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You’re Witnessing Reckless Spending and the Destruction Of…

February 16, 2021 By E.J. Smith - Your Survival Guy

By flydragon @ Shutterstock.com

You’re living in a crazy world where a lot of the frustration you and I feel is absolutely avoidable. Where’s leadership’s common sense? They’re making calls that impact your life in a way that seems separate from theirs. Why, for example, is the nation’s Capitol building surrounded by a moat-like steel fence and armored guards? From whom are they protecting themselves?

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You’re witnessing reckless spending and the destruction of the dollar. Is there any wonder today’s headlines read like an inflationary who’s who? “Lumber Prices Notch Records on Remodeling Boom, Stock Futures Gain, Natural Gas Rallies, In Texas Winter Storm Forces Rolling Power Outages. Cuomo Slips in Polls over New York Nursing Home Deaths.” That’s just to name a few.

In his WSJ piece, “What Inflation Debates Miss: Inflation,” Joseph Sternberg writes:

Meanwhile, inflation already is here.

“Inflation” in the academic and policy jargon has come to mean a specific event: a rapid run-up in consumer prices. This is the great horror remembered from the stagflation of the 1970s and the wheelbarrows full of Papiermarks in Weimar Germany in the 1920s. By this standard, the great mystery is that recent monetary expansions have not triggered consumer-price inflation. But this crimped definition of the problem blinds us to all the other inflationary pressures afoot.

Insight emerges from a browse through Adam Fergusson’s 1975 history of Germany’s hyperinflation, “When Money Dies.” The run-up in consumer prices was only part of the way the monetary excesses of the early 1920s destroyed German society. Other evils abounded.

Middle-class investors found the value of and income from their capital wrecked by a phenomenal bid-up in prices for financial assets, whose nominal gains masked inflation-adjusted plunges. Financial disorder stoked growing unease bordering on panic on the part of a bourgeoisie that had relied on its capital investments to fuel German economic growth and also to fund its consumption.

A consequence of chaotic financial markets was a new boom in speculation. The economic miseries of the era were not uniformly distributed, and the divergence between new classes of haves and have-nots stoked political and personal resentments alongside rampant corruption. Does any of this sound familiar?

Action Line: Get your financial house in order today, because it will be too late when government finally admits to seeing inflation tomorrow.

Originally posted on Your Survival Guy.

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E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

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