@MasonG said:
I work for a company that produces food. Aside from a yearly two week maintenance shutdown, the factory runs 24/7/365, and workers can't run it from their homes. There are many other facilities like ours all over the country (not to mention the businesses we depend on in order to keep ours running) and if the people who leave their homes to go to them to do their jobs stayed home, other people (like some on this thread) would be eating their pets in no time at all.
Now that post is 'food for thought'! (pun intended).
In all truthfulness, the post is spot on, and is a good portrayal of what is taking place nowadays. Our supply system is falling apart... including food, transportation, medicines, energy, you name it. If it wasn't for the individuals who are getting up every day and leaving their homes to keep manufacturing, moving products, providing services as best as they can... a bad situation would be getting much worse.. more so than I care to think about.
Unfortunately there is now a large portion of the population who do not want to work, and would rather stay at home and live off other means (I could provide some examples but rather not poke the hornet's nest). What those who are not wanting to work may not realize is that the results of the supply system breaking down will affect/is effecting them, just like everyone else. Everyone will end up paying the price.
Jm, you may consider yourself privileged, but it is not your call to say others are.
Jm, do you own you own home? I do not as I have alway put all my resources into building 2 businesses. I have always paid rent as I do not own property.
Jm, have you ever bought a new car? I never have. I have only bought used vehicles.
Jm, do you have a trophy wife that buys shoes all day long? My wife is a teamster and has to work to help feed our family. I think she has two pairs of shoes.
How am I privileged again? Because I think different than you?
@cameonut2011 said:
Not all of us have the luxury of working from home.
Only the totally oblivious would not recognize this fact.
The forums can be a special place at times. 😂
I would use the "P" word, but it sets some people off.
>
You use the word "privilege" and I am surprised that you being a self proclaimed educator have no idea what that word means. I worry for your students.
You really have no idea what you are talking about as usual.
Extremely hard work is not privilege.
I don't think you understand what "privilege" means in the modern sociological context.. There are entire books written about "privilege" in the context of social identity and intersectionality. As an educator - that's my job, not sure how that makes it self-proclaimed - I have attended seminars on it and read books on it. Attacking my understanding of a social movement really undermines your credibility.
So you are saying that I am privileged because I am a white straight male?
That would be the majority of the forum you are calling privileged.
How would he even know that you’re a straight white male? He didn’t until you volunteered it. You’re reading WAAAAAY too much into this EOC.
He constantly calls me privileged, which I am not except to be married to a beautiful wife.
He has no idea what he is talking about as always.
Privilege is not just about race or gender. It is far more complex.
I said you were demonstrating privilege because of your complete lack of empathy for people struggling with the inflation you continue to deny exists. You keep harping on iPhones and working from home as though your reality is everyone's.
Because I say inflation isn't real because of productivity gains, I am called privileged and another member called me dumb.
I have way more empathy than most on this forum.
I have the business channel on all day in the background. I have heard about inflation for 8 months now every day. Now it's on all the news networks and every one is pushing it. Everyone, I mean just about everyone is saying there is inflation. I do not follow the crowd and think for myself.
I love going against the grain. It does not make me privileged.
When prices rise broadly across the spectrum, it is called inflation. Do you dispute that prices have increased sharply for consumer goods in recent months?
Do you blame people? Do you wanna go work in a meat processing plant and slave away, breaking your body piece by piece for $15/hr, just to spend most of that on rent, healthcare, and other assorted essential expenses, all while risking getting Covid and the long-term effects that come with that? $30,000 a year doesn't really cut it these days.
These workers are waking up to the fact that if they're going to be poor and broke, they might as well remove the job from the equation and at least not spend 40 hours a week being completely miserable and breaking their body for a wage that barely covers their basic needs.
This country needs to either reduce the expenses the lower classes face (find a way to lower rents, lower healthcare costs, lower child care costs, for example), or increase not only wages, but the share of wealth that goes to them.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
" This country needs to either reduce the expenses the lower classes face (find a way to lower rents, lower healthcare costs, lower child care costs, for example), or increase not only wages, but the share of wealth that goes to them. "
An herein lies the problem. With the supply system breaking down, the prices are only going to increase. Everyone will end up paying the price, including the lower classes at an increasing level. Relying on the government to 'fix' this will likely only cause more issues. (some would argue that the government is in fact at least partly responsible for where we are at today, due to policies - not singling out any party or individual).
" Do you blame people? "
Not necessarily. We always want... someone else to to do the dirty work, and we would rather stay at home and play at the keyboard. But until our country and we finally decide to pull up our pants and get back to work, IMO it will not bode well for what is in store for us.
And just exactly what is "transitory inflation" as compared to regular inflation?
Transitory is a word used by FED jawboners to say regular inflation is just temporary in an effort to reduce market fear. Just as with normal or low interest rates all rising inflation can be temporary. FED chairman Paul Volker taught us this in 1979 when he successfully attacked inflation by raising interest rates to 20%.
