Rationalizing the Fight Against Deflation; but what about jobs! Fiat United States Notes!

I see much more inflation than deflation. What about you?

Officially, it is also up 8.51%. That's right; based on the official CPI-calculation methodology in use prior to 1982, the year-over-year inflation rate would be soaring north of 8%. (Deflation looks nothing like that). This fascinating insight emerges from the always-fascinating work of John Williams at Shadow Government Statistics.

If the Shadow Stats inflation data would fail to convince the Chairman that inflationary phenomena are at least as prevalent as deflationary ones, he could take a peek at commodity prices (up 11% yoy) or at health insurance costs (up 12.5% yoy). Easier still, he could examine his grocery bill.

"It's getting harder and harder for Americans to put food on the table," The Classic Liberal reports, "our basic food costs have increased by an incredible 48% over the last year (measured by wheat, corn, oats, and canola prices). From the price at the pump to heating your stove, energy costs are up 23% on average (heating oil, gasoline, natural gas). A little protein at dinner is now 39% higher (beef and pork), and your morning cup of coffee with a little sugar has risen by 36% since last October...

"You don't need a Harvard PhD in economics to understand what this means," The Classic Liberal concludes.

Very true, but you do need a Harvard PhD in economics to not understand what this means. "You can always tell a Harvard grad," the century-old saying goes, "you just can't tell him much."

via Rationalizing the Fight Against Deflation.

Regardless though, the economy is slow, very slow. Jobs are not being created at the rate that's needed.

Stimulus is fine provided it comes in the right forms. Bernanke has chosen the much more roundabout way. He's trying to avoid the people realizing that he's protecting and promoting the superrich, which is his job. They hired him to do that.

What we need to do is put the unemployed to work with all that "stimulus" money. Rather than have the Federal Reserve buy bonds, or even having a Federal Reserve at all, all the money being created should be going directly into paying people to do necessary work. There are endless jobs waiting to be filled. All the infrastructure of the country requires maintenance and improvement and replacement. The environment needs cleaning. Green energy plants need building. Trees need planting. The list is literally endless.

People would be willing to do the work for a solid living wage that pays for all the basic necessities and allows them to save on top of that.

It's not impossible at all for the government to create that work nearly instantly and to pay for it with new United States Notes that would be interest-free, tax-free, full legal tender (used to pay off the National Debt), and require zero gold holdings or anything else. So long as the money is issued to match real productivity and not speculative bubbles doomed to burst, there would be no inflation or deflation.

Not only that but the people could pay themselves in housing and energy and clothing and food and all the other things including healthcare. Actually money could become a thing of the past.

Together, the people would decide what they want to accomplish and then just do it — all for one and one for all, as the saying goes. The only things standing in the way are the greedy, violent ones.

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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