ECONOMICS: Maybe I have to start looking at price per ounce?

Monday, January 2, 2023

https://www.zerohedge.com/markets/whats-your-line-sand-25-burger

What’s Your Line In The Sand? The $25 Burger?
by Tyler Durden
Thursday, Dec 22, 2022 – 09:22 AM

  • Authored by Charles Hugh Smith via OfTwoMinds blog,
  • The gag reflex kicks in at some point and we walk away because it is no longer worth the price.

*** begin quote ***

Everyone has a line in the sand when it comes to inflated prices they refuse to pay. For one Walmart shopper I observed, it was a carton of eggs for close to $10. She announced her line in the sand verbally, with great force and sincerity.

What’s your line in the sand, the point at which you simply refuse to pay the asking price? Is it the $25 burger? Or is it the $50 for two burritos and two beverages?

Each person’s line in the sand reflects their income, wealth, budget, social status and value system–what’s important to them. For some higher income folks, it might be the ridiculous “resort fee” that’s tacked onto the already overpriced resort room, hotel tax, excise tax, parking fees and the extra-special charge for Internet service.

For others, it might be the outrageous estimate for repairing a system failure in a nearly-new vehicle that is (surprise!) no longer covered by the manufacturer’s warranty. Hundreds of dollars for what?

*** end quote ***

Hmmm, now that’s an interesting pot question.

For me, it has to be the $9 “craft beer”.  I switched at my local bar from draft to bottles when the price was 7$ for a draft and 3$ for a bottle.  Maybe I have to start looking at price per ounce?  Or, milliliter!

Dining out has become a $100 proposition.  Isn’t that far beyond the average working stiff?  It certainly is getting there for the senior citizens and people with rug rats.

Sad. 

And it’s all caused by the politicians and bureaucrats “printing” money.

Where does the merry-go-round stop?

Soon I think.

—30—

Leave a Comment » | ECONOMICS | Tagged: , , | Permalink
Posted by reinkefj

ECONOMICS: All pensions, IRAs, and 401Ks — as well as Social Security — many not be there to “retire” on

Saturday, November 19, 2022

https://www.realclearinvestigations.com/articles/2022/11/15/lost_retirement_horizon_why_401ks_are_not_ok_and_not_just_because_of_to_the_lousy_economy_864500.html#

Lost Retirement Horizon: Why 401(k)s Are Not OK (and Not Just Because of the Lousy Economy)
By John F. Wasik, RealClearInvestigations
November 15, 2022

*** begin quote ***

Fretting over your 401(k) lately? For all the current turbulence in these retirement plans – from their rocky recent market performance to asset managers’ politicization of their investments through the “environment, social and governance” agenda – the main problem lies in their flawed design decades ago, a range of retirement experts say.

They say many retirees – particularly the less well-off – are losing out because the tax-advantaged accounts favor the well-compensated who are better able to save; also, because of the plans’ temptingly relaxed borrowing rules, typically high fees, complexity, and a presumption of investing competence on the part of ordinary workers.

*** end quote ***

Let’s not overlook the fact that “social security”, in addition to being a racist wealth transfer program from poor minority men to rich white women, is un- or at least very under-funded. It seems unlikely that, at even the best rate of inflation of 2%, the “benefits” payment will be in “shrunken purchasing power’. In the case of “social security”, it’s likely to be reformulated as a “welfare” program with all sorts of income limits and regulations. The “golden rule” (i.e., he who has the gold makes the rules” means that the Gooferment will be making the rules. When the “can” (i.e., deficit, debt, interest expense) can no longer “be kicked down the road”, then Joe-SixPack will suffer. If I was young, I’d store my “wealth” in things the Gooferment can’t tax (i.e., precious metals in my backyard) or touch (i.e., all pensions, IRAs, and 401Ks are seized in exchange for “enhanced” social security “benefits”). It can happen here (i.e., FDR’s gold recall). Argh!

