By: Paul Joseph Watson
Friday, November 5, 2010
Wheelbarrows to Wal-Mart: National Inflation Association warns that you’ll be paying $23 dollars upwards for a loaf of bread
The National Inflation Association is warning of a food crisis in America as soon as next year and possible “societal collapse” as a result of the Federal Reserve’s new quantitative easing program that threatens to eviscerate the buying power of the greenback.
“For every economic problem the U.S. government tries to solve, it always creates two or three much larger catastrophes in the process,” said NIA’s President Gerard Adams. “Just like we predicted this past December, the U.S. dollar index bounced in early 2010 and has been in free-fall ever since. Bernanke’s QE2 will likely accelerate this free-fall into a complete U.S. dollar rout,” warns Adams.
The NIA styles itself around “preparing Americans for hyperinflation,” and warns that holiday sales figures are set to be “the worst recorded in American history” as a result of Americans refusing to pay inflated amounts for overpriced goods. This in turn will negatively impact the rest of the economy and render completely impotent any supposed positive effects of the Fed’s money printing exercise.
Hyperinflation can only lead to “complete societal collapse,” warns the organization, as price indicators already underscore how drastic the situation has become even before Bernanke’s announcement earlier this week.
Soaring wheat and other commodity costs are pushing up food prices far beyond the rate of normal inflation, leading to noticeably higher prices in the grocery stores.
So far in 2010, the following farm commodities have already skyrocketed at an unprecedented pace.
– Wheat is up 84 per cent.
– Corn is up 63 per cent.
– Sugar is up 55 per cent.
– Soybeans are up 24 per cent.
As the End of the American Dream blog notes, “Anyone who believes that these commodity price increases are not going to be passed on to U.S. consumers is delusional. Literally thousands of food products are about to go up in price.”
The pain is doubled when you factor in spiraling gas prices, which will only continue to climb higher thanks to oil’s inverse relationship with the weakening US dollar. Oil has skyrocketed by more than 6 per cent just this week, with many financial observers predicting that $100 dollars a barrel is right around the corner.
But if you think wholesale commodity prices are already out of control, just look at what the NIA is predicting you will eventually be forced to pay for these staple items in your local grocery store.
– A standard 24 oz loaf of bread will cost over $23 dollars.
– A 32oz package of granulated sugar will cost over $62 dollars.
– A 11.30 oz container of roast coffee will set you back over $77 dollars
– A 64 fl oz container of Minute Maid Orange Juice will cost more than $45 dollars.
– A Hershey’s Milk Chocolate 1.55 oz candy bar will cost over 15 dollars.
– A plain white men’s cotton t-shirt will cost $55.57.
And the Treasury along with the Fed have the temerity to claim their dollar printing madness is justified by fears of deflation. No wonder Tim Geithner has been taking advice from a TV comedian!
Seriously, how long before we see US citizens carting Weimar Republic wheelbarrows down to Wal-Mart? These prices are what you can expect to be paying as a result of the Fed’s actions within the next ten years, and don’t expect your pay packet to keep track with this inflationary holocaust either.