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

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strobe

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Here in New Zealand.

I can only speak about what I see from day to day as opposed to statistics.

Food seems to be up at most places around 10 - 20%
Petrol is still the same expensive ($NZD $2.09/L)

There was already a housing crisis the past 6 - 7 years here and this has made it much worse here.

The gov here lowered reserve bank rates to 0.25. Lowered loan to value ratios and basically tried to shift it so that house prices did not go down...

Well they shot up around 30% in the past year so now in Auckland and Wellington which have median values of 1.1 million NZD (800,000 USD), so you basically have to drive around an hour and a half to find anything under 500,000.

Houses rising 400,000 in 6 months are common.

Highest rate of homelessness in the OCD here.

Families living on top of families, paying $300 a week just for a room with 5 housemates you are lucky.

New Zealand gets looked at from the outside as the place that has done well, but in reality for most people, the pandemic has actually added on another 10 - 15 years to their working life to save/pay off future debt for the prices they are paying just to have a roof over their head.
 

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thechosen1

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struka

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In my industry, industrial automation, we are seeing higher prices due to rare earth metals coming from China. That's where most of rare earth metals come from to be used in electric motors. It is not the only place but has been used due to cost.

My company automates factories and most of our clients are looking into increasing production by automating it due to a bottleneck. Places, where workers in a production line were side by side pre-covid, have changed due to social distancing. To automate a process that was manual takes time since the hardware has to be manufactured as items (motors, drives, robots, etc) are not stocked, but never have been. Typical pre-covid lead times have been 4-6 weeks but with the supply chain issues, we are seeing double. That's just on the hardware, next you need our engineering to program and make it work with the current system which also takes time.

At one point last year, certain meat processing facilities couldn't keep up with production due to social distancing and lack of employees. Slaughtered animals were being delivered but processing couldn't keep up so they threw out raw meat because of no place to store it, all during the shortage of meat in stores. They ended up changing their process of packaging which decreased the amount of waste.
 

Lyinx

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In my industry, industrial automation, we are seeing higher prices due to rare earth metals coming from China. That's where most of rare earth metals come from to be used in electric motors. It is not the only place but has been used due to cost.

My company automates factories and most of our clients are looking into increasing production by automating it due to a bottleneck. Places, where workers in a production line were side by side pre-covid, have changed due to social distancing. To automate a process that was manual takes time since the hardware has to be manufactured as items (motors, drives, robots, etc) are not stocked, but never have been. Typical pre-covid lead times have been 4-6 weeks but with the supply chain issues, we are seeing double. That's just on the hardware, next you need our engineering to program and make it work with the current system which also takes time.

At one point last year, certain meat processing facilities couldn't keep up with production due to social distancing and lack of employees. Slaughtered animals were being delivered but processing couldn't keep up so they threw out raw meat because of no place to store it, all during the shortage of meat in stores. They ended up changing their process of packaging which decreased the amount of waste.
so, let me get this straight - they are eliminating humans working on products? and rather working on automation?

if that's true, it will lead to eventual lower prices and better living all around.
 

MitchC

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so, let me get this straight - they are eliminating humans working on products? and rather working on automation?

if that's true, it will lead to eventual lower prices and better living all around.

Sounds more like another factor for a k shaped recovery.

same or higher prices but lower costs due to automation making more profit for business owner.

Less jobs for everyone else due to automation
 

SamRussell

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Sounds more like another factor for a k shaped recovery.

same or higher prices but lower costs due to automation making more profit for business owner.

Less jobs for everyone else due to automation
Automation leads to an increase in jobs.
 

volodya

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And general prosperity.
I’m not sure either of those statements are true.
Automation means fewer jobs, meaning less employees making money to prosper. That’s the big issue with automation.
But if you add education and training for the newer and higher paying jobs + automation, then I agree.
 

Kak

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I’m not sure either of those statements are true.
Automation means fewer jobs, meaning less employees making money to prosper. That’s the big issue with automation.
But if you add education and training for the newer and higher paying jobs + automation, then I agree.
That’s the popular opinion.

The reality is very clearly painted throughout history, technology (not in the modern sense, but the productive progress sense) creates prosperity.

We have never had more technology that makes jobs easier and less burdensome than we do right now… It also takes less labor than ever before to buy a home, have two cars, go on vacation. People find their place, and their place will be less and less burdensome for more and more pay.
 

YanC

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Automation also frees people's time and other activities are created. Nowadays you can literally make a living out of being a dog's psychologist. That probably didn't exist 50 years ago.
 

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volodya

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@Kak
I think we are saying the same thing. But I’m trying to clarify that:
1. Automation loses jobs that were just automated. To get new jobs, you need education and training. Think self driving cars and trucker unions.
2. Technology leads to prosperity, absolutely! We live in the most prosperous time. Only 1/7 of the population of the world is in dire poverty (think no toothbrush etc.). Just 50-60 years ago that number was half of the world population! And we still think of the world as “developed” and “developing” nations. Which is totally false today. It’s more like 4 levels and most have gone through transformational change.
 

thechosen1

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MJ DeMarco

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thechosen1

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BeCaUasrE tHe Cpi saYs thErsnoT
"we only printed about 4-5 trillion dollars. What's a little $100 million to my political buddies??"
 

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