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Giving "Thanks" To The Fed - Holiday Dinner Has Never Been More Expensive
As you’re probably aware, the Fed has a hard time spotting asset bubbles. Just as there was no housing bubble in 2006 according to the honorable and exceptionally “courageous” Ben Bernanke, there’s no bubble in equities today and certainly no ZIRP-induced fixed income bubble either.
The other thing the Eccles cabal has trouble spotting - and this is of course inextricably linked to an inability to spot speculative excess - is inflation.
Nevermind the fact that housing costs have gone parabolic in places like California and New York and pay no attention to corporate “slack fill” and “weight out” tactics that mask 72% inflation on everything from deodorant, to ground pepper, to Soda Stream refill units, and certainly do not read too much into hyperinflation in the high end art world where $170 million Picassos and Modiglianis clearly indicate that QE-driven rallies in capital markets are driving bored billionaires to push the price of trophy assets into the stratosphere, just stay calm and take solace in the fact that according to the headline numbers, inflation is non-existent.
Of course you may have a hard time swallowing that (no pun intended) today as you sit down for a hearty holiday feast because your turkey cost nearly 7% more than it did last year. In fact, the whole meal crossed $50 for the first time in history in 2015 and as you can see from the following chart, the total cost is up triple digits since the late eighties.
So give thanks to the Fed for your meal and remember, it's misleading, negligible core CPI prints that allow the Fed to persist in ZIRP on the way to restoring your 401k which they helped destroy in 2008.
Oh, and while dinner may be $50 today, it's worth noting that in 1909 - so, before the Fed - it was 50 cents:

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Everyone knows you buy more when prices go up /sarc
I mugged a family of 4 Guats, and 'stole' the 4 bags of groceries I bought for them with their EBT card.....
All Americans should do their shopping this way.
They should have added a third line indicating CEO compensation as well.
a roid'd up`chicken in every pot -- once a year
how quaint, and the stuffing... well, that speaks for itself
Here's my thank you to The Fed.....FUCK YOU and DIE!
Ha $50. Where the fuck is that. Mississippi ??? Hang the noose around Yellens turkey neck. For Treason.
In 1909 the average daily wage was $1.50. Average Day was 10 hours. Thanksgiving Meal 0.50 comes to about 33% of Daily Wage.
Minimum Wage today about $7.25 or $58 per day. Average Day was 8 hours. A Cracker Barrel Thanksgiving meal is about $12.00 or about 20% of Daily Wage.
Just sayin...
EDIT:To be fair...
The Hotel Gettysburg Thanksgiving buffet today is $30 for adults. That works out to about 51% but I don't know too many minimum wage earners that would be eating there.
Whats those prices in free range and organic? Quality vs quantity.
Remember its all irradiated, clorinated, toxins and heavy metals in all our food stuffs today.
You couldn't buy the quality of a 1909 meal today anywhere at any price.
Yeah, those 1909 health, processing and cleanliness standards were oh so high compared to today...
You know, they believed that radiation was HEALTHY, and you would pay a lot more for a premium turkey specially treated in radium water....
Sucks to be wage earner.
Here in Florida turkey is 59 cents a pound.
Hedonically adjusted for roided up, pesticide filled, genetically modified food farmed with illegal labor.
Am having a piece of toast to show how fucking thankful I am, and that's it. Fuck you, fed.
What do they care, other people are buying their stuff for them.
And the other people are happy to do it to as long as they can keep their i-phones.
I could really go for some boiled ox tongue and spinach right now.
This year I am thankful for the low price of silver and for my trusty dog Kona, and that's about it.
$5.1815773182 is the total melt value for the 1964 Silver Kennedy half dollar on November 26, 2015.
kiss my mother fucking ass Wall St....
and as always - DEATH TO THE MONEYCHANGERS...
Silver and Gold until death!
After the apocalypse, I'll gladly pay you 2 bottlecaps and a WHOLE loaf of bread for that silver piece. You're starving right, so you'd gladly make that trade. And I need my bread more than you need that silver piece. What do you mean you could actually buy 5 loaves of bread for that silver piece before the apocalypse? Were you an idiot for believing it would actually amount to something more after?
And that's exactly what the bugs don't understand. I've said it before. They always point to Weimar, Argentina, Zimbabwe and Venesuela as their shining examples. However those were localized collapses, and the price for PMs outside those countries remained healthy. In a global collapse, those external markets won't exist.
Gold and Silver are luxuries becasue they have few practical uses, that's why only 50% of annual production of silver is used commercially and only 12% of gold. A person holding a gold coin? It has absolutely no use.
But it's shiney..........
But what you dont seem to understand is even though you are correct in your assesment, people will always want gold...ALWAYS. That comes down from above.
My pipboy says otherwise
Therefore today's price of gold should have been $2067. (100 x $20.67)
So stack up. Eventually the games will stop.
I paid 59c a pound for my turkey last year. I paid 57c a pound for my turkey this year.
But but .. you forgot hedonic adjustments!!
Happy Thanksgiving. I did my civic duty by purchasing 6 one ounce bars of gold yesterday.
I looked at 100gram bars, and 5 ounce bars, but one ounce bars worked best for me.
Not real happy paying $30-40 over spot, but I shopped around. Gold is forming a base. ;-)