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Inflation : 40 Year High


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5 hours ago, ronthecivil said:

In BC at least everything, and I mean EVERTYTHING goes through the BC Liquor Distribution Branch. Government stores, beer and wine, all of it. Only exception is tasting rooms.

 

Which goes through the same process as retail and unlike say a farmers market or specialty store that CAN carry what it wants that can't happen here. This has the effect of often making it easier to get beer from Alberta or the USA than locally made BC product. IF the BCLDB doesn't want to carry the product, BC can't get it unless they know about it and go to the source. 

 

It's the worst of both works. I guess this hidden layer or price gouging (above and beyond the grift at the government stores and the super grift of super high "sin" taxes) goes to the government so it doesn't count at "greed"....... 

So, the BCLDB is the distribution arm of the gov. British Columbia Liquor Distribution Branch

All venders/companies need to 'list' with BCLDB. What is carried in government stores has some restrictions, it's a load of hogwash but you do have to have enough quantity (min cases) that you could provide. In my day though, there was products known as 'spec' and 'super spec' . These were meant for the private shops etc, in fact they were the only places that they could be listed ( due to production quantity). That changed when they 'levelled the playing field'. They opened gov shops on Sundays, added cold zones and started to carry some specs. Basically, us in the private (LRS) shops were kicking too much ass despite operating with many disadvantages. I was a member of the BCPLSA , a BC wide group of shop owners, gms, and venders. We would battle the gov on many fronts to try to defend the private shops etc..

 

None of that is what I was talking about in the post you quoted.

 

In liquor shops you actually cant do what the grocery stores can do ( just list a few companies). Liquor stores have to shelve reasonable market competition ( cant remember how they word it in the LRS handbook but I dont feel like looking it up). But what it means is that you cant just carry one venders product, for example I couldn't have a shop that is  Molson House...like you can with on-premise licenses. I could not have just Molson products as my only domestic beer. Grocery stores are doing just that. It's why i pointed out that the big chains only have 11 companies that they rack on their shelves. In my shops I could pick from hundreds of companies ( all companies that are allowed in BC) and i had to have a reasonable balance, as i just mentoned. 

I often think of Ketchup...very, very, popular but very, very, few options for sweet tomato sauce. That's by design. Heinz will flex if shops get too carried away with competition. 

 

Just a comment on the greed of the gov...they set a wholesale price for the products listed...this is not the price the companies provide it to the bcldb for...then the consumer pays liquor tax at the till.  That smells like a tax on a tax to me...thought that was a no, no.

 

Typing fast, hope that all makes some sense. 

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50 minutes ago, bishopshodan said:

So, the BCLDB is the distribution arm of the gov. British Columbia Liquor Distribution Branch

All venders/companies need to 'list' with BCLDB. What is carried in government stores has some restrictions, it's a load of hogwash but you do have to have enough quantity (min cases) that you could provide. In my day though, there was products known as 'spec' and 'super spec' . These were meant for the private shops etc, in fact they were the only places that they could be listed ( due to production quantity). That changed when they 'levelled the playing field'. They opened gov shops on Sundays, added cold zones and started to carry some specs. Basically, us in the private (LRS) shops were kicking too much ass despite operating with many disadvantages. I was a member of the BCPLSA , a BC wide group of shop owners, gms, and venders. We would battle the gov on many fronts to try to defend the private shops etc..

 

None of that is what I was talking about in the post you quoted.

 

In liquor shops you actually cant do what the grocery stores can do ( just list a few companies). Liquor stores have to shelve reasonable market competition ( cant remember how they word it in the LRS handbook but I dont feel like looking it up). But what it means is that you cant just carry one venders product, for example I couldn't have a shop that is  Molson House...like you can with on-premise licenses. I could not have just Molson products as my only domestic beer. Grocery stores are doing just that. It's why i pointed out that the big chains only have 11 companies that they rack on their shelves. In my shops I could pick from hundreds of companies ( all companies that are allowed in BC) and i had to have a reasonable balance, as i just mentoned. 

I often think of Ketchup...very, very, popular but very, very, few options for sweet tomato sauce. That's by design. Heinz will flex if shops get too carried away with competition. 