Problem today is any increase in interest rates will destroy US markets and bring great loss to the financial puppet masters who, since 2008, have benefited directly from FED money infusions and artificially low interest rates. At what point does the FED abandon its servitude to the elite and act to actually save the economy and the currency? Is there another Paul Volker at the FED? Likely not. This is what will doom the dollar and the US economy and protect those who patiently held PMs, particularly silver.
Those who believe the silver futures market spot price tells us where silver stands have not been following the true price and premiums on the physical metal. Today a random date BU silver eagle from APMEX will cost you a record and rising 47% over spot plus shipping costs. To the naysayers I say "silver is doing its job as dollar insurance, get coverage while it is still cheap."
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
And just exactly what is "transitory inflation" as compared to regular inflation?
Transitory is a word used by FED jawboners to say regular inflation is just temporary in an effort to reduce market fear. Just as with normal or low interest rates all rising inflation can be temporary. FED chairman Paul Volker taught us this in 1979 when he successfully attacked inflation by raising interest rates to 20%.
Problem today is any increase in interest rates will destroy US markets and bring great loss to the financial puppet masters who, since 2008, have benefited directly from FED money infusions and artificially low interest rates. At what point does the FED abandon its servitude to the elite and act to actually save the economy and the currency? Is there another Paul Volker at the FED? Likely not. This is what will doom the dollar and the US economy and protect those who patiently held PMs, particularly silver.
Those who believe the silver futures market spot price tells us where silver stands have not been following the true price and premiums on the physical metal. Today a random date BU silver eagle from APMEX will cost you a record and rising 47% over spot plus shipping costs. To the naysayers I say "silver is doing its job as dollar insurance, get coverage while it is still cheap."
20% is egregiously high. At that rate, no one would be able to finance a decent home, rent prices would shoot through the roof in response to demand, and the lower and middle class would collapse and make 1929 look like a cake walk.
I don’t want to work so give me some money to live, why is that guy getting richer because he is working.
Do you think I spent 4 months of my summer out on fires because I love spending 16 hr days working my A$$ off sleeping in a tent or in the dirt no but it is what I do for a living and that is one of the ways I make my money. It’s okay as there are people out on vacation spending that $1200 a week I’m making very good money and putting it to work for me.
This is why we are having problems. They are focusing on that $1200 or $600 a week not how can I go out and make twice or three four times that. It’s not easy but once your start you will get hooked.
I remember when I was 19 I told myself I’m not going home till I make $200 dollars today and I did it and I did it for years ya there was days I only made $150 but I made it up the next day by doing $450 now let’s let’s just say times have change and I do okay because I’m working.
And just exactly what is "transitory inflation" as compared to regular inflation?
Transitory is a word used by FED jawboners to say regular inflation is just temporary in an effort to reduce market fear. Just as with normal or low interest rates all rising inflation can be temporary. FED chairman Paul Volker taught us this in 1979 when he successfully attacked inflation by raising interest rates to 20%.
Problem today is any increase in interest rates will destroy US markets and bring great loss to the financial puppet masters who, since 2008, have benefited directly from FED money infusions and artificially low interest rates. At what point does the FED abandon its servitude to the elite and act to actually save the economy and the currency? Is there another Paul Volker at the FED? Likely not. This is what will doom the dollar and the US economy and protect those who patiently held PMs, particularly silver.
Those who believe the silver futures market spot price tells us where silver stands have not been following the true price and premiums on the physical metal. Today a random date BU silver eagle from APMEX will cost you a record and rising 47% over spot plus shipping costs. To the naysayers I say "silver is doing its job as dollar insurance, get coverage while it is still cheap."
20% is egregiously high. At that rate, no one would be able to finance a decent home, rent prices would shoot through the roof in response to demand, and the lower and middle class would collapse and make 1929 look like a cake walk.
just shows you how fragile our economy is today compared to when the 20% rate kicked in. The difference boils down to debt, debt at all levels.
but 20% is what it took, at a great suffering to many, to bring inflation under control. Volker basically showed the banks his middle finger.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@Type2 said:
I don’t want to work so give me some money to live, why is that guy getting richer because he is working.
Do you think I spent 4 months of my summer out on fires because I love spending 16 hr days working my A$$ off sleeping in a tent or in the dirt no but it is what I do for a living and that is one of the ways I make my money. It’s okay as there are people out on vacation spending that $1200 a week I’m making very good money and putting it to work for me.
This is why we are having problems. They are focusing on that $1200 or $600 a week not how can I go out and make twice or three four times that. It’s not easy but once your start you will get hooked.
I remember when I was 19 I told myself I’m not going home till I make $200 dollars today and I did it and I did it for years ya there was days I only made $150 but I made it up the next day by doing $450 now let’s let’s just say times have change and I do okay because I’m working.
