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October 13, 2021
Inflation Rises To Highest Level In Over 13 YearsHeather Long
Over a 10-year period, the shale revolution also created a vibrant and prosperous industry in the U.S. reviving rural areas and bringing top-paying jobs to those involved. Two consecutive presidents had the good sense to stay mostly out of its way. Analysts have declared that "stagflation" -- a combination of a stagnant economy which isn't growing much, plus inflation -- which immiserated the country in the 1970s under Jimmy Carter is now here. For months prices have been rising as the U.S. economy has recovered from the COVID pandemic while financial markets have stayed priced for perfection and central banks have clung to the view that elevated inflation would likely subside in short order. Note that inflation often comes with a growing economy. In that case, it's bad, but the growth in the economy ameliorates it. That would be a case of stronger output combined with higher prices. But a stagnant economy with inflation? Let's Go Brandon. That article mentioned China's Evergrande Group, which is a huge real estate company, highly leveraged, and now possibly on the cusp of being wiped out due to collapsing real estate prices. And China has signaled that they won't necessarily be bailing them out. Which could spark a fresh round of global recession. Which could be the second-worst Asian Contagion of the past few years. SHANGHAI/LONDON, Oct 13 (Reuters) - The rumbling crisis at China Evergrande Group and other major homebuilders drove debt market risk premiums on weaker Chinese firms to a record high on Wednesday and triggered a fresh round of credit rating downgrades. Wait-- "investment grade" firms putting their money into a bubble real estate market...? This all sounds very familiar to me. ...
He points out that the inflation this causes is bad for most people, especially those who've actually saved money. But it's good for some people -- like highly-leveraged corporations with lots of debt. They benefit from dollars being made less and less valuable, as it makes their previous debt shrink. | Recent Comments
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