No more than 4 months behind the curve – from CNBC:
Despite rising commodity prices and a bleak employment picture, “stagflation” remains a word not uttered in the polite company of the financial world.
But there remain only a few more tumblers to fall into place for a return to that awful word that conjures up images of the “malaise days” of the late 1970’s and early ‘80s, where rising inflation and slumping employment tamped down economic growth.
Oil’s foray Wednesday above the psychologically important $100-a-barrel line only helped stoke the historical comparisons…
It was back in October that I first wrote about the coming stagflation here on Blogs for Victory – and it was in March of 2009 where I figured that the economic policies could lead to a bout of stagflation. This isn’t news. It isn’t a surprise. It was all noted and predicted long ago – you have to be some sort of fool to think that borrowing and printing up trillions of dollars will work out well. Trouble is, utter fools are governing our economy at the moment – from the bankster boardrooms to the Federal Reserve to the US Treasury they all believe – really, no kidding – that fake money and debt lead to prosperity.
It may seem a bit silly, and perhaps it really was, but yesterday when I prayed the Rosary I actually prayed for our economy. That some how, some way, we’ll be spared the worst of what we so fully deserve – and we deserve it because, first, most of us bought the idea of debt and get-rich-quick over the decades and, secondly, because a majority of us really did vote for Obama in 2008. I’ve never been more pessimistic about our economic chances in my life time – not that it will kill us off, but that we’re really in for it. And maybe, in the end, a wiser America will emerge from it all…but, man, what a mess…and the people running the show don’t even seem to see it coming.
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