A lot of people out there don't see money like that, they don't care about material things, material wealth. They just want to make enough money to cover the bills and enjoy their lives... It's a different value system than yours, and there is nothing wrong with that. Money is just a means to an end, nothing more. So if they can cut their expenses, survive on less, and focus on filling their time with experiences and not work, who are you to pass judgement on them for having a different value system? They simply value their free time on an hourly basis more than you did.
The problem isn't the people, the problem is the structure of the society and businesses that abuse people for financial gain.
Let me just drop this tidbit; My employer is raising the costs of our healthcare plan $50/paycheck. Is my employer struggling? No, they have reported $16.6 billion in profits so far this year, with a whole quarter to go. This $50/paycheck move is going to save them $429 million assuming every single one of our 330,000 employees is in the USA and gets benefits. I believe the number is closer to half of that, so around $215 million in savings. Meanwhile it's a hit of $1300 a year out of the pocket to my employees making $40k-$50k a year... And the cool thing? We're a healthcare company ourselves, we provide our employees our own insurance. It's absolutely mental and I'm encouraging my employees to make their dissatisfaction known loud and clear.
It is absolutely a case of pure, unadulterated greed, and a symptom of the greater structural issues the US workforce is facing right now.
Fun fact; Do you know how long it would take to count $22,000,000,000.00, our roughly estimated annual earnings this year? If you worked 24/7 at one dollar per second it would take you 660 years. 8-10 lifetimes. US Corporate Culture is such BS, and the individuals who propagate it are also full of it.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
All the paper trading and crypto currency and bit-coin is fiat(fake) currency to me. I don't trust any of them. When the inflation hits hard (and it will), only real in-hand silver and gold will hold up. Give me the real deal, you can have the paper.
Silver and Gold are more "flight of safety" assets, meaning people buy them ONLY when everything else is going tits up. Why would people sell their stocks and homes that keep appreciating to buy a non producing asset like silver? Silver pays no dividend, has no earnings. Stocks, bonds, real estate and precious metals, they all compete for capital. If stocks/real estate do well people pull out there $$$ in safer assets to chase yield.
Fixed rate loans on property is the best hedge on inflation or hyperinflation: If the dollar lost all/most of its purchasing power, you sell your laptop for $20,000, and your TV for $15,000 and you can pay off the rest of your mortgage. The TV and laptop did not physically change, but the purchasing power of each dollar dramatically decreased
Also it doesn't help silver to paper ratio is like 250: 1, so for every 1oz of physical silver, there is 250 oz's on the paper/comex market. Silver stackers are fighting a losing battle, that ratio will prob be 300:1 by next year. At least with slabbed coins you have scarcity and
@DelawareDoons said:
A lot of people out there don't see money like that, they don't care about material things, material wealth. They just want to make enough money to cover the bills and enjoy their lives... It's a different value system than yours, and there is nothing wrong with that. Money is just a means to an end, nothing more. So if they can cut their expenses, survive on less, and focus on filling their time with experiences and not work, who are you to pass judgement on them for having a different value system?
Nothing wrong with that, as long as that's where it ends. But it won't. These are the people who will be upset when they get older because social security isn't enough to live on (and it's not) and they didn't save anything because they were focused on having experiences. They're going to insist that the government bail them out because fairness and it's wrong that all those people who were prudent and did save aren't in such a desperate situation. Of course, when the bailout comes, it comes from the people who have some money but can't afford expensive accountants to protect it.
@Type2 said:
I don’t want to work so give me some money to live, why is that guy getting richer because he is working.
Do you think I spent 4 months of my summer out on fires because I love spending 16 hr days working my A$$ off sleeping in a tent or in the dirt no but it is what I do for a living and that is one of the ways I make my money. It’s okay as there are people out on vacation spending that $1200 a week I’m making very good money and putting it to work for me.
This is why we are having problems. They are focusing on that $1200 or $600 a week not how can I go out and make twice or three four times that. It’s not easy but once your start you will get hooked.
I remember when I was 19 I told myself I’m not going home till I make $200 dollars today and I did it and I did it for years ya there was days I only made $150 but I made it up the next day by doing $450 now let’s let’s just say times have change and I do okay because I’m working.
A lot of people out there don't see money like that, they don't care about material things, material wealth. They just want to make enough money to cover the bills and enjoy their lives... It's a different value system than yours, and there is nothing wrong with that. Money is just a means to an end, nothing more. So if they can cut their expenses, survive on less, and focus on filling their time with experiences and not work, who are you to pass judgement on them for having a different value system? They simply value their free time on an hourly basis more than you did.
The problem isn't the people, the problem is the structure of the society and businesses that abuse people for financial gain.
Let me just drop this tidbit; My employer is raising the costs of our healthcare plan $50/paycheck. Is my employer struggling? No, they have reported $16.6 billion in profits so far this year, with a whole quarter to go. This $50/paycheck move is going to save them $429 million assuming every single one of our 330,000 employees is in the USA and gets benefits. I believe the number is closer to half of that, so around $215 million in savings. Meanwhile it's a hit of $1300 a year out of the pocket to my employees making $40k-$50k a year... And the cool thing? We're a healthcare company ourselves, we provide our employees our own insurance. It's absolutely mental and I'm encouraging my employees to make their dissatisfaction known loud and clear.