 

Just a comment on the greed of the gov...they set a wholesale price for the products listed...this is not the price the companies provide it to the bcldb for...then the consumer pays liquor tax at the till.  That smells like a tax on a tax to me...thought that was a no, no.

 

Typing fast, hope that all makes some sense. 

no, the real no no is people having any money left over for themselves it would seem.

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7 hours ago, bishopshodan said:

So, the BCLDB is the distribution arm of the gov. British Columbia Liquor Distribution Branch

All venders/companies need to 'list' with BCLDB. What is carried in government stores has some restrictions, it's a load of hogwash but you do have to have enough quantity (min cases) that you could provide. In my day though, there was products known as 'spec' and 'super spec' . These were meant for the private shops etc, in fact they were the only places that they could be listed ( due to production quantity). That changed when they 'levelled the playing field'. They opened gov shops on Sundays, added cold zones and started to carry some specs. Basically, us in the private (LRS) shops were kicking too much ass despite operating with many disadvantages. I was a member of the BCPLSA , a BC wide group of shop owners, gms, and venders. We would battle the gov on many fronts to try to defend the private shops etc..

 

None of that is what I was talking about in the post you quoted.

 

In liquor shops you actually cant do what the grocery stores can do ( just list a few companies). Liquor stores have to shelve reasonable market competition ( cant remember how they word it in the LRS handbook but I dont feel like looking it up). But what it means is that you cant just carry one venders product, for example I couldn't have a shop that is  Molson House...like you can with on-premise licenses. I could not have just Molson products as my only domestic beer. Grocery stores are doing just that. It's why i pointed out that the big chains only have 11 companies that they rack on their shelves. In my shops I could pick from hundreds of companies ( all companies that are allowed in BC) and i had to have a reasonable balance, as i just mentoned. 

I often think of Ketchup...very, very, popular but very, very, few options for sweet tomato sauce. That's by design. Heinz will flex if shops get too carried away with competition. 

 

Just a comment on the greed of the gov...they set a wholesale price for the products listed...this is not the price the companies provide it to the bcldb for...then the consumer pays liquor tax at the till.  That smells like a tax on a tax to me...thought that was a no, no.

 

Typing fast, hope that all makes some sense. 

Your right in general in that the BCLDB does keep inflation in check in that they do some price fixing which can be good or bad depending on what side of the aisle you on and how it is done.

 

But I do notice that in Alberta and Washington state, in both places, beer is cheaper, easier to get, and there's more variety, including a better selection of BC beer and wine lol!

 

But on the flip side I haven't looked lately, and now the price situation might be much different due to the controls you mention above.

 

I just like to lol about the hypocrisy about "greed" and "gouging" that happens on here, since it's so dependent on which side of the counter you are on. I bet everyone here drools at the thought of getting bargain basement prices when a company or store or local seller of things is going out of sale so they can load up on the cheap, with no consideration of those that own the business and their future. But if they MAKE money, they are evil. And if we don't want to GIVE the government increasing taxes on like everything, then the people that complain that do most of the paying are GREEDY, even though lots of the people asking for tax dollars don't contribute it, ya know, because they uh.....

 

I think I still get triggered having grown up around too many welfare bums.....

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Not sure where to put this article but this seems like a good place ........

 

Charlie Munger Says Hardships Faced In His Day Were 'Unbelievable,' But People Today Are Miserable, Despite Having it Easy — He Blames Envy

 
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Billionaire Charlie Munger, the renowned investment partner of Berkshire Hathaway Inc. CEO Warren Buffett, says people should strive for greater happiness. Expressing his perplexity toward the current lack of contentment among people, Munger emphasized the disparity between present circumstances and the hardships endured throughout history.

 

Addressing attendees at the annual meeting of the Daily Journal, the 99-year-old highlighted his own formative years during the 1930s. Munger recalled the profound challenges Americans faced during the Great Depression, expressing his surprise at the comparatively lower levels of happiness observed today.

 

Munger explained, "It's weird for somebody my age, because I was in the middle of the Great Depression when the hardship was unbelievable."

 

Studies prove Munger is right — Americans aren't as happy as they once were. The General Social Survey, which has been assessing American happiness levels since 1972, reveals a recent shift. Prior to the pandemic, more people reported being "very happy" than "not too happy." But in the latest survey, a record 24% expressed being "not too happy," while a record low of 19% claimed to be "very happy."

