(OPINION) Not too long ago, the elite was trying to put a happy face on our growing economic problems. It was obvious that things were trending in a very alarming direction, but they kept assuring us that any bumps in the road were just temporary and that a new golden age of prosperity was just around the corner. Needless to say, there were dead wrong, and now some of them are publicly admitting the truth. For example, JPMorgan Chase CEO Jamie Dimon just publicly stated that an economic “hurricane” is rapidly approaching…
Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an economic “hurricane” caused by the war in Ukraine, rising inflation pressures, and interest rate hikes from the Federal Reserve. “Right now it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this,” Dimon said at a Bernstein conference. “That hurricane is right out there down the road coming our way.”
JPMorgan Chase is one of the most important financial institutions in the entire world. So it is a really big thing for Dimon to make a statement like this. Of course, he is right on target. An economic hurricane is coming, and it is going to be far more horrible than most Americans could possibly imagine right now.
Treasury Secretary Janet Yellen also just said something that is making a lot of headlines. Last year she insisted that high inflation would just be “transitory”, but now she is openly admitting that she “was wrong”… “I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy […] that I, at the time, didn’t fully understand.”
It isn’t exactly a surprise that she turned out to be completely wrong about high inflation being transitory. We knew that she was wrong when she said it. But I will give her credit for publicly admitting a mistake. Many in Washington will never do such a thing under any circumstances. At this point, it should be obvious to everyone that we are in the midst of an absolutely horrifying inflation crisis.
On Wednesday, the average price of a gallon of gasoline in the United States jumped another nickel to $4.67. But the real story is the crazy prices that we are starting to see out on the west coast. For instance, one gas station in Los Angeles is now charging more than 8 dollars a gallon for regular gasoline…
A Chevron station in downtown Los Angeles on the corner of Alameda Street and Cesar E. Chavez Avenue is charging customers over $8 for regular gasoline causing some locals to complain about price gouging, KTTV Los Angeles reported on Tuesday.
In a statement to KTTV, Chevron pointed out that the majority of its California branded stations are independently owned and that “unique” factors are contributing to gas prices in the Golden State. How soon will we see someone break the 10-dollar-a-gallon threshold?
Will it be by the end of the summer? In some cities, the price of a gallon of gasoline is already higher than the hourly minimum wage. That is nuts! Of course, diesel prices have been rising even faster, and this is putting a tremendous amount of financial strain on America’s farmers. If you doubt this, just check out what Texas Agriculture Commissioner Sid Miller just told Maria Bartiromo… READ MORE
