.

The officially reported 8.6% year-over-year rise is fake news.

The Producer Price Index is at a 47-year high of 15.7%.

The University of Michigan's early June Consumer Sentiment Index hit a record low at 50.2 — down from 58.7 a month earlier.

A WSJ poll of economists expected a reading of 59.

According to Bank of America's chief investment strategist Michael Hartnett:

"We're in technical recession, but just don't realize it."

The risk of what's "shallow (becoming) deep is the great unknown."

Financial entrepreneur/analyst Chris MacIntosh stressed that things are in the early stage of a "great bull market in inflation."

Years of money printing madness by the Wall Street-controlled Fed to benefit monied interests at the expense of Main Street — along with unparalleled US/Western sanctions war on Russia — bear full responsibility for the dismal state of things, likely worsening ahead.

The troubling trend most definitely is not the friend of the vast majority of people in the US/West and elsewhere.

Their standard of living is eroding in plain sight.

Notably since 2019, the Fed printed more money than what was created previously throughout US history.

What kickstarted accelerated inflation is now out of control.

The genie is out of the bottle. Likely to stay out for some time, perhaps for years, there's little the Fed can do to reverse the colossal mess it made.

The only longterm solution is to put money back in public hands where it belongs.

As long as money is controlled by Wall Street to benefit privileged interests over the general welfare, casino capitalism-produced inequality and deprivation will continue unchecked.

The Fed was created in 1913 to let private hands control the nation's money — not to stabilize the economy, smooth out the business cycle, manage a healthy, sustainable growth rate, and maintain stable prices as falsely claimed. 

Its reckless policies created boom and bust cycles.

Over time, the standard of living for most Americans greatly eroded.

Regaining public control of the nation's money alone can restore what's lost.

Key is nationalizing or abolishing the Fed, returning money creation power to Congress, eliminating Wall Street's exclusive franchise, breaking up giant banks, and replacing them with publicly run financial institutions.

As long as things stay as they are, privileged interests alone will benefit at the expense of the great majority.

Commenting on Friday's consumer inflation data, the WSJ noted "surging energy and grocery costs…with little indication of when the upward trend could ease."

Year-over-year through May, energy prices rose 34.6%, food 11.9%.

Economist Sarah House said "(i)nflationary pressures (are) nearly everywhere."

She expects a higher CPI read for June, the level to stay high for months.

The Wall Street controlled Fed is light years behind the curve with the Fed funds rate at 0.75 - 1.00%.

An expected half point increase next week is way less than what's needed to try taming things.

Even if the Fed raises short-term rates by 75 basis points, it's way too little, too late.

Double-digit inflation is here to stay for some time.

A likely stiff, protracted Main Street recession — perhaps Depression — is baked in the cake.

The mumbling, bumbling fake Biden is an embarrassment to what leadership is supposed to be.

On Friday at the Port of Los Angeles, he lied saying that the regime he nominally heads is doing "everything…to lower prices for the American people (sic)."

Instead of laying blame squarely where it belongs — on Fed money printing madness and sanctions war on Russia, he turned reality on its head, falsely claiming:

It's Putin's fault (sic).

"Putin's price hike is hitting America hard (sic)."

"We've never seen anything like Putin's tax on food and gas (sic)."

According to an ABC News poll released days earlier, 71% of Americans blame the Biden regime for soaring inflation.

Other polls reflect the same reality.

The fake Biden is hugely unpopular.

If a presidential election was held today, the GOP candidate would likely win by a landslide margin.

The way to curb inflation is a path not taken.

It starts with ending US/Western sanctions war on Russia so its energy and other commodities can be freely exported to world markets unrestrained.

Things are going the other way instead, more sanctions likely to be imposed.

The Biden regime is the most recklessly dangerous one in US history.

Perhaps their dominant hardliners won't be satisfied until they wreck the US economy altogether and launch WW III.

Noted trends analyst Gerald Celente earlier warned that global war 3.0 already began, explaining:

"(W)hen all else fails, they take you to war."

"What followed the Great Depression? War."  

"What followed the dot com bust? More war."

The US economy is failing in plain sight.

The fake Biden's approval rating is 33%, according to new Quinnipiac University polling data.

Will launching WW III be the regime's way of changing the subject to shift public attention from soaring inflation and dismal economic conditions for most US households?

Is that where things are heading?