It is absolutely a case of pure, unadulterated greed, and a symptom of the greater structural issues the US workforce is facing right now.
Fun fact; Do you know how long it would take to count $22,000,000,000.00, our roughly estimated annual earnings this year? If you worked 24/7 at one dollar per second it would take you 660 years. 8-10 lifetimes. US Corporate Culture is such BS, and the individuals who propagate it are also full of it.
It’s perfectly fine for people to value their time differently. @Type2 didn’t mention anything about material things. He put in the hours and effort to be able to cover the necessities and live comfortably enough (while also doing an essential job). No one is entitled to enjoying life experiences while having someone else foot the bill so that they don’t have to work.
And that insurance company you mention along with some others is in large part responsible for the higher costs of insurance. They had a big hand in writing the current laws and any future government “improvements” would almost certainly see them benefit again at the expense of normal people.
@ErrorsOnCoins said:
Jm, you may consider yourself privileged, but it is not your call to say others are.
Jm, do you own you own home? I do not as I have alway put all my resources into building 2 businesses. I have always paid rent as I do not own property.
Jm, have you ever bought a new car? I never have. I have only bought used vehicles.
Jm, do you have a trophy wife that buys shoes all day long? My wife is a teamster and has to work to help feed our family. I think she has two pairs of shoes.
How am I privileged again? Because I think different than you?
Let me change up what you just said by just a little:
“I own two businesses. I have a running reliable car. I have a loving wife.”
Sounds pretty privileged to me, compared to many. That’s not a bad thing. It’s good to realize how privileged most of us are here, it helps keep us humble and grounded.
And just exactly what is "transitory inflation" as compared to regular inflation?
Transitory is a word used by FED jawboners to say regular inflation is just temporary in an effort to reduce market fear. Just as with normal or low interest rates all rising inflation can be temporary. FED chairman Paul Volker taught us this in 1979 when he successfully attacked inflation by raising interest rates to 20%.
Problem today is any increase in interest rates will destroy US markets and bring great loss to the financial puppet masters who, since 2008, have benefited directly from FED money infusions and artificially low interest rates. At what point does the FED abandon its servitude to the elite and act to actually save the economy and the currency? Is there another Paul Volker at the FED? Likely not. This is what will doom the dollar and the US economy and protect those who patiently held PMs, particularly silver.
Those who believe the silver futures market spot price tells us where silver stands have not been following the true price and premiums on the physical metal. Today a random date BU silver eagle from APMEX will cost you a record and rising 47% over spot plus shipping costs. To the naysayers I say "silver is doing its job as dollar insurance, get coverage while it is still cheap."
20% is egregiously high. At that rate, no one would be able to finance a decent home, rent prices would shoot through the roof in response to demand, and the lower and middle class would collapse and make 1929 look like a cake walk.
just shows you how fragile our economy is today compared to when the 20% rate kicked in. The difference boils down to debt, debt at all levels.
but 20% is what it took, at a great suffering to many, to bring inflation under control. Volker basically showed the banks his middle finger.
The vast majority of the forum is in the top few percent income wise. While recovery for the financially well off and Wall Street was very strong after the Great Recession in 2008, for many middle middle income families and lower tax brackets, many never recovered. It would not take much to plunge mainstream America into chaos.
Wall Street has done well in part over the last decade thanks to the FED’s quantitative easing, bailouts, and yes, artificially low interest rates. While loose monetary policies create asset bubbles and instability, if you overreact you create deflation. The FED’s monetary policy led to deflation and many economists cite this as a reason the Great Depression was prolonged. There was also almost a depression within a depression.
@ErrorsOnCoins said:
Jm, you may consider yourself privileged, but it is not your call to say others are.
Jm, do you own you own home? I do not as I have alway put all my resources into building 2 businesses. I have always paid rent as I do not own property.
Jm, have you ever bought a new car? I never have. I have only bought used vehicles.
Jm, do you have a trophy wife that buys shoes all day long? My wife is a teamster and has to work to help feed our family. I think she has two pairs of shoes.
How am I privileged again? Because I think different than you?
Let me change up what you just said by just a little:
“I own two businesses. I have a running reliable car. I have a loving wife.”
Sounds pretty privileged to me, compared to many. That’s not a bad thing. It’s good to realize how privileged most of us are here, it helps keep us humble and grounded.
Not married.
Own a house. No mortgage.
Drive a 2005 Dodge Caravan that I bought 4 years ago.
What is the point of your questions? You simply don't understand what "privilege" means in the current context.
You have privilege. Everyone does. It's not an insult.
You also appear to be suffering from "fragility". Google that when you have a chance.
You apparently don't feel inflation. That alone is a mark of privilege.