—30—

Leave a Comment » | ECONOMICS | Tagged: , , , , , , | Permalink
Posted by reinkefj

ECONOMICS: Social Security is a Ponzi scheme that is a national disaster and getting worse

Thursday, November 3, 2022

https://www.dailysignal.com/2022/11/02/7-facts-biden-ignored-about-social-security-in-his-speech-to-florida-retirees/?utm_source=TDS_Email&utm_medium=email&utm_campaign=MorningBell&mkt_tok=ODI0LU1IVC0zMDQAAAGH2-4XvReNlf-88oulRzrqa4RzRxEmWEZbT5rnJoS1tumDrnI9892TnNi09M5trdns5w9_APQOfhNXa47MWqPTZVlYwUJcobrXBm7-PtbXZWG3ovRJ

7 Facts Biden Ignored About Social Security in His Speech to Florida Retirees
Rachel Greszler / November 02, 2022

  • Rachel Greszler is a research fellow in economics, budget, and entitlements in the Grover M. Hermann Center for the Federal Budget, of the Institute for Economic Freedom, at The Heritage Foundation. Read her research.

*** begin quote ***

Social Security is a bad deal for current and future workers. Social Security may have been a good deal for Biden’s generation, but it’s not a good deal for current and future workers. A Heritage Foundation analysis showed that the average younger worker could receive nearly three times as much as Social Security can provide if they were instead able to save Social Security taxes in their own retirement accounts. (The Daily Signal is the news outlet of The Heritage Foundation.) Even low-wage workers making about $20,000 a year could have 40% larger incomes in retirement as a result of saving on their own. And personal savings can be passed on to family members or friends, something that’s especially important for lower-income Americans, who are less likely to be able to save outside of Social Security and also for individuals with shorter life expectancies. One in five black men will die between the ages of 45 and 65, meaning they will pay tens or even hundreds of thousands of dollars into Social Security and could get little or nothing in return.

*** end quote ***

It’s often been asserted and proved that Social Security is a racist program that transfers wealth from poor minority men to rich white women.

If for no other reason, it needs to be eliminated.  I’m sure the financial gurus can transform the unfunded liabilities fairly.  Yes, it will be painful and not pretty.  I can foresee the under 40 participants getting a 25+ year bonds for their “benefit”.  The 40 to 67 get a similar but non-transferable bond ladder.  Current recipients will have to be paid out of the current budget.  It’s going to require pain, but it’s better than future financial disaster when all the politicians and bureaucrats who created the mess are long dead.

Argh!

—30—

Leave a Comment » | ECONOMICS | Tagged: , , , , | Permalink
Posted by reinkefj

ECONOMICS: Are “knowledge workers” next on the obsolesce curve?

Friday, October 14, 2022

https://www.bworldonline.com/opinion/2022/10/11/479904/five-ideas-that-will-reshape-capitalisms-next-century-2/

Opinion
Five ideas that will reshape Capitalism’s next century
October 11, 2022 | 5:38 pm

*** begin quote ***

THE GREAT KNOWLEDGE-WORKER CULL
First, they came for the agricultural workers. Then they came for the industrial workers. Now they are coming for the knowledge workers

THE RISE OF THE TRILLION-DOLLAR TRUST FUND BABY
In the next decade or so we will see the birth of a new kind of baby: trillion-dollar trust fund babies who are destined to inherit fortunes that are bigger than the GDPs of small countries or the stock-market valuations of large companies.

THE NEXT FRONTIER OF COMPETITIVE ADVANTAGE: GENETICS
The West has understandably remained nervous about exploiting the potential of genetic science since the horrors of the Holocaust. That is likely to change in the coming decades — indeed genetic science may be for the next 40 years what computer science was for the past 40 years.

THE NEW ROAD TO SERFDOM
The great clarion call of market societies is freedom: freedom to exchange the fruits of our labor in the marketplace for goods and freedom to express our views in the marketplace of ideas. Yet there is a growing risk that we are losing our freedoms not only to a new generation of intellectual censors but to watchers who monitor our every move.

*** end quote ***

I couldn’t find the fifth idea.  

But the first one is stunning. 

If I was a “knowledge worker”, then I’d be very concerened.

—30—

Leave a Comment » | ECONOMICS | Tagged: | Permalink
Posted by reinkefj

ECONOMICS: Energy is critical to life as we know it and it’s not “free”

Wednesday, October 12, 2022

https://www.realclearenergy.org/articles/2022/10/03/joe_bidens_energy_crisis_856943.html

Joe Biden’s Energy Crisis
By Rupert Darwall
October 03, 2022

*** begin quote ***

The West is experiencing its third energy crisis.

