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Post by thehightenor on Jul 15, 2024 15:50:51 GMT -6
I'm in the UK and the BBC news reports the US economy as strong and a world leader. Are you saying "on the ground" that isn't true? We have had a cost of living crisis here in the UK but generally it's mainly over and inflation has dropped from 11% to 2%. Well, like any election cycle, regardless of the party in power, numbers are fudged every which way to seem not so bad but all I can say is that every trip to the gas station, grocery store…every electric bill…EVERYTHINHG has been higher for quite a while now & it has taken its toll on myself and everyone I know & love around me. Add to that BRICS and the decline in dominance of USD/petrodollar and I’m less confident in the USD than in my lifetime(45 years). I’m not quite stock piling water and food kits LOL…but I am going to be much more conscious of music related purchases until things calm down, may even sell some stuff 😬 Yikes, sorry to hear that - hopefully things will pick up sooner than later. |
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Post by ml on Jul 15, 2024 16:15:12 GMT -6
Cash is king. It is the legal tender. Everything else belongs to someone else who in turn is owned by Statestreet or Amadeus who in turn is owned by Blackrock. Who is it said "You will own nothing and be happy"? Cash is King but like most royals it’s a major pain in the ass, not good except by wire transfer for out of town transactions, IRS reporting on large purchases, can’t forget losses from counterfeit. Of course your fingers don’t go numb from counting credit card receipts. But who doesn’t love getting paid with big wad of cash? 🤑 |
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Post by gravesnumber9 on Jul 15, 2024 16:16:36 GMT -6
That sucks! To be honest though..and I don’t have any sort of crystal ball, but I think it would be a good time to not carry debt for the foreseeable future. Crazy times and I’m not so sure we’ve even seen the worst yet unfortunately. I'm in the UK and the BBC news reports the US economy as strong and a world leader. Are you saying "on the ground" that isn't true? We have had a cost of living crisis here in the UK but generally it's mainly over and inflation has dropped from 11% to 2%. Hahaha... I literally thought you were joking at first. Inflation is brutal over here. We just lie about all the numbers and job numbers and then change it a month later. Also our inflation doesn't count "volatile" consumer goods which includes food. So yeah, inflation is under control if you don't account for the fact that groceries are up about 25% year over year. Even a package of gum that cost $2.50 a year go is $5.99 now (but man, I do love that Mentos gum). |
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Post by drbill on Jul 15, 2024 16:55:24 GMT -6
I'm in the UK and the BBC news reports the US economy as strong and a world leader. Are you saying "on the ground" that isn't true? Absolutely not true, and it's getting borderline political - hope I don't get banned.  You can't print trillions of dollars you don't have without economic havoc coming home to roost eventually. The gov is fudging numbers like crazy. We are just starting to enter it - and already normal middle class folks that are paying attention are terrified. When T takes office next year, he is going to be saddled with 4 years of economic mayhem. There are lots of high end manufacturers putting on sales who NEVER had sales before. That should say it all. Add in AI, and fears for the overall music business, and it's looking bleak to lots of folks. And when that happens, the excess buying stops. |
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Post by gravesnumber9 on Jul 15, 2024 17:15:37 GMT -6
I'm in the UK and the BBC news reports the US economy as strong and a world leader. Are you saying "on the ground" that isn't true? Absolutely not true, and it's getting borderline political - hope I don't get banned. You can't print trillions of dollars you don't have without economic havoc coming home to roost eventually. The gov is fudging numbers like crazy. We are just starting to enter it - and already normal middle class folks that are paying attention are terrified. When T takes office next year, he is going to be saddled with 4 years of economic mayhem. There are lots of high end manufacturers putting on sales who NEVER had sales before. That should say it all. Add in AI, and fears for the overall music business, and it's looking bleak to lots of folks. And when that happens, the excess buying stops. Oh yeah, and don't believe U.S. employment numbers either. We count all kinds of weird ways on that too gaming the numbers with part timers and temp gov't workers. That's right, if you get hired on a 6 week project at $20/hr to collect census data or something you're a "job added" that shows economic growth. Our economic reports are borderline Soviet in their silliness compared to actual reality. |
