China is urging families to stock up on food as supply challenges multiply

[RVLiFe]

It was for your benefit.

 

[time2roll]

As I thought. Does not exist.

 

[MurphyGuy]

You really need to quit watching CNN. Every one of your statements can be proven inaccurate. Joe is spending 10% of our money we don’t have on “domestic issues”. Ask yourself where the rest is going and watch during the next election who is donating the most to the Democratic Party. You will have your answer. It’s called leverage and is used to keep power and control. It’s not going back into infrastructure. You’re only being told that so you have a warm fuzzy feeling over your party. You act like the government is here to take care of you. That’s where you are wrong. It’s not their job to take care of you. It’s their job to use you so they can take care of their own interests. We don’t need bigger government.

Tell me, how is the Republican party different than the Democratic party? Lets ignore the election strategies and propaganda and stick to real world quantifiable actions.

You make statements about the money they are spending.. Obama spent more money than any other president in history.. not to be outdone, Trump beat his record.

The magician has you looking at his right hand.. but you're smart right? You're also looking at his left hand.. Meanwhile, his crew is at your home robbing you blind while you're enjoying the show.

There is no difference between the two parties.. they just play it that way because "United we stand, Divided we fall".. and they have the sheepole divided quite well.

This is why we end up with radicals like Pelosi, Schumer, Cruz, Trump, McConnell, etc...

 

[RVLiFe]

I won’t argue with you there but this excessive spending will create inflation that won’t go away in a year like they claim. The working class will have to work even harder and pay higher taxes. Biden’s build back better plan will hurt me personally and could inflict a 49.6% tax on my IRA. I can not and will not support this kind of erroneous spending by any party but this party is clearly out of hand with their spending. Seriously, when has any president spent trillions like this administration has in just a single bill?

 

[robby]

Just about everywhere you look you can find these numbers. Do your own research. But here is a link for you from your favorite news outlet showing that the numbers don’t add up. I trust that you have a calculator?

(CNN)Congress passed a $1.2 trillion infrastructure package Friday, approving a signature part of President Joe Biden'seconomic agenda.
It will deliver $550 billion of new federal investments in America's infrastructure over five years, touching everything from bridges and roads to the nation's broadband, water and energy systems. Experts say the money is sorely needed to ensure safe travel, as well as the efficient transport of goods and produce across the country.

Here's what's in the bipartisan infrastructure package | CNN Politics

President Joe Biden signed a $1.2 trillion infrastructure bill into law Monday. It will deliver $550 billion of new federal investments in America's infrastructure over five years, touching everything from bridges and roads to the nation's broadband, water and energy systems.

www.cnn.com

I am not going to do any research on this but I would remind you that almost all the News emanates from one or two sources on the Left and Right and then is regurgitated by everyone else until it becomes a "Fact" in peoples minds.
The real problem is that most of the sources on the Right do not take the time to even read the material and the one's on the Left tend to leave out the inconvenient parts.

 

[robby]

I won’t argue with you there but this excessive spending will create inflation that won’t go away in a year like they claim. The working class will have to work even harder and pay higher taxes. Biden’s build back better plan will hurt me personally and could inflict a 49.6% tax on my IRA. I can not and will not support this kind of erroneous spending by any party but this party is clearly out of hand with their spending. Seriously, when has any president spent trillions like this administration has in just a single bill?

When has America ever been shutdown for 18 months?
I remember when Obama was passing some serious spending bills after the economic crash and that same rhetoric was thrown out. Then two years later when America had recovered and Europe and the most of the world were still up to their arm pits in problems the bantering finally stopped. I bet you personally benefited from that fast economic recovery.

 

[time2roll]

trump spent his infrastructure money on a feeble misguided failure to build a wall instead of improve transportation facilities that would really help today with the shipping back log. Poor leadership, mis guided self interest. The trump 25% tariffs probably also have a direct effect on higher prices along with the shortages due to stalled imports. Now we also have a labor shortage while we block hard working refugees from entering our country that just want a simple job and a place to raise their children without being gunned down by the gangs of South America. When is trump going to start paying child support to the kids he separated from parents? No humanity what so ever.

