Many economists are now saying that inflation is going to get much worse this summer and will continue beyond the hottest months of the year. Economists at Goldman Sachs have even hiked their inflation projections this past weekend.
Goldman Sachs also warned clients that recent strong price spikes seem similar to those that preceded record inflation decades ago, joining other experts in forecasting inflation will last longer than previously expected. In a note to clients Sunday night, Goldman economists said they expect consumer prices to rise more quickly later this summer as transportation and health insurance costs continue to surge, pushing core inflation, which excludes volatile food and energy prices, from 6% in May to 6.3% in September.
The real word translation could mean an almost doubling of food prices and energy costs by the end of August.
In a weekend note to clients, LPL Financial chief economist Jeffrey Roach was more bearish, saying the surge in travel-related demand is a “major concern” for inflation as housing, restaurant, and accommodation prices reach new highs.
“Consumers may have to live in a world where inflation consistently runs hotter than the previous decade,” Roach said, citing concerns from central bankers like European Union’s Christine Lagarde, who last week warned there are “growing signs”—including the ongoing war in Ukraine—that suggest “supply shocks hitting the economy could linger for longer.” -Forbes
Inflation on critical goods such as food and energy will push many to the edge. In the not-too-distant future, many will be making decisions about how they will need to allocate their funds to heat their home or feed their children. Once this begins, the chain reaction will ripple through society and has the ability to cause a complete breakdown of all social order.
“We don’t believe the Fed can stop the issues that are causing inflation on the supply side without absolutely wrecking the economy, but at this point, it looks like they are resigned to the fact that it must be done,” says Brett Ewing, chief market strategist of First Franklin Financial Services.
The end game is a central bank digital currency, and in order to get there, and to get human beings to accept and willingly agree to their own enslavement, they have to completely destroy the current slave system. Fortunately, that gives us a small window of escape. We need to dismantle the current slave system and never institute another where any human has control over any other. Yet based on how many bowed down at the altar of government and got injected multiple times upon command from their master, too many seem all too willing to crawl on their knees and beg to be allowed to live on this planet.