It's too bad that it will be closed - Monday - I guess Mod's don't work on the weekends!
There's some actual good content in these discussions - it's too bad that some make it personal because they have great content that they ruin with the personal stuff.
I do notice that one user seems to think they're correct about EVERYTHING - and EVERY discussion.
They even think they're right about others responses! Mind-Blowing!
If inflation remains at its current level or increases over time the result will eventually bring about higher interest rates. Maybe I'm imagining things but if my memory serves me higher interest rates historically lead to lower precious metal prices. That's my two cents worth for what it's worth.
it's crackers to slip a rozzer the dropsy in snide
@cameonut2011 said:
The OP’s question is a good one without an obvious answer.
Well, there's an obvious partial answer: if you are trying to determine the true direction of silver, you really shouldn't listen to the "silver bugs".
There are gold and silver bugs who have been calling for $100 silver and $3000 or $5000 gold for the last 20 years. Some day, if we live long enough, they may be right. But timing matters and being right 20 years (or 50 years) too late is the same as being wrong.
In 1999 there was a book released by a financial columnist (James Glassman) and and economist (Kevin Hassett). The main prediction of the book was "Dow 36,000" within 5 years. The prediction was widely publicized at the time. The DOW was about 11,000 when the book was published.
This past week the DOW finally reached 36,000 (22 years later).
@HoneyMarket said:
There's some actual good content in these discussions - it's too bad that some make it personal because they have great content that they ruin with the personal stuff.
I do notice that one user seems to think they're correct about EVERYTHING - and EVERY discussion.
They even think they're right about others responses! Mind-Blowing!
100% agreed. Reminds me of the Dunning-Kruger Effect. A hypothesis that cognitively low functioning people believe that they are smarter and more capable than they really are. Essentially, low ability people do not possess the skills needed to recognize their own incompetence.
@CopperWire said:
In the last 6 months prices for everyday goods have inflated at a rapid pace. I was paying $2.10/gallon for fuel in April and now I am over 4.09.
I feel like this is the exact situation that silverbugs have been talking about for decades. So why isn't my silver also rising in value?
Mostly from the St Louis Fed...here are some recent stats
YoY unless noted ...increases
Gas, 49.6% ( seems low to me)
Food 11.9%...meat 20%
New car 9.8%
Used car/truck 26.4%
Alum tonnage, $1,700 to $2,700
Copper, 50%+ last 2yrs
Urban pipe line gas 28%
Wait til these costs start getting to the consumer. I personally don't envision significant drops in the next year if energy costs remain high. Esp diesel cost.
One yr ago I was buying maples IIRC for about $1,600. Not any more.
It's too bad that it will be closed - Monday - I guess Mod's don't work on the weekends!
There's some actual good content in these discussions - it's too bad that some make it personal because they have great content that they ruin with the personal stuff.
I do notice that one user seems to think they're correct about EVERYTHING - and EVERY discussion.
They even think they're right about others responses! Mind-Blowing!
This discussion with EOC on inflation is a carry over from a different thread.
@streeter said:
Mostly from the St Louis Fed...here are some recent stats
YoY unless noted ...increases
Gas, 49.6% ( seems low to me)
Food 11.9%...meat 20%
New car 9.8%
Used car/truck 26.4%
Alum tonnage, $1,700 to $2,700
Copper, 50%+ last 2yrs
Urban pipe line gas 28%
Do you think used cars will appreciate by another 26.4% next year? If not then inflation will slow down and revert back to a more normal 2%.
In case this excellent thread finds a typical fate sometime tomorrow, thank you all for adding your expertise. I typically go to the p.m. forum to follow this type of topic but it is nice to see some of the same and different people (with fresh insight) participating.
Ok, someone do the math on us mint proof ASE’s and 1 ounce proof buffalo gold compared to that of spot silver and gold in the last 2 years. Thanks in advance!
I can remember about a yr ago on my way through Laughlin stopping at Costco in Bullhead and paying $1.72 for gas. Lol.
Those were the good old days.
To the gentleman who inquired about used vehicles... If they didn't go up this next year then overall inflation would stabilize at 2%?
It doesn't work that way.
What you will see is EVERYTHING tied to agricultural production will probably lead the inflation charge this next year. Fertilizer, corn feed, ethanol, beef stock, food processing machinery, wages, climate.
@jessewvu said:
Ok, someone do the math on us mint proof ASE’s and 1 ounce proof buffalo gold compared to that of spot silver and gold in the last 2 years. Thanks in advance!
I'm not sure of the question. Are we talking new releases or the secondary market?
I'm also not sure what we learn from manufactured products. For example, what would the price of gold jewelry tell you?
@streeter said:
I can remember about a yr ago on my way through Laughlin stopping at Costco in Bullhead and paying $1.72 for gas. Lol.
Those were the good old days.
To the gentleman who inquired about used vehicles... If they didn't go up this next year then overall inflation would stabilize at 2%?
It doesn't work that way.