 

Munger also expressed concern about the role envy plays in people's lives today. He pointed out that before the 1800s, life was more challenging, lacking basic comforts and conveniences such as the printing press, air conditioning and modern medicine. Munger's comments highlight the significant progress made in recent centuries.

 

According to him, "It is the nature of our species that we look around us at other people and are envious of them if they have more than we do. That envy has always been a big problem."

 

Studies suggest that about 75% of individuals experience envy toward others each year, supporting Munger's observations about the prevalence of envy in today's world.

A study from the University of California, San Diego published in Basic and Applied Social Psychology reveals that younger adults experience more envy compared to older adults. The research shows that younger people are envious of looks and various other things, with both men and women more likely to envy peers of similar age.

 

The study surveyed over 900 people ages 18 to 80 and found that over three-fourths of participants reported experiencing envy in the past year. Envy declines with age, with around 80% of those younger than 30 feeling envious compared to 69% of people older than 50.

 

Munger acknowledged the persistence of discontent among many people, despite significant improvements in various aspects of life. He noted that even when things have improved by around 600%, there will always be people who possess more, fueling feelings of unhappiness and perceived mistreatment.

 

https://www.yahoo.com/finance/news/charlie-munger-says-hardships-faced-172713978.html

Edited by nuckin_futz
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On 7/7/2023 at 11:09 AM, nuckin_futz said:

Not sure where to put this article but this seems like a good place ........

 

Charlie Munger Says Hardships Faced In His Day Were 'Unbelievable,' But People Today Are Miserable, Despite Having it Easy — He Blames Envy

 
22f6f00c3d4ee2cf8542fee0106f8186

 

Billionaire Charlie Munger, the renowned investment partner of Berkshire Hathaway Inc. CEO Warren Buffett, says people should strive for greater happiness. Expressing his perplexity toward the current lack of contentment among people, Munger emphasized the disparity between present circumstances and the hardships endured throughout history.

 

Addressing attendees at the annual meeting of the Daily Journal, the 99-year-old highlighted his own formative years during the 1930s. Munger recalled the profound challenges Americans faced during the Great Depression, expressing his surprise at the comparatively lower levels of happiness observed today.

 

Munger explained, "It's weird for somebody my age, because I was in the middle of the Great Depression when the hardship was unbelievable."

 

Studies prove Munger is right — Americans aren't as happy as they once were. The General Social Survey, which has been assessing American happiness levels since 1972, reveals a recent shift. Prior to the pandemic, more people reported being "very happy" than "not too happy." But in the latest survey, a record 24% expressed being "not too happy," while a record low of 19% claimed to be "very happy."

 

Munger also expressed concern about the role envy plays in people's lives today. He pointed out that before the 1800s, life was more challenging, lacking basic comforts and conveniences such as the printing press, air conditioning and modern medicine. Munger's comments highlight the significant progress made in recent centuries.

 

According to him, "It is the nature of our species that we look around us at other people and are envious of them if they have more than we do. That envy has always been a big problem."

 

Studies suggest that about 75% of individuals experience envy toward others each year, supporting Munger's observations about the prevalence of envy in today's world.

A study from the University of California, San Diego published in Basic and Applied Social Psychology reveals that younger adults experience more envy compared to older adults. The research shows that younger people are envious of looks and various other things, with both men and women more likely to envy peers of similar age.

 

The study surveyed over 900 people ages 18 to 80 and found that over three-fourths of participants reported experiencing envy in the past year. Envy declines with age, with around 80% of those younger than 30 feeling envious compared to 69% of people older than 50.

 

Munger acknowledged the persistence of discontent among many people, despite significant improvements in various aspects of life. He noted that even when things have improved by around 600%, there will always be people who possess more, fueling feelings of unhappiness and perceived mistreatment.

 

https://www.yahoo.com/finance/news/charlie-munger-says-hardships-faced-172713978.html

Looks like the right place. The whole "keeping up with the Joneses" that a LOT of people have likely drives the unsustainable consumer spending despite prices increasing. I bet that's becoming increasing stressful.

