Francesco Abbruzzino, The Uncensored Report, LLC

 

This is what the early chapters of an inflationary meltdown look like.  Last week, we were informed that “consumer prices were 7.9% higher in February than a year ago”, and that was being touted as the highest figure “in 40 years”.  Of course those that follow my website on a regular basis already know that the reality is much worse than that.  If the inflation rate was still calculated the way that it was back in 1980, it would be over 15 percent right now.  We are already experiencing the sort of painful inflation that Americans were forced to endure during the Jimmy Carter era of the 1970s, and now the war in Ukraine is going to completely change the game moving forward.

 

Last week, the average price of a gallon of gasoline in the United States rose 13 percent, and since this time last year it is up 38 percent.

And now that the war in Ukraine is shifting the global energy crisis into overdrive, Americans are going to be feeling the pain of higher energy prices in a whole host of different ways…

 

Americans are facing sticker shock at gas stations across the country, but surging global energy costs are rippling through the economy in other ways, too: Airlines are scaling back on flights. Truckers are adding fuel surcharges. And lawn care companies and mobile dog groomers are upping their service fees.

 

One trucking company executive that was asked about this said that he has “never seen prices jump this high, this fast”…

 

“Customers really don’t want to hear it, but fuel prices are going through the roof so we’re having to charge more,” said John Migliorini, vice president of Lakeville Trucking in Rochester, N.Y., where diesel costs have nearly doubled to about $400,000 a month. “What choice do we have? I’ve never seen prices jump this high, this fast.”

 

And he is exactly correct.

 

Ever since the full-blown invasion of Ukraine was launched on February 24th, we have seen prices spiral out of control all over the country.

 

Joe Biden knows that the American people are getting restless, and he is trying to pin the blame for our inflation nightmare on Vladimir Putin.

But Vladimir Putin didn’t borrow and spend trillions upon trillions of dollars that we did not have over the last two years.

 

Our leaders in Washington did that.

 

And Vladimir Putin didn’t create trillions upon trillions of fresh dollars out of thin air and use them to prop up our financial system.

 

The Federal Reserve did that.

 

This inflation crisis started long before the war in Ukraine, but without a doubt the war in Ukraine is going to make things even worse.

 

In fact, the UN is now warning that global food prices could soon jump by as much as 22 percent “above their already elevated levels”…

 

With dozens of countries around the world relying heavily on both Ukraine and Russia for food supplies, the United Nations warned Friday, the ongoing war is likely to significantly drive up global food prices and worsen malnourishment in the Global South. With both Ukraine and Russia’s ability to produce and export food uncertain, a global supply gap “could push up international food and feed prices by 8% to 22% above their already elevated levels,” said the U.N. Food and Agriculture Organization (FAO).

 

Two weeks into Russia’s invasion of Ukraine, which has killed more than 560 civilians and forced more than 2.5 million people to flee the country, FAO said up to 30% of Ukrainian wheat fields will not be harvested in the 2022 to 2023 season due to the violence.

For the billions that are already living in poverty all over the planet, that is really, really bad news.

 

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