What you will see is EVERYTHING tied to agricultural production will probably lead the inflation charge this next year. Fertilizer, corn feed, ethanol, beef stock, food processing machinery, wages, climate.
Not to mention that used cars make up 2% of the CPI. So, even if the used car component goes to zero, it has little impact on the overall CPI.
Comments
Now that post is 'food for thought'! (pun intended).
In all truthfulness, the post is spot on, and is a good portrayal of what is taking place nowadays. Our supply system is falling apart... including food, transportation, medicines, energy, you name it. If it wasn't for the individuals who are getting up every day and leaving their homes to keep manufacturing, moving products, providing services as best as they can... a bad situation would be getting much worse.. more so than I care to think about.
Unfortunately there is now a large portion of the population who do not want to work, and would rather stay at home and live off other means (I could provide some examples but rather not poke the hornet's nest). What those who are not wanting to work may not realize is that the results of the supply system breaking down will affect/is effecting them, just like everyone else. Everyone will end up paying the price.
Jm, you may consider yourself privileged, but it is not your call to say others are.
Jm, do you own you own home? I do not as I have alway put all my resources into building 2 businesses. I have always paid rent as I do not own property.
Jm, have you ever bought a new car? I never have. I have only bought used vehicles.
Jm, do you have a trophy wife that buys shoes all day long? My wife is a teamster and has to work to help feed our family. I think she has two pairs of shoes.
How am I privileged again? Because I think different than you?
When prices rise broadly across the spectrum, it is called inflation. Do you dispute that prices have increased sharply for consumer goods in recent months?
Do you blame people? Do you wanna go work in a meat processing plant and slave away, breaking your body piece by piece for $15/hr, just to spend most of that on rent, healthcare, and other assorted essential expenses, all while risking getting Covid and the long-term effects that come with that? $30,000 a year doesn't really cut it these days.
These workers are waking up to the fact that if they're going to be poor and broke, they might as well remove the job from the equation and at least not spend 40 hours a week being completely miserable and breaking their body for a wage that barely covers their basic needs.
This country needs to either reduce the expenses the lower classes face (find a way to lower rents, lower healthcare costs, lower child care costs, for example), or increase not only wages, but the share of wealth that goes to them.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
" This country needs to either reduce the expenses the lower classes face (find a way to lower rents, lower healthcare costs, lower child care costs, for example), or increase not only wages, but the share of wealth that goes to them. "
An herein lies the problem. With the supply system breaking down, the prices are only going to increase. Everyone will end up paying the price, including the lower classes at an increasing level. Relying on the government to 'fix' this will likely only cause more issues. (some would argue that the government is in fact at least partly responsible for where we are at today, due to policies - not singling out any party or individual).
" Do you blame people? "
Not necessarily. We always want... someone else to to do the dirty work, and we would rather stay at home and play at the keyboard. But until our country and we finally decide to pull up our pants and get back to work, IMO it will not bode well for what is in store for us.
Transitory is a word used by FED jawboners to say regular inflation is just temporary in an effort to reduce market fear. Just as with normal or low interest rates all rising inflation can be temporary. FED chairman Paul Volker taught us this in 1979 when he successfully attacked inflation by raising interest rates to 20%.
Problem today is any increase in interest rates will destroy US markets and bring great loss to the financial puppet masters who, since 2008, have benefited directly from FED money infusions and artificially low interest rates. At what point does the FED abandon its servitude to the elite and act to actually save the economy and the currency? Is there another Paul Volker at the FED? Likely not. This is what will doom the dollar and the US economy and protect those who patiently held PMs, particularly silver.
Those who believe the silver futures market spot price tells us where silver stands have not been following the true price and premiums on the physical metal. Today a random date BU silver eagle from APMEX will cost you a record and rising 47% over spot plus shipping costs. To the naysayers I say "silver is doing its job as dollar insurance, get coverage while it is still cheap."
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
BUT WHAT ARE WE TO DO!?!?! Buy, sell!?!
My Charles Schwab username is : ineedsomehelp
And my password is:
$Buyorsell2021?!
Can someone just log in for me and make me my money!
Silver and Gold are still priced in dollars. Things are changing quickly. Prepare your self.
100% Positive BST transactions
20% is egregiously high. At that rate, no one would be able to finance a decent home, rent prices would shoot through the roof in response to demand, and the lower and middle class would collapse and make 1929 look like a cake walk.
I don’t want to work so give me some money to live, why is that guy getting richer because he is working.
Do you think I spent 4 months of my summer out on fires because I love spending 16 hr days working my A$$ off sleeping in a tent or in the dirt no but it is what I do for a living and that is one of the ways I make my money. It’s okay as there are people out on vacation spending that $1200 a week I’m making very good money and putting it to work for me.
This is why we are having problems. They are focusing on that $1200 or $600 a week not how can I go out and make twice or three four times that. It’s not easy but once your start you will get hooked.
