Here's an above-the-fold kind of report on a below-the-radar topic. Even the Drudge Report picked up on this one. Inflation in non-core stuff like groceries is already at Wal-Mart:
The practice of reporting "core inflation" is worth noting for its fraudulent origins. It grew out of political pressures during the Nixon-Ford era to underreport the high inflation bedeviling America in the 1970s. Inflation ended but this fictional statistic took on a life of its own. It's a shame that members of our mandarin class, like the Fed's governors, don't shop among those most hurt by their monetary policies. They could then see first-hand the destruction caused by faulty policies like quantitative easing.
Ask a poor person if they consider their monthly spending on groceries and utilities as something "non-core" to their existence and watch the reaction. I'll bet it's a combination of shock and awe.
A new pricing survey of products sold at the world’s largest retailer showed a 0.6 percent price increase in just the last two months, according to MKM Partners. At that rate, prices would be close to four percent higher a year from now, double the Fed’s mandate.
The practice of reporting "core inflation" is worth noting for its fraudulent origins. It grew out of political pressures during the Nixon-Ford era to underreport the high inflation bedeviling America in the 1970s. Inflation ended but this fictional statistic took on a life of its own. It's a shame that members of our mandarin class, like the Fed's governors, don't shop among those most hurt by their monetary policies. They could then see first-hand the destruction caused by faulty policies like quantitative easing.
Ask a poor person if they consider their monthly spending on groceries and utilities as something "non-core" to their existence and watch the reaction. I'll bet it's a combination of shock and awe.
