The U.S. economy cooled markedly in the first three months of the year, as snarled supply chains, record-high inflation and labor shortages weighed on growth and slowed the pandemic recovery.
Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.
From January to February, nearly every category of goods and services got pricier. Gas jumped 6.6% and accounted for almost a third of price hikes. Grocery costs jumped 1.4%, the sharpest one-month increase since 1990, other than during a pandemic-induced price surge two years ago. The cost of fruits and vegetables rose 2.3%, the largest monthly increase since 2010.
Stock up on real estate and commodities, because Greenspan is recommending a recipe for hyperinflation.
There was a time when Alan Greenspan was considered a genius? When Congress hung on his every word? When the media swooned at his mere presence? When he was thought of as sexy by Hollywood starlets? What the hell happened?
Our guess? Too many nights sleeping in a malfunctioning hyperbaric chamber with Andrea Mitchell will make a man start thinking strange thoughts.
"Not three, not four, but five gazillion dollars," Alan Greenspan said. "That's all we need to print."
Like this one reported by CNBC:
Former Federal Reserve Chairman Alan Greenspan on Sunday ruled out the chance of a US default following S&P’s decision to downgrade America’s credit rating.
“The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default” said Greenspan on NBC’s Meet the Press.
“What I think the S&P thing did was to hit a nerve that there’s something basically bad going on, and it’s hit the self-esteem of the United States, the psyche” said Greenspan.
Stock up on real estate and commodities, because Greenspan is recommending a recipe for hyperinflation.
To celebrate our second anniversary, IHateTheMedia.com is giving one lucky person $100 trillion. This is absolutely legit.
And the winner is …
We had a lot of funny entries. Of course, some of you do not understand the concept of “10 words or less,” but that’s a different issue.
Naturally, the Administrator and the Editor could not agree on a winner. Our first thought was to determine the winner using the progressive Democrat method and waiting to see who offered us the most money. But in the end, we took our four favorites and put them in Obama the office cat’s dish and had Mrs. Editor pick one at random.
3rd runner-up: Sidney Harmon and his almost winning entry was “I’d buy Newsweek. Twice.”
2nd runner-up: Road Warrior and his nearly winning entry was “I’d share it with Obama’s brother. Obama won’t help him.”
1st runner up: who will serve as the winner if for any reason the winner is unable to fulfill his duties, is Machogwapo and his entry was “I will get my 150 million USD inheritance from Nigeria.”
And the winner of a brand new, uncirculated $100 trillion Zimbabwean note is: Neo Bonbon. His winning entry was, “Used as a bookmark in Obama’s ‘Dreams From My Father.'”
Just our luck. If we’re not mistaken Neo BonBon lives in Costa Rica and the cost of damn postage will be more than the value of the $100 trillion.
To celebrate our second anniversary, IHateTheMedia.com is giving one lucky person $100 trillion.
This is absolutely legit. To enter just leave a comment at the bottom of this story telling us – IN TEN WORDS OR LESS – what you’d do with this crisp, new, authentic $100 trillion bill if you win it. We’ll pick the answer we like best. The judges decision is final. Deadline for entries is midnight PST, Friday, January 27, 1011 2011. Blah, blah, blah.
You can win $100 trillion in authentic, spendable currency from IHateTheMedia.com
In interest of full disclosure, we suppose we should reveal that it’s $100 trillion in authentic, official Zimbabwean currency and worth only about two bucks in American money.
Consider this $100 trillion bill a brutal object lesson in what can happen if our government turns on the printing presses in an attempt to inflate its way out of the economic problems its own policies have caused.
Hyperinflation is an uncontrollable genie that must never be allowed out of the bottle. It didn’t work for Germany’s Weimar Republic. It didn’t work for Argentina. It didn’t work for Brazil. It didn’t work for Zimbabwe. It’s never worked for any country and it won’t work for us. Instead of solving problems, it causes the rapid disintegration of an economy and, potentially, an entire society.
FDR said, “We have nothing to fear but fear itself.” President Obama’s mantra is, “Zimbabwe today, America tomorrow.”
But follow Roosevelt and fear not. If you’re the winner of our giveaway, at least you’ll have $100 trillion to buy yourself a cup of coffee down at Starbuck’s.
Here are a couple videos that may just scare the hell out of you while you’re waiting to find out if you’re the winner.
http://www.youtube.com/watch?v=BOQAy9-ee-Y
And here’s a chart that shows what’s already happened to the American dollar before hyperinflation has even begun. You ain’t seen nothin’ yet.
Deadline for entries is midnight PST, Friday, January 27, 1011. Limit one entry per person.