BTW trump tax cut for the rich did not reduce taxes for the middle class. IRA? are you kidding? IRA is a method for the government to invest in the stock market. So happy with a deduction when contribution is made but it is just a deferral. That tax money grows and grows in the market and the government collects handsomely at the end. The government knows by the time you or your kids withdraw the amount is large enough to put you in a higher bracket. And you are locked in and held hostage. Stick to the ROTH.

 

[time2roll]

Last surplus was accomplished by a Democrat afaik.

So far trump has had the highest deficit year ever. Escalated best he could until the grand finally.

 

[HOU_Castle]

Just like I said earlier that no matter who is the president, we will add tons of debt to the existing one. Soon or later, we as Joe or Jane will pay for this either thru hyper-inflation or war. The question is are we ready? blaming others won't help this situation since we can't pay this enormous debt. Debt jubilee for all countries in the world, like a reset? start from zero-zero? I don't know.

 

[pvdude]

This guy has an interesting perspective on why inflation is being amplified, and who benefits from the reset.

"Ernst Wolff — Right Now, The World is Being Taken Over by Hedge Funds More Powerful Than Governments"

Ernst Wolff — The World is Being Taken Over by Hedge Funds - Right Now

Ernst Wolff claims we're going to see hyperinflation like in Germany in 1922/23, and that big players in the system want this.

dryburgh.com

“So we’ll get inflation and they will have to inject ever more money because our system is based on growth.
The world financial system and the world economic system is based on growth.
They will have to inject more money, ever more money.
They will have to lower interest rates, even farther.
And the rational consequence of all this is inflation.
And this inflation will soon go over into a hyperinflation.
And then we’re going to see conditions like in Germany in 1922/23, or like in Zimbabwe at the end of the last century.

But that is also something that the big players in the system want because they’ve taken on more debt than ever before.
And the only way to get rid of debt is by inflation.
So inflation will rid them of their debt.
And if they get into the pole position, when the restart comes, they will have gotten rid of all their debt and they will be able to start again.
And they will be very, very powerful, more powerful than before.“

 

[HOU_Castle]

Who will benefit from Debt Jubilee?

 

[lexio]

funny how a article on china leads to 5 pages of u.s. politics

 

[MurphyGuy]

I won’t argue with you there but this excessive spending will create inflation that won’t go away in a year like they claim. The working class will have to work even harder and pay higher taxes. Biden’s build back better plan will hurt me personally and could inflict a 49.6% tax on my IRA. I can not and will not support this kind of erroneous spending by any party but this party is clearly out of hand with their spending. Seriously, when has any president spent trillions like this administration has in just a single bill?

I'm not a political science expert, nor a financial expert familiar with tax code or things of that nature.. But I don't need to be an expert in those things to avoid my own personal bias and look at what the government, as a whole, is really doing.

And I'm saying that it wouldn't matter if we elected Obama, Trump, or Bugs Bunny.. you're being harmed by the government acting like a 16 year old with daddy's credit card.... and you're being harmed by the super rich who are manipulating our system for their own benefit.

You're also reading right wing websites pumping you full of disinformation the same way the left wing sites do.. You ask "when has any president spent trillions like this" ? Have you bothered to look that information up yourself? And what difference does it make if the girl with daddy's credit card buys a single dress for $5000 or 50 pairs of shoes for $100 each? Its still the same amount of money being wasted away.

The truth is, Biden, Obama, Trump, and the silly rabbit (rabbit is code for any elected official), are not the problem... we the people are the problem.
Take a look around you and count all the stuff made in China and then consider how you've contributed to the problem along with everyone else.

 

[Hedges]

Who will benefit from Debt Jubilee?

Wow, Russia is the most financially sound of them all? Who woulda' thunk?
(and therefore the one who benefits the least from a default on debt.)

Just like I said earlier that no matter who is the president, we will add tons of debt to the existing one. Soon or later, we as Joe or Jane will pay for this either thru hyper-inflation or war. The question is are we ready? blaming others won't help this situation since we can't pay this enormous debt. Debt jubilee for all countries in the world, like a reset? start from zero-zero? I don't know.

