We've said for a while now the problem isn't deflation facing the central banks, particularly the Fed, it's the possibility of slow growth coupled with rising inflation, otherwise known as stagflation.
Despite the Fed's famous search for that magical 2% inflation barometer, the Fed has it's sneaky way of keeping real inflation indicators out of the gauges it uses to track inflation. And this is not new. For those of you who have no recall of that kind of scenario, stagflation, it's one where precious metals usually do well. Your purchasing power doesn't. Now stagflation doesn't happen very often. In most cases somebody has to really screw up to cause.
Consumers have been blamed for many things since this last economic meltdown, most recently their failure to spend to help revive growth. This is a Keynesian canard that people think worked in the 1930s and that it will work again.These are indeed contentious, to use a soft word, times with few signs of any abatement in sight. Yet consumers have enormous power by exercising their collective purse strings. They can refuse to purchase anything but essentials. They can reject the coming cashless society. The can demand no further watering down of their purchasing power by monetary authorities.
If you are one of the ones unfortunately existing on fixed or retirement income these zero and negative interest rates ladled out are not only contemptuous they have decimated your purchasing power. These incompetents at the Eccles Building chose to bail out their Wall Street friends and leave you and yours twisting in the wind. These actions are all part and parcel of the in-crowd, the establishment.
Make no mistake. There are no racial, religious or party barriers here whether you are brown, yellow, black or white. They couldn't care less. They only pretend to care. Look around. You'll see this is a global problem. The ruling elites know exactly what they want. And they count on you to continue not knowing what you want. More of the same is as far away from having a better life than you and I are from becoming the queen or king of the United Kingdom. We understand the Queen's jewel collection is quite stunning, however.
Without villains there's no need for heroes. What the in-crowd is best at is creating villains, what use to be called divide and conquer. Who they are dividing and conquering is you and me. And if you're dumb enough to play their silly polling game every four years, we'll all get what we deserve, divided and conquered. What the world needs now is not more love, it's a global political enema. The same old faces with with the same old receding hairlines, the same old pancake make-up, the same old lies.
You have to give it to them. Their cunning, their packaging, their success, we just keep buying and swallowing it. Either that or we're pretty dumb. Mitch Stewart, the elitist Hillary strategist, called Trump supporters "stupid white people." Does that mean, Mr. Stewart, in your estimation, the black people who support your Caucasian candidate are stupid Oreo Cookies? This is the divide and conquer rhetoric they want you to fall for. You're better than that. The real truth is it's the Mitch Stewarts, white, black, brown or yellow, on both sides of the aisle, who see you that way, not for what you really are, decent, hardworking people trying to live your life out in your own best way without interfering or harming anyone.
We read somewhere else he was quoted as saying he hated stupid white people in general. Now we're not attorneys but that sounds like discrimination and hate speech. He is singling out a large segment of the population that happen to be members of a particular race for supposedly trying to exercise their freedom of choice when it comes to voting. His rhetoric seems to carry a hateful glare to it. Is this a hate crime.? There just could be some enterprising lawyer or two who want to file the case.. When ignorant people kept all those African Americans from voting in the South for all those years, they were afraid of two things--a difference of opinion and a possible changing of the guard.
Meanwhile, we have a message for Mr. Stewart and his fellow travelers. We're white, not necessarily Trump people and we might be stupid. But we don't think so. One thing is certain, sir, we're here and we have no plans to move. You, sir, can try to put whatever elitist spin on that you want. We'll still be here.
Now for that stagflation scenario, here is another sign, the weakness of durable goods orders.
zerohedge.com/news/2016-07-27/durable-goods-orders-crash-most-2-years-longest-non-recessionary-streak-declines-us-
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