*** and ***

This time is different. The third energy crisis was not sparked by Saudi Arabia and its Gulf allies or by Iranian ayatollahs. It was self-inflicted, a foreseeable outcome of policy choices made by the West: Germany’s disastrous Energiewende that empowered Vladimir Putin to launch an energy war against Europe; Britain’s self-regarding and self-destructive policy of “powering past coal” and its decision to ban fracking; and, as Joseph Toomey shows in his powerful essay, President Biden’s war on the American oil and gas industry.

*** end quote ***

The USA went from a net exporter to a net importer all to be “green”.  Like “climate change” is a real thing!  And, if it was, that it’s not driven by China and India.

We have not built a gasoline refinery in the USA since the 70’s (or so I’m told).

This “electric car” stupidity is just beyond comprehension.

Hopefully the voters can start taking back control.

31T$ of debt should be a huge wake up call.

—30—

Leave a Comment » | ECONOMICS | Tagged: , , , , , , , | Permalink
Posted by reinkefj

ECONOMICS: Cryptocurrency — no regulation needed — Caveat Emptor

Sunday, October 9, 2022

https://www.zerohedge.com/crypto/secs-reckless-crusade-crush-cryptocurrency-market

The SEC’s Reckless Crusade To Crush The Cryptocurrency Market
by Tyler Durden
Wednesday, Sep 28, 2022 – 08:20 PM

Authored by Gerard Scimeca via RealClearMarkets.com

*** begin quote ***

The outcome of the SEC case against Ripple is critical in not just establishing a fair and just baseline for the protection of crypto investors, but as a test case in setting boundaries to stop overreach by federal agencies seeking to advance their power at the expense of efficiency. Crypto is popular and growing precisely because of its efficiency, flexibility, and vast utility in financial markets, benefits that can easily be quashed through intrusive and heavy-handed regulation. The ultimate arbiter of these issues is Congress, who must act, and soon, to help establish a clear framework to regulate crypto, and to limit the SEC’s power to occupy spaces where it simply does not belong.

*** end quote ***

Sorry, but all the Gooferment ever does is impede progress.

Is an “unregulated” market “dangerous”?

No, let the buyer beware and let the “invisible hand” of the free market quickly and efficiently discipline bad actors.

No bureaucrats required.

—30—

Leave a Comment » | ECONOMICS | Tagged: , , , , , , , , , , | Permalink
Posted by reinkefj

ECONOMICS: Biden buys votes with student loan forgiveness

Wednesday, August 31, 2022

https://schiffgold.com/key-gold-news/somebody-has-to-pay-for-student-loan-forgiveness/

Somebody Has to Pay for Student Loan Forgiveness
August 24, 2022 by Michael Maharrey

*** begin quote ***

President Biden is expected to announce student loan forgiveness on Wednesday (Aug. 24). The plan will reportedly cancel $10,000 in student loan debt for anybody making less than $125,000 per year.

A lot of people think this is like waving a magic wand — poof — the debt is gone. But somebody has to pay and that somebody is the American taxpayer.

Nothing the government does is free. Ultimately, student loan debt forgiveness will add to the already massive budget deficit. That means Uncle Sam will have to borrow more money that taxpayers will have to repay, either in higher taxes or the inflation tax.

*** end quote ***

And we know who all pay — the Taxpayers.

The economy will have more inflation to deal with and the moral hazards keep piling up!

—30—

Leave a Comment » | ECONOMICS | Tagged: , , | Permalink
Posted by reinkefj

ECONOMICS: Here’s at least on good idea to save “Mother Earth”

Wednesday, August 17, 2022

https://www.dailymail.co.uk/femail/article-11105347/People-share-clever-zero-waste-tips-including-brothers-sent-birthday-card-1973.html

Waste not, want not! Social media users share their genius ideas for reducing, reusing and recycling – from resending the same birthday card to making an ice cream cone out of a banana leaf

  • People around the world are re-thinking what can be reused or recycled
  • Many people are becoming more aware of their environmental impact
  • Bored Panda collated some people’s very clever yet unusual zero waste tips

By Ellen Coughlan For Mailonline
Published: 04:02 EDT, 13 August 2022 | Updated: 04:09 EDT, 13 August 2022

*** begin quote ***

With two billion tons of waste dumped every year around the world, people have started to re-think what can be reused or recycled.