I remember when I was 19 I told myself I’m not going home till I make $200 dollars today and I did it and I did it for years ya there was days I only made $150 but I made it up the next day by doing $450 now let’s let’s just say times have change and I do okay because I’m working.
Hoard the keys.
just shows you how fragile our economy is today compared to when the 20% rate kicked in. The difference boils down to debt, debt at all levels.
but 20% is what it took, at a great suffering to many, to bring inflation under control. Volker basically showed the banks his middle finger.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
A lot of people out there don't see money like that, they don't care about material things, material wealth. They just want to make enough money to cover the bills and enjoy their lives... It's a different value system than yours, and there is nothing wrong with that. Money is just a means to an end, nothing more. So if they can cut their expenses, survive on less, and focus on filling their time with experiences and not work, who are you to pass judgement on them for having a different value system? They simply value their free time on an hourly basis more than you did.
The problem isn't the people, the problem is the structure of the society and businesses that abuse people for financial gain.
Let me just drop this tidbit; My employer is raising the costs of our healthcare plan $50/paycheck. Is my employer struggling? No, they have reported $16.6 billion in profits so far this year, with a whole quarter to go. This $50/paycheck move is going to save them $429 million assuming every single one of our 330,000 employees is in the USA and gets benefits. I believe the number is closer to half of that, so around $215 million in savings. Meanwhile it's a hit of $1300 a year out of the pocket to my employees making $40k-$50k a year... And the cool thing? We're a healthcare company ourselves, we provide our employees our own insurance. It's absolutely mental and I'm encouraging my employees to make their dissatisfaction known loud and clear.
It is absolutely a case of pure, unadulterated greed, and a symptom of the greater structural issues the US workforce is facing right now.
Fun fact; Do you know how long it would take to count $22,000,000,000.00, our roughly estimated annual earnings this year? If you worked 24/7 at one dollar per second it would take you 660 years. 8-10 lifetimes. US Corporate Culture is such BS, and the individuals who propagate it are also full of it.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
All the paper trading and crypto currency and bit-coin is fiat(fake) currency to me. I don't trust any of them. When the inflation hits hard (and it will), only real in-hand silver and gold will hold up. Give me the real deal, you can have the paper.
Silver and Gold are more "flight of safety" assets, meaning people buy them ONLY when everything else is going tits up. Why would people sell their stocks and homes that keep appreciating to buy a non producing asset like silver? Silver pays no dividend, has no earnings. Stocks, bonds, real estate and precious metals, they all compete for capital. If stocks/real estate do well people pull out there $$$ in safer assets to chase yield.
Fixed rate loans on property is the best hedge on inflation or hyperinflation: If the dollar lost all/most of its purchasing power, you sell your laptop for $20,000, and your TV for $15,000 and you can pay off the rest of your mortgage. The TV and laptop did not physically change, but the purchasing power of each dollar dramatically decreased
Also it doesn't help silver to paper ratio is like 250: 1, so for every 1oz of physical silver, there is 250 oz's on the paper/comex market. Silver stackers are fighting a losing battle, that ratio will prob be 300:1 by next year. At least with slabbed coins you have scarcity and
Nothing wrong with that, as long as that's where it ends. But it won't. These are the people who will be upset when they get older because social security isn't enough to live on (and it's not) and they didn't save anything because they were focused on having experiences. They're going to insist that the government bail them out because fairness and it's wrong that all those people who were prudent and did save aren't in such a desperate situation. Of course, when the bailout comes, it comes from the people who have some money but can't afford expensive accountants to protect it.
It’s perfectly fine for people to value their time differently. @Type2 didn’t mention anything about material things. He put in the hours and effort to be able to cover the necessities and live comfortably enough (while also doing an essential job). No one is entitled to enjoying life experiences while having someone else foot the bill so that they don’t have to work.
And that insurance company you mention along with some others is in large part responsible for the higher costs of insurance. They had a big hand in writing the current laws and any future government “improvements” would almost certainly see them benefit again at the expense of normal people.
Let me change up what you just said by just a little:
“I own two businesses. I have a running reliable car. I have a loving wife.”
Sounds pretty privileged to me, compared to many. That’s not a bad thing. It’s good to realize how privileged most of us are here, it helps keep us humble and grounded.
The difference between privilege and entitlement is…?
I am a firm believer in equal opportunity, not equal outcome.
Attitude
When this thread is closed
Please bring it over to the precious metals forum. We could use the number of people discussing inflation and pms
The vast majority of the forum is in the top few percent income wise. While recovery for the financially well off and Wall Street was very strong after the Great Recession in 2008, for many middle middle income families and lower tax brackets, many never recovered. It would not take much to plunge mainstream America into chaos.
Wall Street has done well in part over the last decade thanks to the FED’s quantitative easing, bailouts, and yes, artificially low interest rates. While loose monetary policies create asset bubbles and instability, if you overreact you create deflation. The FED’s monetary policy led to deflation and many economists cite this as a reason the Great Depression was prolonged. There was also almost a depression within a depression.
