July 02, 2022
I buy whey
powder, and I've noticed a very sudden surge in prices during this era
of inflation. I just happened to be looking up a whey product and
chanced across this graph of the prices in Europe.
This is stunning. Over little more than a year the price has very nearly doubled.
But isn't this the impact of the war in Ukraine?
I've marked the start of the war in Ukraine with a red mark.
So, as with many other illustrations of post stimulus inflation, the inflation mostly preceded the invasion.
Therefore, it is very hard to explain how an invasion caused a phenomenon which began a year earlier.
Tim adds:
In the last two years the U.S. Federal Reserve has exploded the money supply. Since everyone else tags their currency to the U.S. dollar everyone else's money has inflated too. It's basic economics (unless you are a Keynsian dingdong). I don't blame it on Joe Biden, although he wants to blow through trillions more yet. It's the Federal Reserve doing this. Yes, the pandemic was the justification, but the Fed had been expanding the money supply since the Bush Admiinistration and especially during the Obama years. It is exactly what they did in the 1920's. And, as in the '20's, they are now trying to cut the supply of money. That led to the Great Depression last time.
Posted by: Timothy Birdnow at
07:39 AM
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