War is peace. Freedom is slavery. Ignorance is strength. -George Orwell
Infrastructure spending will ease inflation. -President Joe Biden
According to the U.S. Bureau of Labor Statistics, the United States dollar is losing almost 1% of its value every month. The dollar is now at its highest level since 1990. The prices for goods and services paid by consumers increased 0.9% last month, doubling the September increase of 0.4%.
The Bureau also noted that prices rose 6.2% from one year ago, which is the largest year-on-year increase in more than 30 years. Also, the price of food jumped by 5.3% during the month of October. The cost of food, shelter, automobiles, and gas prices increased 6.1% which is up from 1.2% in September.
The Biden administration has claimed that these inflationary numbers are due to the unprecedented supply chain issues America is experiencing.
Another reason cited by the Biden administration is increased prices from the Organization of Petroleum Exporting Countries, also known as OPEC. However, the Biden administration has cut its oil production dependence significantly. Due to campaign promises, the President is trying to stay in line with his departure from using fossil fuels.
The Federal Reserve reported that America's middle class now holds a smaller share of U.S. wealth than the top 1%. The combined assets of the middle class have dropped to 26.6% of national wealth while the top 1% jumped to a record 27%.
This all seems to contradict the rhetoric spewed out by Democrats and Republicans like Mitch McConnell. Don't you find it funny how the more money gets printed, the richer the 1% gets? Career politicians are famous for leaping onto the bandwagon of reducing the wealth of the 1%, but their monetary policies always seem to favor them. What is also amazing is how a wide variety of crises in the U.S. benefits the 1% so much.
The BBC reports that more than 5 million people became millionaires in 2020 due to the COVID-19 pandemic. Also, the elite 1% saw their wealth climb up to 27.5% in 2020 through 2021. This data was collected and reported by Swiss bank UBS. Thus, the wealthy one-percenters now have an average wealth of 10.2, up from an average of 8.9 trillion in 2017. Also, the number of billionaires is now up to 2,189, from the 2017 figure of 2,158.
In addition to this, there was a subprime crisis, which resulted in more money printing. According to a Brown University study, the war in Afghanistan cost the United States and its allies close to $2 trillion.
Once again, companies like Lockheed/Martin, General Dynamics, Northrop Grumman, and other defense contractors made vast sums. These companies and their executives became financial successes due to the death and destruction which occurred in Afghanistan.
However, If you're poor don't expect to see things getting better for you.
The World Bank reported this month that extreme poverty is rising for the first time in more than two decades. The blame for this is the pandemic crisis that happened to make the rich even richer.
Of course, don't look to the mainstream media to provide you with any honest reporting on these matters. These news outlets are owned by the elite 1% who will never tell you the truth. Their spin doctors will tell you that printing money and inflating it are regular financial occurrences, and we should expect more of it.
If you want to know the truth, listen to what they tell you and expect the exact opposite. America will not experience a utopian society where people will have vast amounts of money and the ability to spend it as they please. The truth of the matter is, the United States will look like a third-world country soon.
The perfect model for this is what happened in Venezuela.
In 2014 Venezuela's economy and currency, the Bolivar, was dependent on oil exports. 90% of the country's export earnings came from this. For years, government officials tried to combat poverty and inequality by providing social programs. These programs created many subsidies, which saddled the Venezuelan government with enormous obligations.
When the global price of oil dropped the Venezuelan oil market crashed. The currency's value fell and the cost of imported goods rose drastically. Of course, president Nicolas Maduro’s solution to the problem was to print more money, which caused higher and higher inflation.
Let me ask you, does this scenario sound familiar?
Yes, America may experience brief prosperity followed by rising prices for goods and services nobody can afford. Already, gas is over $4 a gallon in many states. In a panic to buy goods before they rise to much, people are clearing shelves out of grocery stores. It is better to buy things when they are cheaper before the prices jump again.
One of the primary reasons for the Convention of States Action is to demand fiscal responsibility is mandated in Washington, D.C. We can no longer allow wealthy politicians and elitists to make financial decisions for the country. United States currency has been devalued in the world market and will continue to tank as long as we pursue these dangerous policies.
Very soon, if our politicians don't wake up and continue printing money to buy votes, America will be finished.
Americans, you must take action today. Time is running out.
Go to our Convention of States website and sign our petition. If you can, write your local representatives and demand they call for a Convention of States today.
Mark Elmo Ellis is a freelance copywriter who lives with his wife and dog in the bluegrass on the fringes of Appalachia. He is also the Content Coordinator with the Convention of States Action for the State of Kentucky.
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