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Earlier this year the Federal Reserve declared war on inflation, and since that time we have seen a series of interest rate hikes that has been absolutely breathtaking. We knew that this would negatively impact the financial markets, and we have already seen trillions of dollars in asset values wiped out. We also knew that this would negatively impact the housing market, and right now housing prices are plummeting all over the nation. But Fed officials assured us that any short-term “pain” would be worth it because inflation would be brought under control. Unfortunately, that hasn’t happened. In fact, on Thursday we learned that the core consumer price index has just hit “the highest level since 1982”…
A closely watched measure of US consumer prices rose by more than forecast to a 40-year high in September, pressuring the Federal Reserve to raise interest rates even more aggressively to stamp out persistent inflation.
The core consumer price index, which excludes food and energy, increased 6.6% from a year ago, the highest level since 1982, Labor Department data showed Thursday. From a month earlier, the core CPI climbed 0.6% for a second month.
The overall CPI increased 0.4% last month, and was up 8.2% from a year earlier.
The Fed has been repeatedly hitting inflation with an over-sized sledgehammer, and it isn’t working.
Prices just continue to surge higher month after month.
In particular, the price of food is rising at a rate that is extremely alarming…
Prices at the grocery store continued to soar last month, adding even more pressure to shoppers’ wallets.
The food at home index, a proxy for grocery store prices, increased 0.7% in September from the month prior and a stunning 13% over the last year, according to new government data released Thursday.
Fed officials assured us that they had everything under control, but it was just a charade.
Thursday’s report makes it exceedingly clear that the Fed’s plan is failing in a major way…
“This inflation report today was an unmitigated disaster,” wrote Christopher S. Rupkey, chief economist at Fwdbonds, a financial markets research company. “It shows whatever Fed officials are doing, it is just not working.”
So will the Fed change course?
Of course not.
Instead, they are going to give us more of the same.
According to Fox Business, it is being anticipated that another 75 basis point rate hike is on the way in November…
The report will also have significant implications for the Federal Reserve, which has embarked on one of the fastest tightening paths in decades. Policymakers have already approved five straight rate hikes, including three back-to-back 75-basis-point increases, and have shown no signs of slowing down.
Following the hotter-than-expected September inflation report, the central bank is widely expected to approve a fourth straight 75-basis-point increase when policymakers next meet at the beginning of November.
As I warned many months ago, these rate hikes are not going to solve the inflation crisis.
But they will absolutely kill the housing market.
This week, mortgage rates surged close to 7 percent…
Average long-term U.S. mortgage rates reached their highest level in more than 20 years this week and are likely to climb even further as the Federal Reserve has all but promised more rate increases in its battle to tamp down persistent inflation.
Mortgage buyer Freddie Mac reported Thursday that the average key 30-year rate climbed to 6.92 percent from 6.66 percent last week. Some lenders are now even offering rates above 7 percent.
Last year at this time, the rate was 3.05 percent.
If the Federal Reserve keeps hiking rates, that will just push mortgage rates higher and higher.
And that will inevitably push home prices much lower.
In fact, home prices are already starting to come down all across the United States…
A home-price slump taking place across popular housing markets in the Sun Belt and other regions could result in some relative bargains for shrewd homebuyers, according to market data released Monday.
The median home listing price has plunged by more than 10% in Austin, Texas, since June, according to an analysis conducted by Realtor.com. That marked the steepest decline of any city in the US over that period.
If you are a potential homeowner that has been forced out of the market by rising mortgage rates, you could try to rent a place while you wait for home prices to fall.
But thanks to raging inflation, rents are absolutely skyrocketing in many of our largest cities…
The latest numbers were released in Realtor.com’s September report, and showed that median rent across the country as a whole rose 7.8 percent last month, and remained a whopping 25 percent higher than pre-pandemic rents.
The 10 cities with the highest median rent increases last month were Chicago at 23.9 percent, Boston with 19.9 percent, New York with 18.2 percent, Providence with 16.7 percent, Oklahoma City at 13.8 percent, Miami with 13.2 percent, Kansas City at 11.2 percent, San Jose with 10.7 percent, Cleveland with 9.8 percent, and Hartford with 9.6 percent.
I still remember the days when I could rent a nice apartment for 300 dollars a month.
Sadly, those days are long gone. In fact, one couple in New York recently decided to move out of the city entirely when the rent on their one-bedroom apartment went from $5,000 a month to $7,000 a month…
Last May, Charlotte, 31, and her husband packed up their one-bedroom apartment on Christopher Street after learning the rent would likely skyrocket from $5,000 per month to $7,000. The couple loved living in the West Village, but homeownership was out of reach, even with her job in finance and him being in tech.
They were both working from home, so they could live anywhere. It was time, they decided, to leave New York.
Can you imagine paying $7,000 a month for a one bedroom apartment?
That is nuts!
Unfortunately, our whole system is going crazy at this point.
The great economic meltdown that I warned my readers about for so long has begun, and the months ahead are going to be very painful.
Fed officials will do all they can to fix the giant mess that they have created, but it isn’t going to work.
They have lost control, and everyone can see it.
***It is finally here! Michael’s new book entitled “7 Year Apocalypse” is now available in paperback and for the Kindle on Amazon.***
About the Author: My name is Michael and my brand new book entitled “7 Year Apocalypse” is now available on Amazon.com. In addition to my new book I have written five other books that are available on Amazon.com including “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, “Get Prepared Now”, and “Living A Life That Really Matters”. (#CommissionsEarned) When you purchase any of these books you help to support the work that I am doing, and one way that you can really help is by sending digital copies as gifts through Amazon to family and friends. Time is short, and I need help getting these warnings into the hands of as many people as possible.
I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.
I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help. These are such troubled times, and people need hope. John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.” If you have not already done so, I strongly urge you to ask Jesus to be your Lord and Savior today.
Article cross-posted from The Economic Collapse Blog.
Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.