Hyperinflation starting? What's happening in your area? Post your ground reports.

[Fox]

Poland inflation update...

It is now around 40c (euros) to drive my car 1km.
This means it is around $69 usd to drive 100 miles.

(Its an SUV with 23L/100km fuel economy)

Luckily I live close to nearly everything so I don't drive that often anyway.
But ya crazy prices - must be terrible to be running some heavy machinery or trucking in Europe atm.

 

[c4n]

(Its an SUV with 23L/100km fuel economy)

23L/100km is not average European though, more like 7.5L/100km

 

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[Fox]

23L/100km is not average European though, more like 7.5L/100km

Ya it is pretty terrible for sure. I might sell although I don't really want to.

I really got used to larger trucks/SUVs when living in Alberta and don't like the idea of going back to some 1.6L Euro car ha.

 

[Chapas]

Relatively developed countries with a recent history of hardships, say the last 20-30 years so that most people remember the bad times and are resilient enough to handle them calmly.

I'd say Eastern Europe, the Balkans, and most of Latin America.

Sounds very plausible.

Only thing I worry about the Balkans is their own little conflict might begin with Kosovo/Serbia at some point in another proxy war between US and Russia.

But apart from that I totally agree. In Denmark we have never experienced any bad times during my 30+ years. We have been so spoiled. People would not know how to deal with this stuff. Think they still don't realize how bad it might get.

 

[Chapas]

I grew up in the 90s and early 00s in Poland before it joined the European Union and the country was completely different than it is today. It was poor, ugly, unsafe, and depressing.

But the times were MUCH rougher in the 70s and 80s. People still remember the hardships, if not personally then through their parents. In many aspects, it was almost like North Korea. I doubt it can get as terrible as it was back then.

I find it fascinating that people from other countries never experienced or don't know personally anyone who lived through tough times.

I can imagine. My parents grew up in USSR so I heard a lot of stories about hardships. Actually lived 6 months in Poland as a kid back in 93 I believe. Don't remember much - just that my dad was working on some big market in Warzaw and that times were rough.

But yes - it definitely is fascinating. They probably heard some stories from their grandparents about less fortunate times, but this is nothing compared to Eastern Europe, Balkans and Latin America.

 

[Chapas]

Australia has been tame so far but our election has just finished and we elected our version of joe Biden/Justin Castro so that will probably change shortly.

Australia seems fairly self sufficient and developed.

I guess it’s up to you to prepare yourself no matter where you live. Stock up. Garden. Get to know your community. No guns here which is nice that other people don’t have them but I’d feel safer if I did.

My deepest condolences to your country. Hopelly he will be less senile and psychotic than these two.

Agree. Better to be prepared. Don't hope it will come down to a point where guns will be needed here in Europe, but nothing will surprise me anymore.

 

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[GPM]

Gas prices have increased $0.20/L in two weeks.

I don't even want to drive out of principal at this point, it's just crazy. Alberta has like the 3rd largest oil reserves on the planet and we can't even produce it due to insane federal policies.

Mark my words, by the time oil is done as a viable resource we will have never produced it during its short lifespan, and we will all be poorer for it. Whatever tech and resource comes next, it won't be free. If we produce what is valuable now, we can move to what comes next.

If we continue to "woke" and "moral high ground" ourselves out of production, we are going to struggle to obtain what the next thing is. Oh, I guess we can just tax the rich and get them to pay for all our prosperity...

 

[MarkLavagne]

Couple Plans to Spend Their Retirement Years on Cruise Ships Because It's Cheaper Than a Mortgage

Richard and Angelyn Burk of Seattle say they've spent the past year living on cruise ships, and have no intentions of ever returning to their land home.

www.complex.com

Something is seriously wrong with the economy when you can live on a cruise ship as an alternative... but yea, if everything keeps skyrocketing, from food, to insurance, to taxes, why not.

Cruise costs will skyrocket soon as well. They are facing shortages of everything already.

It's unpopular opinion as cruises are largely hated, but I love it and totally would live on cruise ship. Amazing infrastructure and ability to focus on what's important without distraction on cleaning room, getting food, repairing car, etc is very valuable. Most of my ideas/implementations were born during cruises due to abundance of time devoted to thinking and planning.

Of course you're free to spend time in bar, but that just gives beauty of a choice.

 

[GuestR401x3]

Just seen gas over $5.00 here in Pennsylvania.

 

[msufan]

Just seen gas over $5.00 here in Pennsylvania.

Yup -- $5.19 here in MI as well.

I keep asking myself how people generally seem to be carrying on OK despite this inflation. Looks like credit card spending and borrowing is rising, which might be my answer: US Consumer Credit Surges Again as Loans, Card Spending Jump

 

[msufan]

View attachment 43919

I'd love to hear more about the whole "measured properly" piece there. What is that referring to?

 

[YanC]

"Inflation is subsidizing worthless expenses with money that doesn't exist" - Jacques Rueff, French economist (20th century).

This quote sums things up so well from the perspective of someone living in commie France. Not sure if it makes sense from the US and the rest of the world, but it sounds so spot on here.

 

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[Xeon]

Have a feeling a black swan event is going to come if this continues.

 

[socaldude]

My opinion is that the oil crash of last year was a bad omen for a global economic slowdown.

My opinion is that the oil crash of last year was a bad omen for a global economic slowdown.

I still think this LOL.

