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Date Posted: 18:50:01 1/26/23 Thu
Author: Jasper
Subject: From over to Rick Ackerman's site

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Eggheads in Denial

Incredibly, the eggheads, including a few Nobelists, remain in denial that a U.S. recession has even begun. The stock market is not so stupid and may even have begun to recognize that lower inflation could be leading to an economically fatal debt deflation. How else to explain the headless-chicken feints in both directions on news that prices for some things are coming down, if much more slowly than they rose? Like the keister bandits who control bitcoin’s price, the svengalis of Battle Creek have seized on markets numbed by chaos to jack cereal prices six ways from Sunday. For instance, the 16-ounce box of Cheerios that once sold for $4.70 is now a 14-ounce box for $6.99. If you think the trend has gone far enough, be careful what you wish for, since, in the unimaginably hard times that may lie ahead, we could get free cereal dispensed one cup at a time from trucks operated by the Federal Government. [Big job cuts in Silicon Valley and elsewhere suggest the U.S. recession will continue to deepen, presumably until even Biden and some widely quoted eggheads admit we’re in one. Click here for my latest interview on this topic with Howe Street’s Jim Goddard. RA]

https://www.rickackerman.com/

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