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Old 01-10-2013, 09:30 AM   #1
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Schiff, Lyster and Yahoo! talk inflation

I didn't know that Lauren Lyster (of Capital Account on RT) does a show for Yahoo!. Anyway, she had Peter Schiff on to talk about inflation:
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...
New York Times columnist and economist Paul Krugman is among those who recently took aim at Schiff for his inflation predictions, saying people in Schiff’s camp need to rethink their approaches to modeling the economy. Schiff in turn has responded in an article and video post, attacking the CPI as “meaningless.”

“It is sheer propaganda,” Schiff tells The Daily Ticker. “Prices are rising at a much more rapid rate than the CPI would suggest.”

Schiff points to changes in methodologies for calculating CPI as one problem. The index reports on price movements and consumer choices and substitutions. Schiff looked at Bureau of Labor Statistics price changes for 20 goods and services between 1970 to 1980 and again between 2002 and 2012, decades that Schiff says were both periods of large deficits and loose monetary policy.

Schiff found that his basket of goods increased 61% faster than CPI for the period between 2002 and 2012. In contrast, his basket rose just 5% faster than CPI from 1970 to 1980.

“How can you believe these statistics when the numbers are so flawed?” Schiff asks in response to his research on CPI. “I don’t care what the government is telling me. If the government weatherman tells me it’s a sunny day and I can see it’s pouring rain, I’m not gonna believe the government, I’m gonna go outside with an umbrella.”
...
Video and transcript: http://finance.yahoo.com/blogs/daily...144054976.html
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Old 01-10-2013, 10:01 AM   #2
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LL left RT to work for Yahoo. Capital Account is cancelled.
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Old 01-10-2013, 10:25 AM   #3
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Aha. I generally don't pay attention to that sort of thing. Capital Account was a good show. Shame it's gone.
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Old 01-10-2013, 12:08 PM   #4
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yeah, I am missing Capital Account too, I was watching them daily in recent times. These daily ticker episodes are not even close in the format to the CA. Too bad..

As for inflation, I totally agree with Bug's explanation, that the amount of new M1 money created, barely replaces the amount that went "puff" in 2007, creating huge wealth transfer in the process, and being parked at the banks/Fed overnight, collecting the spread. But just you wait - I cannot possibly think, how Fed is going to arrest the inflation, when/if it finally arrives - what, they will sell back all the toxic assets, that they are currently accumulating? For how much (i.e., how much base money will they be able to recapture)? More importantly still: to whom? Alien economy from space?

Or, to put it more bluntly: can I get some billion from the CB, pretty please, using my sweaty t-shirt as a collateral? They can always sell it back into the market and extinguish the money created this way, when the inflation starts to show up. No? oh, I forgot, I am not JP Morgan & perps.
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