 

It's probably depression too. Two years of isolation is a good way to do that. Probably a lot of self reinforcing negativity with people staying at home and smoking weed instead of going out and doing something. Part of the reason we have over employment.

 

What I think is needed is a real recession where people have to face some real hardship and then OVERCOME it and perhaps then the drivers of inflation will actually go away.

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59 minutes ago, ronthecivil said:

Looks like the right place. The whole "keeping up with the Joneses" that a LOT of people have likely drives the unsustainable consumer spending despite prices increasing. I bet that's becoming increasing stressful.

 

It's probably depression too. Two years of isolation is a good way to do that. Probably a lot of self reinforcing negativity with people staying at home and smoking weed instead of going out and doing something. Part of the reason we have over employment.

 

What I think is needed is a real recession where people have to face some real hardship and then OVERCOME it and perhaps then the drivers of inflation will actually go away.

I would imagine it is increasingly stressful as there's always someone with more. It becomes a never ending pursuit. The only thing assured is envy and feelings of inadequacy.

 

A real recession would smarten people up but the powers that be have outlawed them. This event you speak of was the 2008 Great Financial Crisis. That was mass unemployment, pensions wiped out, retirement funds halved, you know real hardship. But short sighted Central Banks decided to wall paper over it with trillions in public debt. Recessions are like forest fires. They can be devastating but they are necessary to trim excesses.

 

The economy is a bit like the human body. If you keep it going with junk food, alcohol, lack of sleep and little exercise eventually there will be Hell to pay as disease creeps in. If you keep an economy artificially going with debt upon debt eventually the patient (the economy) gets so sick they cannot be saved. But it can survive for a mindbogglingly long time. Case in point Keith Richards is 79 and Ozzy is 74. :lol:

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Bank of Canada raises rates by 25 basis points to 5.0%

  • July interest rate decision

The Bank of Canada lifted rates by 25 basis points to 5.0% as expected.

The full statement from the BOC:

 
 

The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.

 

Global inflation is easing, with lower energy prices and a decline in goods price inflation. However, robust demand and tight labour markets are causing persistent inflationary pressures in services. Economic growth has been stronger than expected, especially in the United States, where consumer and business spending has been surprisingly resilient. After a surge in early 2023, China’s economic growth is softening, with slowing exports and ongoing weakness in its property sector. Growth in the euro area is effectively stalled: while the service sector continues to grow, manufacturing is contracting. Global financial conditions have tightened, with bond yields up in North America and Europe as major central banks signal further interest rate increases may be needed to combat inflation.

 

The Bank’s July Monetary Policy Report (MPR) projects the global economy will grow by around 2.8% this year and 2.4% in 2024, followed by 2.7% growth in 2025.

Canada’s economy has been stronger than expected, with more momentum in demand. Consumption growth has been surprisingly strong at 5.8% in the first quarter. While the Bank expects consumer spending to slow in response to the cumulative increase in interest rates, recent retail trade and other data suggest more persistent excess demand in the economy. In addition, the housing market has seen some pickup. New construction and real estate listings are lagging demand, which is adding pressure to prices. In the labour market, there are signs of more availability of workers, but conditions remain tight, and wage growth has been around 4-5%. Strong population growth from immigration is adding both demand and supply to the economy: newcomers are helping to ease the shortage of workers while also boosting consumer spending and adding to demand for housing.

 

As higher interest rates continue to work their way through the economy, the Bank expects economic growth to slow, averaging around 1% through the second half of this year and the first half of next year. This implies real GDP growth of 1.8% in 2023 and 1.2% in 2024. The economy will move into modest excess supply early next year before growth picks up to 2.4% in 2025.

 

Inflation in Canada eased to 3.4% in May, a substantial and welcome drop from its peak of 8.1% last summer. While CPI inflation has come down largely as expected so far this year, the downward momentum has come more from lower energy prices, and less from easing underlying inflation. With the large price increases of last year out of the annual data, there will be less near-term downward momentum in CPI inflation. Moreover, with three-month rates of core inflation running around 3½-4% since last September, underlying price pressures appear to be more persistent than anticipated. This is reinforced by the Bank’s business surveys, which find businesses are still increasing their prices more frequently than normal.

