Inflation is like getting your pocket picked but not thinking your wallet was stolen, rather that you lost it. From Jeffrey Tucker at The Epoch Times via zerohedge.com:
Inflation is the most insidious tax because it is the least visible. If the taxman took 30 percent more of your income this year than six years ago, you would be in a state of fury. Inflation does the same thing but only leaves confusion and disorientation in its way, a sense that something is deeply wrong but with an explanation that is opaque and a bit abstract.
We blame high taxes on politicians. We are never entirely certain who precisely to blame for inflation. Part of the reason is that it is generated by a system with many moving parts. The core explanation is simple—paper money expansion—but the players involve central bankers, commercial bankers, bond dealers, legislatures, and the way that it plays out depends on contingent factors involving reserves and financial velocity.
We are left with a sense of rage against everything.
But this doesn’t happen immediately.
Recall that in 2021, Treasury Secretary Janet Yellen assured the country that the inflation was transitory. That sounded a bit like temporary, even if she did not say that. Many people heard that, and assumed that prices would go down in a matter of months.
That did not happen. Instead it got worse, reaching even double digits. Making matters worse, each inflation report was rendered by media as relatively good news. Inflation is “cooling,” they said, and is limited only to this sector or that, without which there would be no problem at all. This messaging continued for three years.
It will only get worse with QE to infinity.
Even if it isn’t called that.
I don’t pass up the deal of the day.
Today it was Tim Hortons coffee and my was it good.
I have been missing out.