As Thanksgiving approaches, many may be wondering about the soaring food prices that threaten to dampen holiday celebrations. The Federal Reserve’s actions have substantial implications for your holiday feast, and the situation demands attention.
A surge in price inflation, the highest we have seen since the 1970s, can be largely attributed to the Fed’s aggressive policy of dollar debasement. Since September 2019, the Federal Reserve has inflated its balance sheet by an astounding $5 trillion.
It’s crucial to note that this $5 trillion was generated without any economic productivity. There was no agricultural investment, no new manufacturing, and no innovative technologies. The Fed simply recorded entries in a ledger, and this new currency entered circulation.
This excessive money printing comes with a significant flaw: it lacks real production to back it up. A considerable portion of this $5 trillion was funneled to the Treasury, where this fictitious currency was spent as if it had genuine value, driving up the prices of goods and services.
Despite its illusion of value, this counterfeit money circulates through the economy, accepted by grocers, dog walkers, and others. However, it does not represent an actual increase in wealth; it merely inflates prices. The Fed’s unchecked money printing has also instigated a severe supply chain crisis, leading to widespread shortages and further driving inflation.
According to Tyler Durden from ZeroHedge, the American Farm Bureau Federation’s annual survey reveals that the cost of a traditional Thanksgiving turkey dinner for ten people in 2021 has seen a 14 percent rise compared to last year. Notably, the price of turkey itself has skyrocketed by 24 percent.
If the current situation feels perplexing, Vice President Kamala Harris recently offered a succinct observation: “Prices have gone up.”
However, the Federal Reserve believes there are alternatives…
Fake Turkey
The Federal Reserve Act mandates that the Fed promote stable prices, making the 24 percent price hike for turkey highly inconsistent with that directive.
Such failures in other professions would likely lead to termination, but not so for the Fed. Employees from academia, public agencies, and even government officials typically enjoy a shield against consequences for their performance failures.
At the Fed, these missteps often feed a flawed belief that central bankers somehow know what’s best for everyone, including you.
Consider this: while turkey prices have risen by 24 percent due to the Fed’s policies, a creative solution was recently proposed. The Federal Reserve Bank of St. Louis suggested skipping turkey this Thanksgiving in favor of “tofurkey.”
The reasoning shared on the Fed’s blog was:
“As of the third quarter of 2021, a hearty Thanksgiving dinner serving of turkey costs $1.42. A tofurkey (soybean) dinner serving with the same amount of calories costs $0.66 and provides almost twice as much protein.”
Does the author truly believe this is sound logic?
This illogical perspective—claiming twice the protein at half the price—echoes the absurdity often employed by the Bureau of Labor Statistics when making hedonic price adjustments in their Consumer Price Index calculations. The ridiculousness of those adjustments is a discussion for another time. Regarding fake food, tofurkey? No thanks!
Hey, St. Louis Fed!… Go Tofurkey Yourself!
At Economic Prism, we advocate for individuals’ rights to choose what they wish to consume, as long as they don’t infringe on others’ rights to life and property. Therefore, the St. Louis Fed is free to opt for fake turkey on Thanksgiving; we won’t oppose it.
If that’s their preference, then by all means, enjoy it. We, on the other hand, will be savoring real turkey, along with ham and all the fixings. Because that’s how we celebrate Thanksgiving.
We find great fulfillment in enjoying both meat and plant-based dishes, and that’s how we choose to celebrate the holiday.
Ultimately, we don’t need any bureaucrats—whether misguided or well-meaning—dictating our Thanksgiving meals or spinning convoluted reasoning about why rising prices are actually acceptable.
Hey, St. Louis Fed!… Go tofurkey yourself!
And to the influential figures at Davos and other central planners pushing for us to consume insects to rectify supposed planetary issues: you can go tofurkey yourself, too!
The charade has grown tiresome. For those of us living in the real world…
May your Thanksgiving be filled with joy, connection, plentiful food, and a touch of indulgence.
The landscape as we know it is changing dramatically. Washington is a complete mess, yet there remains much to be thankful for.
What better moment to enjoy and celebrate freedom than on Thanksgiving?
Sincerely,
MN Gordon
for Economic Prism
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