Bitcoin News and Finance Inflation Plagues American Economy: US Consumer Prices See Fastest Rise in Close to 40 Years Skip to main content

Inflation Plagues American Economy: US Consumer Prices See Fastest Rise in Close to 40 Years

The consumer price index (CPI) data released Friday by the U.S. Bureau of Labor Statistics show prices in the United States climbed 6.8% in November compared to 12 months ago. It’s the largest rise in close to forty years, and U.S. policymakers are backing away fast from saying inflation is transitory.

Inflation Accelerates in the United States

Inflation continues to rear its ugly head in America as the cost of goods and services continues to rise with 2021 nearing the year’s end. On Friday, the Bureau of Labor Statistics, a unit of the United States Department of Labor, published the agency’s consumer price index (CPI) report for November and statistics look awful. Basically, the CPI is a measurement of a basket of goods urban households consume regularly. The metric rose the highest its ever been in close to forty years, jumping 6.8% over the same period in 2020.

Of course, economists and analysts all over the world had something to say about America’s rising inflation. The journalist and “market maniac” Holger Zschäpitz discussed the latest CPI report from the Bureau of Labor Statistics:

“Ouch! U.S. inflation jumps to 6.8% in [November], meeting economists’ expectations,” Zschäpitz said. “The reading shows the fastest pace of price growth since 1982, when Ronald Reagan was president. Inflation has accelerated through the fall as the supply crisis and strong spending fueled price hikes.”

U.S. households paid 0.8% more for consumer goods and services since October as well, according to the latest CPI report. Sven Henrich, the founder of northmantrader.com, sarcastically told his 323,800 Twitter followers “as long as you don’t need cars, housing, food or energy inflation is only 6.8%.” In a recent blog post published by Henrich, the market analyst criticized Fed chair Jerome Powell for sticking to the transitory inflation narrative for so long.

“What a colossal embarrassing blunder,” Henrich said. “Once again a Fed Chair being in total denial about reality. Like Ben Bernanke in 2007 declaring subprime contained and not a threat to the economy, persistent inflation is suddenly a risk to the economy when it supposedly wasn’t all year long while the data clearly kept saying that it was.” The analyst further added:

The Fed not only got inflation wrong but by extension they got policy completely wrong and I find myself very much validated here: They’ve totally overdone it on the liquidity front as they kept printing like madmen into an inflationary environment that they denied existed.

Grant Thornton Economist: ‘This Is Inflation That’s Not Likely to Be Insignificant Anytime Soon’

Diane Swonk, chief economist at Grant Thornton, recently spoke with Washington Post reporter Rachel Siegel and said inflation can subside, but this particular instance could be problematic. “Yes, inflation can abate, but what [policymakers] care about is: Is it significant or insignificant to peoples’ lives and decision-making?” Swonk stressed. “This is inflation that’s not likely to be insignificant anytime soon, and that’s a problem.”

A longtime critic of the Federal Reserve, Peter Schiff believes the central bank’s schemes will just add more fuel to the fire. “Maybe the reason investors think the Fed can cure the worst inflation in U.S. history by lifting interest rates slightly above zero [is] because they know even a tiny rate hike will crash the economy, which they assume will kill off inflation. But in reality, it will extend its life,” Schiff said on Friday.

What do you think about U.S. inflation rising at a pace not seen since 1982? Let us know what you think about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory