Graph of total US credit card debt, notice the spike over the last few months?

submitted by magnora7 from (lendingtree.com)

sorted by:
top
newinsightfulfun
you are viewing a single comment's thread.

view the rest of the comments →

[–]Alphix 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (5 children)

Yep, and Powell still going "Economy is too strong, MUST. PUSH. RATES. HIGHER." when they count people with 3 jobs as 3 workers: wow the labor market is just too strong man, we need to break these people.

[–]magnora7[S] 5 insightful - 2 fun5 insightful - 1 fun6 insightful - 2 fun -  (4 children)

Yup, it's bad. They need to do it though to stop inflation. If they don't raise rates, inflation could get crazy and the price of food could double every month.... but they also created this inflation themselves through all the covid stimulus and so on. And the petrodollar dying is creating a lot of unwanted USD which is making each one worth less, aka inflation. So they're having to raise rates to compensate for the death of the petrodollar

[–]Musky 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (2 children)

the price of food could double every month.

I just went shopping today and some of the prices were insane. $7 for a half gallon of ice cream. Almost $9 for a bag of oranges. $8 for a half gallon of milk, $8 for a half gallon of OJ -- although that includes a $2 bottle deposit fee for both. I don't know if you heard, but plastic containers contaminate milk and other foods:

[–]Dragonerne 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

Are those actually the prices? Lol, it is so cheap in Denmark then. I pay around $4 dollars a day in total for all my foods.

[–]Musky 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Those were real prices, it seems fruits and dairy have jumped in price. This is one of the first times in, well, decades, I didn't get any fruit besides bananas -- thanks banana wars for keeping nanners cheap. Our total grocery bill for the month is $260 for two people, that also works out to $4.33 a day. I don't buy things that are overly expensive, it's the only way the price comes down again.

[–]Alphix 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Economics does not recognize the loss of value of a currency on the international markets as inflation per se, but you are right, the effect is the same.