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ericn
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Post by ericn on Jul 15, 2024 17:15:45 GMT -6
I'm in the UK and the BBC news reports the US economy as strong and a world leader. Are you saying "on the ground" that isn't true? We have had a cost of living crisis here in the UK but generally it's mainly over and inflation has dropped from 11% to 2%. Hahaha... I literally thought you were joking at first. Inflation is brutal over here. We just lie about all the numbers and job numbers and then change it a month later. Also our inflation doesn't count "volatile" consumer goods which includes food. So yeah, inflation is under control if you don't account for the fact that groceries are up about 25% year over year. Even a package of gum that cost $2.50 a year go is $5.99 now (but man, I do love that Mentos gum). You have to understand how inflation works and is stated if we look at that Gum at about 3% month over month yeah in about 23 months the price will double. Like interest inflation compounds. One of the biggest misunderstanding with inflation is this concept of return to normal means prices are going to go back down, that is an unrealistic and even more dangerous condition called negative inflation. The biggest driver of this post pandemic inflation has been wages. When the economy reopened everybody was trying to hire the same people so businesses dangled hire wages, then those who were not getting people raised them more. Now where is that extra money for wages going to come from? Why the customers, who are going to need to pay more. So then everyone wants more $ and a viscous cycle begins. Everyone thinks they are special and deserves more to stay at the same buying power, but someone else has to pay that cost. |
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Post by gravesnumber9 on Jul 15, 2024 17:19:23 GMT -6
Hahaha... I literally thought you were joking at first. Inflation is brutal over here. We just lie about all the numbers and job numbers and then change it a month later. Also our inflation doesn't count "volatile" consumer goods which includes food. So yeah, inflation is under control if you don't account for the fact that groceries are up about 25% year over year. Even a package of gum that cost $2.50 a year go is $5.99 now (but man, I do love that Mentos gum). You have to understand how inflation works and is stated if we look at that Gum at about 3% month over month yeah in about 23 months the price will double. Like interest inflation compounds. One of the biggest misunderstanding with inflation is this concept of return to normal means prices are going to go back down, that is an unrealistic and even more dangerous condition called negative inflation. The biggest driver of this post pandemic inflation has been wages. When the economy reopened everybody was trying to hire the same people so businesses dangled hire wages, then those who were not getting people raised them more. Now where is that extra money for wages going to come from? Why the customers, who are going to need to pay more. So then everyone wants more $ and a viscous cycle begins. Everyone thinks they are special and deserves more to stay at the same buying power, but someone else has to pay that cost. Dairy Queen up the street from my house is hiring entry level line cooks and cashiers at $15/hr. High school kids. And guess what? Their flagship burger and fries now costs $11. Haha... for a Dairy Queen burger!! (Spoiler alert, they taste the same as they always did... passable.) |
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ericn
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Post by ericn on Jul 15, 2024 17:30:49 GMT -6
You have to understand how inflation works and is stated if we look at that Gum at about 3% month over month yeah in about 23 months the price will double. Like interest inflation compounds. One of the biggest misunderstanding with inflation is this concept of return to normal means prices are going to go back down, that is an unrealistic and even more dangerous condition called negative inflation. The biggest driver of this post pandemic inflation has been wages. When the economy reopened everybody was trying to hire the same people so businesses dangled hire wages, then those who were not getting people raised them more. Now where is that extra money for wages going to come from? Why the customers, who are going to need to pay more. So then everyone wants more $ and a viscous cycle begins. Everyone thinks they are special and deserves more to stay at the same buying power, but someone else has to pay that cost. Dairy Queen up the street from my house is hiring entry level line cooks and cashiers at $15/hr. High school kids. And guess what? Their flagship burger and fries now costs $11. Haha... for a Dairy Queen burger!! (Spoiler alert, they taste the same as they always did... passable.) Hey before the kid graduated high school they were complaining that the math scores were dropping, I’m like umm yeah you can make more & get better benefits at QuikTrip, you think I want someone who can’t do that math teaching my kid math😁 |