 

In the July MPR projection, CPI inflation is forecast to hover around 3% for the next year before gradually declining to 2% in the middle of 2025. This is a slower return to target than was forecast in the January and April projections. Governing Council remains concerned that progress towards the 2% target could stall, jeopardizing the return to price stability.

 

In light of the accumulation of evidence that excess demand and elevated core inflation are both proving more persistent, and taking into account its revised outlook for economic activity and inflation, Governing Council decided to increase the policy interest rate to 5%. Quantitative tightening is complementing the restrictive stance of monetary policy and normalizing the Bank’s balance sheet. Governing Council will continue to assess the dynamics of core inflation and the outlook for CPI inflation. In particular, we will be evaluating whether the evolution of excess demand, inflation expectations, wage growth and corporate pricing behaviour are consistent with achieving the 2% inflation target. The Bank remains resolute in its commitment to restoring price stability for Canadians.

 

*************

 

5% rates brings us in line with the US.

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6 hours ago, bishopshodan said:

BOC is f*cking up.

 

 

Why? Should they have done a half point, take advantage of the fact the US can't raise their rates due to the bank failure issue, and watch the Canadian dollar skyrocket?

 

Sure, less money in consumers pockets because of higher mortgage rates. And some slower economy which given the overemployment situation (aka people don't WANT to work resulting in a worker shortage) and higher costs for things we sell abroad (when we can that is.....) but at the same time cheaper imports?

 

Why that sounds like a great way to tame inflation faster! Sure it might hurt a bit more but Canadians need a kick in the ass anyways!

 

That's clearly what you meant, right?

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3 hours ago, The Arrogant Worms said:

c6b91d4a07be44f13c489d4e20a4f7aa.webp

Well given that the US in most of their recent collective memories has suffered a housing crash, jingle mail, and most recently a fairly significant bank failure, not to mention due to the reckoning they already had with housing, they are not nearly as crazy when it comes to borrowing and spending as the keeping up with the Jones typical Canadian.

 

So they might not need to have interest rates raised to meet target inflation. Good for them!

 

Canada on the other hand....

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An opinion piece;

https://www.msn.com/en-ca/money/other/editorial-starting-up-a-ticking-mortgage-time-bomb/ar-AA1dMiln?ocid=msedgntp&cvid=2e45e1fef61044c390e59d2447209823&ei=18

"

To no one’s surprise, the Bank of Canada (BOC) raised interest rates Wednesday by 25 basis points, to 5%.

This is the 10th rate hike since March 2022. Citing a heated economy, the BOC statement said it expects consumer spending will slow as the effect of these hikes kicks in.

The bank justified the latest hike with a word salad of monetary gobbledegook. The result on consumers is stark and hurtful.

The bank is building a ticking mortgage time bomb that will impact young people hardest. Those who bought into the housing market three or four years ago, when prices were high and interest rates were moderate, will be renegotiating those mortgages soon. Soaring interest rates will place a huge financial burden on family budgets already stretched to the limit by high grocery prices.

While the bank says inflation is slowing and prices are levelling out from the peak last year, they’re plateauing at a level unheard of pre-pandemic. Canada’s inflation rate was 3.4% in May, down from the staggering 8.1% last year.

This latest rate hike dashes all hopes of home ownership for those people considering buying into the housing market. They’ll never be able to afford the Canadian dream of home ownership. Renters, too, will suffer.

Politicians can make big promises about affordable housing. The facts of life say otherwise. Many cities have a housing shortage and developers find it unaffordable to build new units.

 

This is a perfect storm of government ineptitude. The federal government pledges to bring in 1.45 million new, permanent residents between 2023-2025. Meanwhile, the BOC ties the hands of developers to provide housing to newcomers by raising the interest rates.

A better strategy to cope with inflation would be for the federal government to rein in its runaway spending — especially its hiring of civil servants.

The Parliamentary Budget Office reports the federal public service grew from 342,000 in 2015-2016 to 391,000 in 2020-2021. That increase in salaries cost $21 billion. At the same time, the amount the government spent on outside consultants skyrocketed.

The BOC expects us to suck it up and suffer silently. A smarter plan would be to share the pain with those federal politicians who’ve brought this crisis on us — and kick them out at the first opportunity.

