Church of God News

Government overspending, which is the fundamental cause of inflation, has wrecked countless countries

— Elon Musk (@elonmusk) September 14, 2023

COGwriter

NewsMax posted:

Wholesale Inflation Accelerates on Higher Gas Prices

September 14, 2023

U.S. wholesale prices increases accelerated in August, a sign that inflation remains stubbornly persistent despite a series of sharp interest rate hikes by the Federal Reserve.

The Labor Department said Thursday that its producer price index (PPI) — which measures inflation before it hits consumers — increased 1.6% last month from a year earlier. That is up from a small 0.8% yearly increase in July and just 0.1% in June. Sharply higher gas prices drove much of the increase.  …

For now, inflation remains far above the Fed’s 2% target, and the small pickup in wholesale prices last month underscores that further declines in inflation will be bumpy and uneven. https://www.newsmax.com/finance/streettalk/inflation-economy-federal-reserve/2023/09/14/id/1134435/

As far as gasoline prices go, the cheapest price per gallon for regular unleaded I saw on my drive to the office today was $5.799 and the highest was $6.399.

As far as inflation goes, in July, I properly asserted: Inflation will return.

Now, consider that last Fall, the head of the US Federal Reserve said he basically needed to cause other people pain to reduce inflation:

September 22, 2022

WASHINGTON (AP) — The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession. …

“We have got to get inflation behind us,” Powell said. “I wish there were a painless way to do that. There isn’t.”

Powell’s remarks followed another substantial three-quarters of a point rate hike — its third straight — by the Fed’s policymaking committee. https://apnews.com/article/inflation-jerome-powell-unemployment-government-and-politics-96092b0d276a604b3c1e83f44b8e2ec9?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_04

Chairman Powell’s claim that there was not “a painless way” to get inflation behind us is not quite the case.

As I posted last Fall:

The government of the USA and various of its states could easily change rules to allow more drilling of oil off the Gulf and California coasts, as well as in Alaska, plus open the Keystone pipeline. That would result in a massive reduction in the price of oil and fertilizers, plus would also reduce transportation costs. The governments could also provide incentives for more food production, which would lower food costs.

Yes, cutting energy costs and increasing food production would reduce inflation. Also, that would not result in net job losses, but in job gains.

Yet, instead, the Fed plan has been to increase interest rates (which have been artificially low) in an effort to slow down the economy, increase unemployment, and reduce wage demands.

Those in the Fed, the US Congress, or the Executive Branch of government do not believe that the Fed’s actions will cost them their jobs–mainly only the jobs of the non-elite will be lost.

Nationally, more could be produced. Internationally, more could be produced.

Yes, if there is more supply this would help reduce the inflation rate as well as generally improve the economies of those that produce more.

Yesterday, Tucker Carlson tweeted about hyperinflation as the tweet at the beginning of this post shows. Here is something related to that:

September 14, 2023

Tucker Carlson, former Fox Television Host personality, … embarked on an eye-opening journey to Argentina to caution Americans about the potential perils of “hyperinflation” and “reckless monetary policies.”  …

“Hyperinflation and reckless monetary policy could soon devastate the global economy. We traveled to Argentina, where it’s already happened,” Carlson wrote to Twitter. “For politicians, money is power. They always crave more, but because they don’t actually produce anything, they’ve got limited ways to get it,” he said. https://www.benzinga.com/markets/cryptocurrency/23/09/34575014/michael-saylor-thinks-tucker-carlsons-new-episode-on-hyperinflation-shows-why-we-need-bitc

Argentina has a history of massive inflation and currency devaluation.  Notice the following:

September 13, 2023

BUENOS AIRES, Argentina (AP) — Consumer prices in Argentina soared 12.4% in August, compared to the previous month, the highest rate since February 1991, a number that puts the government on the defensive a little more than a month before presidential elections in which a right-wing populist who admires Donald Trump appears the favorite to win.

Argentina’s annual inflation rate rose to 124.4%, according to figures released by the government’s INDEC statistics agency Wednesday.

Argentina has been suffering from galloping inflation for years, but August marked the first time in more than two decades the monthly rate reached double digits, a phenomenon that is likely to be repeated in September, according to economists. https://apnews.com/article/argentina-inflation-massa-milei-bullrich-b7bc9e0b33c05833d0ccb6b1614b086c

That said, the Bible points to food shortages and food price inflation:

5 When He opened the third seal, I heard the third living creature say, “Come and see.” So I looked, and behold, a black horse, and he who sat on it had a pair of scales in his hand. 6 And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” (Revelation 6:5-6)

The prophecy of the third horseman of the Apocalypse is starting to come to pass.

If government leaders believed the Bible, they would be willing to take a lot of steps that they seemed to have overlooked.

Related to inflation, the Continuing Church of God (CCOG) put together the following video:

In the world, we see a lot of economic uncertainty.

But, the kingdoms of this world will be replaced when Jesus returns.

That hope is very good news.

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This entry was posted on Thursday, September 14th, 2023 at 7:00 am and is filed under Prophecy.

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