I’m Shocked, Shocked, I Tell You
The Fed would…lie?
(Reuters) – U.S. government inflation data is “a sham” and is causing the Federal Reserve to vastly understate price pressures in the economy, influential U.S. investor Jim Rogers said on Tuesday.
…Rogers, who rose to prominence after co-founding the now defunct Quantum Fund with billionaire investor George Soros some four decades ago, said he was betting against U.S. Treasuries. “I expect interest rates in the U.S. to go much, much, much higher over the next few years,” he said.
The core personal consumption expenditure index, which removes food and energy costs, is the Fed’s favored measure of inflation and was flat in October for the second straight month.
“Everybody in this room knows prices are going up for everything,” Rogers told the Reuters Summit.
Food and energy costs don’t count for inflation, because in this Happy New Green Economy we don’t harm Gaia by eating or using any type of fuel.
You have to love a system where the Fed allows themselves to “measure” inflation by excluding everything that goes up in price.
It’s brilliant.
Biz, Morality, Nanny State, Politics | Mr. Bingley | 
December 8, 2010 7:40 am
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And I think it’s durable goods that has a large aircraft component. I feel so useless and, dare I say it, unpatriotic in those months where I get food and fuel but fail to upgrade my 777 fleet. I was wondering how others overcome that worthless feeling, or am I the only one with this spending pattern?
/Anxious to contribute in Tucson.
Is that an AirBus 380 in your pocket or are you just happy to see me?
Oops! Sorry Bingster, sometimes it’s hard to holddown thoughts of Rolls Royce thrust capability. Mea culpa.
It’s the same as the lie that makes them exclude any data that contradicts global warming, or that calls a smaller rate of increase a spending cut, or the lie that those amazing bacteria weren’t getting any phosphorous and thus really did live on arsenic. (Yay NASA! Yay Us!)
They can’t even be straight with us on the small stuff anymore. The Emperor and his court have no clothes… and no closets, no tailors, and no fig leaves.
“…that calls a smaller rate of increase a spending cut…”
That’s always been one of my favorites, ‘Fly.