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ericn
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Post by ericn on Jul 15, 2024 17:36:41 GMT -6
I'm in the UK and the BBC news reports the US economy as strong and a world leader. Are you saying "on the ground" that isn't true? Absolutely not true, and it's getting borderline political - hope I don't get banned. You can't print trillions of dollars you don't have without economic havoc coming home to roost eventually. The gov is fudging numbers like crazy. We are just starting to enter it - and already normal middle class folks that are paying attention are terrified. When T takes office next year, he is going to be saddled with 4 years of economic mayhem. There are lots of high end manufacturers putting on sales who NEVER had sales before. That should say it all. Add in AI, and fears for the overall music business, and it's looking bleak to lots of folks. And when that happens, the excess buying stops. Boy you can tell your not from KC😁 there is what is called the “new monetary theory “ has it’s origins at the KC Federal Reserve. What it basically states is that government debt doesn’t matter and a government can just keep printing money with no long term ill effects. It’s a theory, not one I prescribe to but it’s a theory. The US is their singular case study, but what they never mention is that US debt and currency are unlike any others they are the gold standard, they are what the rest of the world wants to put their money into. |
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Post by drbill on Jul 15, 2024 18:09:12 GMT -6
Absolutely not true, and it's getting borderline political - hope I don't get banned. You can't print trillions of dollars you don't have without economic havoc coming home to roost eventually. The gov is fudging numbers like crazy. We are just starting to enter it - and already normal middle class folks that are paying attention are terrified. When T takes office next year, he is going to be saddled with 4 years of economic mayhem. There are lots of high end manufacturers putting on sales who NEVER had sales before. That should say it all. Add in AI, and fears for the overall music business, and it's looking bleak to lots of folks. And when that happens, the excess buying stops. Boy you can tell your not from KC😁 there is what is called the “new monetary theory “ has it’s origins at the KC Federal Reserve. What it basically states is that government debt doesn’t matter and a government can just keep printing money with no long term ill effects. It’s a theory, not one I prescribe to but it’s a theory. The US is their singular case study, but what they never mention is that US debt and currency are unlike any others they are the gold standard, they are what the rest of the world wants to put their money into. We can all see just how well that's all working out for everyone...... (I'd post a smiley, but there's nothing much to smile about these days.) |
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ericn
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Post by ericn on Jul 15, 2024 18:28:11 GMT -6
Boy you can tell your not from KC😁 there is what is called the “new monetary theory “ has it’s origins at the KC Federal Reserve. What it basically states is that government debt doesn’t matter and a government can just keep printing money with no long term ill effects. It’s a theory, not one I prescribe to but it’s a theory. The US is their singular case study, but what they never mention is that US debt and currency are unlike any others they are the gold standard, they are what the rest of the world wants to put their money into. We can all see just how well that's all working out for everyone...... (I'd post a smiley, but there's nothing much to smile about these days.) Hey they could be right, it’s just that you would have to risk a nation’s economy to prove or disprove them . |
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Post by drbill on Jul 15, 2024 19:08:32 GMT -6
it’s just that you would have to risk a nation’s economy to prove or disprove them . We're well on the way then.... Stay tuned. |
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You can't print trillions of dollars you don't have without economic havoc coming home to roost eventually. The gov is fudging numbers like crazy. We are just starting to enter it - and already normal middle class folks that are paying attention are terrified. When T takes office next year, he is going to be saddled with 4 years of economic mayhem. There are lots of high end manufacturers putting on sales who NEVER had sales before. That should say it all. Add in AI, and fears for the overall music business, and it's looking bleak to lots of folks. And when that happens, the excess buying stops.