 

[Jadus]

I'm definitely seeing the results of inflation in my eCommerce business that's located in the USA. I won't go into details but it's a niche that uses a lot of metals. The end of last year and all this year, it's been one price increase from my suppliers after another. Of course, I have to raise my retail prices as well.

It's not just the products but the shipping costs have increased also. On many products that I offer free shipping on, I've either had to accept a much lower margin or increase the price even more to make up the difference.

Here in Thailand where I live, food prices have increased somewhat but not too bad. The gas pump is where you really feel the pain, just like other places. We used to fill up the car for 700 Thai baht. Just the other day I paid 1000 baht and it didn't even fill the tank, which still had a little less than 1/4 left.

 

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[MoneyDoc]

Worst part, economists predict no recession! Lol. I expect stagflation.

More like "dragflation" as Gerald Celente likes to say. Drop in growth + increased inflation.

I guess we are too getting the magical 0.75 hike soon from Bank of Canada.

 

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[MoneyDoc]

Do people here think these single digit inflation numbers are accurate?

All you have to do is use the 1980s calculation. Inflation in the USA is around 16%.

 

[doster.zach]

All you have to do is use the 1980s calculation. Inflation in the USA is around 16%.

I'm assuming youre talking about the cost of goods calculation?

I haven't looked at it myself, but I've heard they just are removing things from the calculation when it boosts the costs by too much.

 

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[Train]

Infographic showing "true" inflation. Weirdly my salary doesn't keep up

https://twitter.com/i/web/status/1539241672177074176

 

[Fox]

For those of you with cars that are now way up in price - are you thinking of selling?

I am tempted to offload what I have and just free as much cash up as possible for any incoming deals on property.

 

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[MTF]

For those of you with cars that are now way up in price - are you thinking of selling?

I am tempted to offload what I have and just free as much cash up as possible for any incoming deals on property.

Once you sell, I got you a sweet new ride:

 

[Train]

For those of you with cars that are now way up in price - are you thinking of selling?

I am tempted to offload what I have and just free as much cash up as possible for any incoming deals on property.

I thought about selling my truck which could get me $10k before taxes.

I didn't because I thought there's a good chance I'd give that money back and more to some sharky car dealer with low inventory when I buy to replace.

I got the car as a lease when dealers were desperate for sales during the beginning of the lockdowns so I managed to lock down a great residual.

I recently bought the car without a dealership involved too so I was able to avoid the dealer marking up that transaction by thousands of dollars as I've heard happen to others doing lease buyouts during this time.

But the risk/reward for me wasn't worth selling at this time.

 

[Timmy C]

Petrol just hit $2.50 a litre in my hometown in Australia.
Gobsmacked.

 

[JordanK]

Irish inflation reached 9.6% in June - Eurostat

It's hotting up even more. Looks like we're in for a crazy winter in Europe. I saw a post about how all the wood burners are sold out in Germany already. People are preparing for shortages in energy especially gas. Putin will have maximum leverage come October time to cut Europe off.

 

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[JordanK]

This is my very uneducated opinion and I'd love if anyone else has more facts and figures to argue in favour or against this. Should the US and Europe be ending fossil fuel sanctions on Russia, Iran and Venezuela. Surely it would be more advantageous to flood the market with more supply. Even if those regimes generate a windfall from these fossil fuels they will still be falling behind overall in every other area of their economies. Fossil fuels are on the way out, within 5-10 years the utter reliance on these producer countries will be gone anyways.

 

[Guest-5ty5s4]

This is my very uneducated opinion and I'd love if anyone else has more facts and figures to argue in favour or against this. Should the US and Europe be ending fossil fuel sanctions on Russia, Iran and Venezuela. Surely it would be more advantageous to flood the market with more supply. Even if those regimes generate a windfall from these fossil fuels they will still be falling behind overall in every other area of their economies. Fossil fuels are on the way out, within 5-10 years the utter reliance on these producer countries will be gone anyways.

Reagan did this in the 80's - actually, his head of the CIA got with the Saudis and convinced them to flood the oil market - destroying the Soviet Union. Pretty genius.

 

[Timmy C]

New Zealand has been over $3 for months, it was $1.60 in Australia and $3 there for a while. I was laughing at all my mates in New Zealand sending them the prices here, now we’ve voted Australia’s joe Biden in and now it’s $2.20. I knew they were waiting till after the election. Not so funny anymore. Interest rates going up too.

It ranges from $2.10 - $2.50 a litre around my area in Melbourne.

$3 EOY?

 

[Aditya Gunjal]

New Zealand has been over $3 for months, it was $1.60 in Australia and $3 there for a while. I was laughing at all my mates in New Zealand sending them the prices here, now we’ve voted Australia’s joe Biden in and now it’s $2.20. I knew they were waiting till after the election. Not so funny anymore. Interest rates going up too.

Yeah, they wait till their shit(election) gets done and then start their real shitshow. "Flags may be different but methods are the same". Our government is no different.
Our government wants to push EV as much as possible thats why this rapid inflation in price is occurring.
Besides do you really think heavy industrialisation and rapid growth of automobile industry can somehow empty the earths fossil fuel tank in just 100 or 200 years, cause i dont. They say fuel will end in just about 40 to 50 years from now if we use it at the rate we are using. And EV's are really not affordable to everyone (at least quality EVs).
Yeah and interest rates are also increasing on house loan and all.

 

[Ing]

We got new money. With inflation included.

Now USD = Eur

 

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[FiftySeven]