You guys don't understand inflation, okay. You can't just go by one single item to calculate a consumer price index. You see, you've got to use item replacement because as tomato soup gets more expensive, people will switch to something else, like a boiling pot of cherry Kool-aid, which only costs about $.10. That plus the fact that you can get a first generation iPhone on ebay for $50, a 90% reduction in cost, means we're spiraling into a deflationary liquidity trap we at the Fed call "con-flation." So, we're cranking up the printers and buying all the homes in America. It won't cause a bubble: Trust Us(tm).
/Bernanke.
Bottom-line is that inflation will always be under-reporting because that is the best thing to do politically. We take out things like food and gas even though most of our extra incomes goes into these items. Inflation has been rising and it doesn't matter if LCD TVs are $100 if you don't have $100 to spend on them. You don't deploy trillions of dollars into the economy and then tell people truthfully it is not causing inflation.
The really boogie monster all status-quo supporters fears is DEFLATION. Why, because it hurts creditors and god forbid a creditor takes a hit. It started with Confidential of Illinois in 1984 when we bailed out the creditors and sense then, that is how we operate. Risk is imaginary unless your not connected to the establishment. People who decry class warfare are the same people perpetrating it on a daily basis. Once the majority of people realize this and wake up to do something, that will be the day things CHANGE.
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