Not married.
Own a house. No mortgage.
Drive a 2005 Dodge Caravan that I bought 4 years ago.
What is the point of your questions? You simply don't understand what "privilege" means in the current context.
You have privilege. Everyone does. It's not an insult.
You also appear to be suffering from "fragility". Google that when you have a chance.
You apparently don't feel inflation. That alone is a mark of privilege.
“Emotional intelligence” is a good one for us all to Google. Me included.
🧘♂️
Huge difference. Privilege is status obtained by some facet of identity. Entitlement is having the right to something unearned.
There are many facets to identity and, therefore, privilege. Everyone has some measure of privilege which is different from power or entitlement.
https://www.nasponline.org/resources-and-publications/resources-and-podcasts/diversity-and-social-justice/social-justice/understanding-race-and-privilege
https://www.newyorker.com/books/page-turner/the-origins-of-privilege
https://social-legacy.com/entitlement-vs-privilege/
Silver prices did skyrocket, have you bought any silver from the US Mint lately?
My US Mint Commemorative Medal Set
It's too bad that it will be closed - Monday - I guess Mod's don't work on the weekends!
There's some actual good content in these discussions - it's too bad that some make it personal because they have great content that they ruin with the personal stuff.
I do notice that one user seems to think they're correct about EVERYTHING - and EVERY discussion.
They even think they're right about others responses! Mind-Blowing!
BST references available on request
It can be closed simply because it is not about us coins
I thought the OP was talking about US Silver Coins? No?
BST references available on request
If inflation remains at its current level or increases over time the result will eventually bring about higher interest rates. Maybe I'm imagining things but if my memory serves me higher interest rates historically lead to lower precious metal prices. That's my two cents worth for what it's worth.
it's crackers to slip a rozzer the dropsy in snide
In 1999 there was a book released by a financial columnist (James Glassman) and and economist (Kevin Hassett). The main prediction of the book was "Dow 36,000" within 5 years. The prediction was widely publicized at the time. The DOW was about 11,000 when the book was published.
This past week the DOW finally reached 36,000 (22 years later).
So it doesn't just happen to silver.
100% agreed. Reminds me of the Dunning-Kruger Effect. A hypothesis that cognitively low functioning people believe that they are smarter and more capable than they really are. Essentially, low ability people do not possess the skills needed to recognize their own incompetence.
One thing for sure, gold and silver make nice coins!!
Patience ..$25 is Break/out
History will repeat itself again.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
Mostly from the St Louis Fed...here are some recent stats
YoY unless noted ...increases
Gas, 49.6% ( seems low to me)
Food 11.9%...meat 20%
New car 9.8%
Used car/truck 26.4%
Alum tonnage, $1,700 to $2,700
Copper, 50%+ last 2yrs
Urban pipe line gas 28%
Wait til these costs start getting to the consumer. I personally don't envision significant drops in the next year if energy costs remain high. Esp diesel cost.
One yr ago I was buying maples IIRC for about $1,600. Not any more.
Not just you. Start of this year, gas was $2.04 here, it's $3.91 today.
This discussion with EOC on inflation is a carry over from a different thread.
Great thread.
Knowledge is the enemy of fear
Gas numbers are hard to track. The tax structure and corresponding price structure is so different from state to state.
No doubt. 49.6% still seems low.
I don't know. NY State average went from $2.38 in January to $3.54 this week. That's pretty close to a 50% increase.
Give this a try... (you can edit in many cities across the USA)
https://gasbuddy.com/charts
BST references available on request
Do you think used cars will appreciate by another 26.4% next year? If not then inflation will slow down and revert back to a more normal 2%.
You're right. Good news for NY, gas only went up 50%. Unfortunately, people in other places in the country weren't so fortunate.
In case this excellent thread finds a typical fate sometime tomorrow, thank you all for adding your expertise. I typically go to the p.m. forum to follow this type of topic but it is nice to see some of the same and different people (with fresh insight) participating.
Ok, someone do the math on us mint proof ASE’s and 1 ounce proof buffalo gold compared to that of spot silver and gold in the last 2 years. Thanks in advance!
I can remember about a yr ago on my way through Laughlin stopping at Costco in Bullhead and paying $1.72 for gas. Lol.
Those were the good old days.
To the gentleman who inquired about used vehicles... If they didn't go up this next year then overall inflation would stabilize at 2%?
It doesn't work that way.
What you will see is EVERYTHING tied to agricultural production will probably lead the inflation charge this next year. Fertilizer, corn feed, ethanol, beef stock, food processing machinery, wages, climate.
I'm not sure of the question. Are we talking new releases or the secondary market?
I'm also not sure what we learn from manufactured products. For example, what would the price of gold jewelry tell you?
Not to mention that used cars make up 2% of the CPI. So, even if the used car component goes to zero, it has little impact on the overall CPI.
https://www.bls.gov/cpi/factsheets/used-cars-and-trucks.htm