----------------------------------------------------------------------------------------------------------------------------------------------------------

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1 hour ago, bishopshodan said:

No doubt measurements of the inflation rate are dropping but just like loosing weight it's the last bit that is the hardest. More importantly, have the drivers of inflation gone away?

 

If the world economy takes off in the elation that rates have stopped going up, who is not to say that increased travel (happening, record high right now) and economic activity won't raise the price of oil again? That's a primary driver of the lower inflation in Canada...

 

In Canada, even though it costs more, there's still people gobbling up houses and mortgages and higher and higher costs, going further into debt, and printing money for the sellers.

 

in Canada, we are bringing in record numbers of new Canadians, even if there's nowhere for them to live, increasing demand for everything.

 

In Canada, though people gripe about it, they haven't actually curtailed spending. It's as strong as ever.

 

In Canada, there's still help wanted signs everywhere, increasing wages, which is nice, but it still is inflationary.

 

In Canada, every level of government is still effectively in "the budget will balance itself" mode, which is true, but it does so by allowing inflation.

 

The bank rate, though not seen in 20 years, was common for decades before that. Back when people believed in saving and living within their means. The interest rates have came back but not the expectation of staying at home, being mailed cheques, and living high on the hog.....

 

 

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1 minute ago, ronthecivil said:

No doubt measurements of the inflation rate are dropping but just like loosing weight it's the last bit that is the hardest. More importantly, have the drivers of inflation gone away?

 

If the world economy takes off in the elation that rates have stopped going up, who is not to say that increased travel (happening, record high right now) and economic activity won't raise the price of oil again? That's a primary driver of the lower inflation in Canada...

 

In Canada, even though it costs more, there's still people gobbling up houses and mortgages and higher and higher costs, going further into debt, and printing money for the sellers.

 

in Canada, we are bringing in record numbers of new Canadians, even if there's nowhere for them to live, increasing demand for everything.

 

In Canada, though people gripe about it, they haven't actually curtailed spending. It's as strong as ever.

 

In Canada, there's still help wanted signs everywhere, increasing wages, which is nice, but it still is inflationary.

 

In Canada, every level of government is still effectively in "the budget will balance itself" mode, which is true, but it does so by allowing inflation.

 

The bank rate, though not seen in 20 years, was common for decades before that. Back when people believed in saving and living within their means. The interest rates have came back but not the expectation of staying at home, being mailed cheques, and living high on the hog.....

 

 

Now, just to be clear....are you talking about ...In Canada? 

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1 minute ago, bishopshodan said:

Now, just to be clear....are you talking about ...In Canada? 

Of course it's what matters here, you know, in Canada.

 

The states matters too. But there inflation has a better chance (but not a good one) of coming down on it's own.

 

All the feds need to do is lead by example and balance the budget. If they don't, they are just pumping money into the system, increasing the money supply. Increasing the money supply increases costs as there's more dollars chasing the same things. 

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Just now, ronthecivil said:

Of course it's what matters here, you know, in Canada.

 

The states matters too. But there inflation has a better chance (but not a good one) of coming down on it's own.

 

All the feds need to do is lead by example and balance the budget. If they don't, they are just pumping money into the system, increasing the money supply. Increasing the money supply increases costs as there's more dollars chasing the same things. 

You understand a hell of a lot more than I do. Thanks for the info.

 

I hear 'priinting money' a lot. I also have heard that Japan has been printing money since 2011, I think. 

It's 2023 and they have a good economy, 3rd in the world. It makes me wonder if this government bond /printing money dealio is all that bad, or are they heading for a rude awakening even though they have been doing it for over a decade?

 

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So we have inflation being caused by a massive housing shortage, being made worse by rising interest rates effectively helping cut housing starts, which will only compound the housing shortage problem, further causing inflation.

 

Great job everybody!

 

clap-slowclap.gif

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28 minutes ago, aGENT said:

So we have inflation being caused by a massive housing shortage, being made worse by rising interest rates effectively helping cut housing starts, which will only compound the housing shortage problem, further causing inflation.

 

Great job everybody!

 

clap-slowclap.gif

Canada's new national meme. 

 

This Is Fine GIF

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