Many are becoming more aware of their environmental impact as rubbish sent to landfill represents a significant amount of greenhouse gases which have contributed to climate change.

People from around the world have shared their best zero waste ideas on social media, with Bored Panda collating some in an eye-opening online gallery.

*** end quote ***

As you know, I’m not a big believer in the “Mother Earth” Galia worship. But as an fat old white guy injineer, waste indicates that a better process exists and should be deployed.

A banana leaf is a good substitute for that paper wrapped around the ice cream cone.  But I like the cones.

Only serving coffee in the patron’s own cup seems to be a substantial saving.

My personal favorite is the reused birthday card.  Not that I send paper cards, I use e-cards from Jacqueline Lawson. https://www.jacquielawson.com/ which are really beautiful and completely “recyclable”. Laugh!

—30—

Leave a Comment » | ECONOMICS | Tagged: , , , , , | Permalink
Posted by reinkefj

ECONOMICS: Bitcoin exposes the weakness of fiat “money”

Friday, August 12, 2022

https://www.zerohedge.com/crypto/hidden-costs-fiat-bitcoin-standard

“The Bitcoin Standard” Exposes The Hidden Costs Of Fiat
by Tyler Durden Monday, Apr 11, 2022 – 03:03 PM
Authored by Archie Chaudhury via BitcoinMagazine.com,

*** begin quote ***

Dr.u Saifedean Ammos, author of “The Bitcoin Standard,” explained how fiat has hidden costs and why Bitcoin represents the next generation of money…

Detractors of Bitcoin often point to its costs – namely in the form of electricity used in proof-of-work mining and its perceived impact on the environment – as reasons for why it will never be a sustainable alternative to traditional fiat currency. These detractors often believe that Bitcoin is fundamentally unscalable, or more likely, come from the power structures that fiat currency has enabled, such as government or centralized financial institutions.

In his presentation on the main stage of Bitcoin 2022, Dr. Saifedean Ammous delivered a presentation meant to underscore the invisible costs of fiat money, and how it has been used for centuries to economically oppress the average citizen of a fiat-based economy. Dr. Ammous has long been a supporter of Bitcoin, and has written “The Bitcoin Standard” and “The Fiat Standard,” both of which have helped educate numerous individuals about the advantages of Bitcoin and the corruption that is ingrained in most fiat states.

Dr. Ammous started his speech by focusing on inflation and how using fiat money helps back a system that is inherently unequal. Dr. Ammous specifically cited how fiat inflation is used primarily for the needs of the government, saying that “The cost of fiat is currently 3.5% of all global wealth, and is used to finance government parasites, wars, and monopoly banksters.”

*** end quote ***

Inflation is the silent tax that has robbed “We, The Sheeple” of 99% of the purchasing power of their “dollars”.

The politicians and bureaucrats love it because unless you look for penny candy, or a nickel cigar you won’t see it.

That what this thrives count on.

Argh!

—30—

Leave a Comment » | ECONOMICS | Tagged: , , , | Permalink
Posted by reinkefj

ECONOMICS: Is the American Empire in decline — seems that way

Wednesday, August 10, 2022

“In a few words: the West is in decline and our leaders are greatly accelerating and exacerbating this decline. They can cover this up with redundant arguments about what is and isn’t a recession for so long. But at some point either the inflation will get worse — perhaps by gas shortages in Europe this winter — and/or the unemployment rate will spike. At that point, the underlying dynamics will become too obvious to ignore; for politicians and the general public anyway. Economists will likely find some other redundant nuance to debate and distract.”

https://macrocosm.substack.com/p/is-this-or-is-this-not-a-recession?utm_source=substack&utm_medium=email

# – # – # – # – #

It certainly seems that the “can” has finally been kicked as far down the road as it can be.  And, some very ugly economic “chickens” are going to come home to roost.

Instead of learning from the malaise in Japan, or the abject failures of previous “bailouts”, the politicians and bureaucrats have continued to increase their spendthrift ways.

“We, The Sheeple” are going to feel the pain!

—30—

Leave a Comment » | ECONOMICS | Tagged: , , , | Permalink
Posted by reinkefj

« Previous Entries
Next Entries »