Is anyone surprised by this? I'm sure not. Yahoo Finance and the AP are reporting that inflation made its biggest spike in half a year...right on the tails of Obama's Trillion-Dollar Turd. And, oil and gas are leading the way, despite all the hoopla about alternative energy emanating from the White House these days.
Inflation at the wholesale level surged unexpectedly in January, reflecting sharply higher prices for gasoline and other energy products.
The Labor Department said Thursday that wholesale prices increased by 0.8 percent last month, the biggest gain since last July and well above the 0.2 percent increase that economists had expected.
The acceleration was led by a 3.7 percent surge in energy prices with gasoline prices jumping by 15 percent, the biggest gain in 14 months.
In addition to the big jump in gasoline costs, prices for home heating oil were up by 5.4 percent and liquefied petroleum gas, which is often used to heat homes in rural areas, surged by 20.2 percent, the biggest jump in more than six years.
I'm no economist, but I'll take a stab at stating the obvious - There is no way that the government can just print money like its doing right now and NOT devalue our dollar. Think of it like a family. Printing money is like having kids. I have three kids and so each will get a third of my estate when I die. If I have seven more kids I'll have ten. That will leave each with 1/10. That DE-VALUES each share.
Are we printing money? You bet we are. Generally that money is backed by floating treasury bills to China. They buy our treasuries, and that mitigates the devaluation I just described. But China announced recently that they had to mind their own issues, and wouldn't be buying American T-Bills any more. Then Congress immediately went on an historic spending spree, with their partners-in-crime at the Fed printing trillions of dollars. That's like losing your job and increasing your spending by 100%.
When they print money like that, they are only stealing the value of the dollars in your pocket. This is government by seizure and redistribution... only it's being done in a very sneaky and underhanded fashion.
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