FedUpUSA

Archive for October 1st, 2010

The man who is going to do everything in his power to make the cost of everything you have to buy go higher – and who, since The Fed’s last announcement, has been doing a great job of it.

His name is William Dudley, and he’s The President of the NY Fed.  You know, the so-called “regulator” of all the banks that caused this mess, and who utterly and intentionally failed to regulate said banks.

This is what he thinks:

We have tools that can provide additional stimulus at costs that do not appear to be prohibitive, Dudley, who serves as vice chairman of the Feds policy-setting Open Market Committee, said today in a speech to business journalists in New York. Further action is likely to be warranted unless the economic outlook evolves in a way that makes me more confident that we will see better outcomes for both employment and inflation before too long.

This is what he thinks is “not unacceptable” in terms of price inflation since the last FOMC statement and the announcement of “policy.”

Remember, this guy wants inflation to be HIGHER, not lower.

Oil, up 10%.  You didn’t want to buy any gasoline or heating oil this winter, did you?

Gold, up 3.2%.

Copper, up 6.32%.  You didn’t want to buy any sort of electrical or electronic device, wire a house or business, or otherwise use this very common industrial metal, did you?

Incidentally, run the annualized inflation rates on these compared to the eight day changes in price.  They’re all well into hyperinflation territory.

Now some other commodities have (likely correctly) surmised that this won’t work out that way, and appear to have topped.  Among them are wheat, corn, and a few others.  But let’s not forget how much they’ve been up since The Fed started threatening to play “QE 2″ – in some cases as much as 80%.

Not planning on buying anything with corn in it, are you?  Let’s see, that’s gasoline (ethanol), virtually anything on the store shelf with “high-fructose corn syrup” (that’s basically everything in a can or a box), and of course raw corn itself to eat.  Oh, and it’s your meat (basically all of it) six months later too.

And you don’t want to buy any bread, right?  No pizzas, no sandwiches, no cereal for your kid in the morning, nothing like that, right?

Your income last month went up at a 6% annualized basis, with half of that “government handouts” – a one-time burst that came from the reinstatement of “emergency” unemployment benefits.

Benefits that, for about 750,000 people, ran out last month, and and who now have zero income.

Just make sure you all remember who’s responsible for this, and who was responsible for appointing Bernanke to a new term. 

After all, November 2nd is coming, and these guys are trashing your future to save their buddies in Manhattan.

And your present.