For me, there is no escaping the conclusion that inflation will continue to surge. Inflation is, after all, the increase in money supply.

By Michael Pento at Capitalism Magazine

EXCERPTS:

From my perspective, inflation is a global wave that will ultimately swamp all shores.

In a recent appearance on NBC’s Meet the Press, Senator Harry Reid said, “When we start talking about the debt, the first thing people do is run to Social Security. But Social Security is fully funded for the next 40 years.” Apparently the Senator pays no attention to the non-partisan CBO either. Last week the office states that Social Security will run permanent deficits beginning this year, 5 years sooner than expected. If we aren’t going to be honest about the insolvency of Social Security and Medicare, how can they possibly be fixed, and how can the costs ever be contained?

The CBO also said that the government will run up an additional $12 trillion in debt over the next decade if current taxing and spending policies remain in effect. Their report contained this foreboding comment: “…a growing level of federal debt would also increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government’s ability to manage its budget, and the government would thereby lose its ability to borrow at affordable rates.” The fact that our elected leaders fail to understand basic economics, or simply bury their heads in the sand, underscores why inflation will be a major factor in the years ahead.

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