Guest Post by Karl Denninger
We call it…. “crazy Ivan” – Hunt for Red October
Except this is November, and the crazy came out of the CPI report.
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in October on a seasonally adjusted basis, the same increase as in September, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.7 percent before seasonal adjustment.
The index for shelter contributed over half of the monthly all items increase, with the indexes for gasoline and food also increasing.
If you were short into this there was no getting away from what went up your backside; a literal 100 handles went into the Spoos within seconds and I’m quite sure if you’d been short you would have been gapped over, so a stop would have gotten you exactly no protection.
The problem in the “better than expected” report is in that bolded line and in fact that’s a high going back all the way through April on a seasonally-adjusted basis. Food away from home also was up at the seasonally-adjusted high, where it has been for the last three months sequentially, so there’s no love there either. Note that the latter is often subject to fairly long supply lines and contracts which delay the impact of movement both ways, and thus that it is lagging is no big shock. Food at bars and restaurants has been up less than food at home over the last 12 months and thus you can expect it to continue hitting the index for quite some time yet.
The 900lb Gorilla in the room this month is fuel oil, which is, as many people do not know, #2 diesel. It was up a stunning 19.8% on the month and stands at 68.5% up from last year this time. Anyone expecting the consumer experience to improve with that record has rocks in their head, never mind those who use it for heating that are about to get a visit from the proctologist this winter.
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No worries, the Joos got your back. You think they are lying, thieving and deceiving scumbags? The 109 countries who booted them the hell out were all wrong and anti-semitic. These countries should have known that a Joo is righteous and can do no wrong. Stealing your money is part of their religion, just ask Bankman-Fried. Question any of their despicable acts and you are immediately an anti-semite, end of story, facts mean nothing. After all, they are God’s chosen people, so it says in the comic book THEY wrote.
you mean Joe Biden, Barack Hussein Obama, Bill Gates just to mention a few of your Joos
And a cast of compliant billions who continually surrender their sovereignty to those who otherwise could not dominate.
The clowns you mention are ALL in the pocket of the hook-noses.
Did you mean the Joos got your buck ($)?
I’m spending almost double on supplies for the house since 2019.Gonna be a lean Christmas.
Only two years ago one gallon of paint thinner was about $7.50. I’ve noticed its price at three different retailers between $18.75 and $19.95. I have 1472 sq ft of covered wrap porch/deck that I treat with expensive Cabot Australian Timber Oil every 4-5 years. I do the job in quarters so we can still get in and out of the house. Cleaning a roller with paint thinner gets it through the entire job. Timber Oil, almost $50 gallon. My job takes about 7 gallons. All adds up for certain.
Ig,
(this modified lyric in not a barb aimed at you, but is intended as an indictment of TPTB)
The markets will be ringin’ the sad, sad news
Oh, what a Christmas to have all these blues
My money’s all gone, I have no 401K gain
To keep me warm and secure once again
So won’t you tell me there’ll never be loans?
And Christmas to New Year’s will find you gone?
There’ll be no more tomorrow, just all grief and pain…
But my Globalist friends tell me I’ll be happy, happy, once again
On the 401k, general consensus is ride out the lows then buy expensive champagne on the highs.
Charlie Brown, just one more time, just a little bit more on the DOW as it rises today. Just one more time Charlie Brown, just a little bit more on the DOW and I “promise” I’m out. It don’t take but ten minutes to shut 401k or IRA off. Just one more time Charlie…
Even the price of staying home and getting hammered is going up, once you factor in paying off the San Francisco PD.
There are 2 items that affect everyone’s pocketbook – Food & Energy, as we all use both of them every single day. Both of these items are on an upward spiral with no end in sight.
Well, seasonally, gold, ammo, and crypto are all down, silver and guns too.
So there.