We've already been through one partial reset.
Following the Great Recession (Liar Loan boom and crash), the U.S. banks were insolvent due to funding loans on over-valued real estate. The financial crisis affected the entire world. Although official inflation was under 2%, the actual inflation rate caused dollar to lose half its value over 10 years (about 8% annual inflation). That made the banks solvent again, and cut our savings and paycheck in half. For a time my income was even less in $$, now is more, but is still behind in buying power. I may have lost less ground than the average joe, who has a harder time affording cost of living.

The truth is, Biden, Obama, Trump, and the silly rabbit (rabbit is code for any elected official), are not the problem... we the people are the problem.
Take a look around you and count all the stuff made in China and then consider how you've contributed to the problem along with everyone else.

The boom in purchases from China enabled U.S. government spending growth. China received a surplus of dollars, which they invested in T-bills, allowing Congress more money to spend.

People should "stock up", have enough on hand that they can get by a few weeks at least without going to a store. (and water, in case the pumps shut off.)

Recent news said Korea was short of urea for diesel exhaust fluid?
Does that cause the engine to stop running?? or just increase emissions? Is the problem the engine control unit is programmed to shut off?
If so, a software fix would avert a national emergency.

I'll bet the system doesn't chemically analyze what's in the DEF tank. But it does have some measurement of what's in exhaust. Most cars just read O2, anything else these days, especially for diesels that use DEF?

 

[12VoltInstalls]

funny how a article on china leads to 5 pages of u.s. politics

I’m annoyed at myself that I replied to anything in that department, now! I didn’t expect it was going to get silly.

Sooooo… anyone planning on having a six month’s supply of food on hand?

What about cash? Federal Reserve data says 39% of Americans cannot cover a $400 unplanned expense out of pocket while IRS says 1/3 of Americans have less than $1000 in savings, and a fifth have less than $5000 but more than $1K in savings. Which sorta means roughly ~45% have over $5000 in savings. Which doesn’t make sense cuz the median is $3500 but apparently civil service, corporate, and military retirees have a lot of cash in the bank.

They say you should have six month’s income in savings, minimum, with a goal of having 15 months readily available in cash not credit, not retirement. Whoever “they” are. I just barely got to five months in savings last year for the first time in my life and due to circumstances was flat broke in 2015. Partially what motivated me to push forward and save everything I could and sacrifice lifestyle and comfort when I couldn’t afford to save.

A critter-proof cool/cold room isn’t that hard to achieve. That’s in my future, definitely.

 

[12VoltInstalls]

U.S. banks were insolvent due to funding loans on over-valued real estate. The financial crisis affected the entire world. Although official inflation was under 2%, the actual inflation rate caused dollar to lose half its value over 10 years (about 8% annual inflation). That made the banks solvent again, and cut our savings and paycheck in half. For a time my income was even less in $$, now is more, but is still behind in buying power. I may have lost less ground than the average joe, who has a harder time affording cost of living

Ah, this is actual economics.
That’s what makes the previous ‘spending’ political stuff posted here, silly. A misunderstanding of how “policies” to “benefit joe average” and “get the rich to pay” actually have the opposite results longterm. The bottom third suffer, the middle and rich pay, and the unethical remaining corporate and wealthy thrive.

People should "stock up", have enough on hand that they can get by a few weeks at least without going to a store. (and water, in case the pumps shut off.)

I don’t know the full extent but I know it happened: people sacrificed during WW2 and did without a lot. But everybody on the home front was fed. Nobody has the stuff on hand to see them through a tough time today. Well not nobody, but most by far don’t have anything. Half of Americans eat self-prepared food 3-6 times per week and only 1/3 seven days per week- in spite of the fact that on average eating costs 4.5-5 times as much as cooking at home. Eating out on average is up 15%, and roughly correlates to the declining trips per week to the grocery store (currently required every 4 days for most Americans)

I drive a lot for work and am gone 60-80hours/week 6days/week but I made a concerted effort to eat my own food more the summer just passed. I lost about 10# and I gained about $240 a month in my bank balance.

 

[Hedges]

Sooooo… anyone planning on having a six month’s supply of food on hand?

What about cash? Federal Reserve data says 39% of Americans cannot cover a $400 unplanned expense out of pocket while IRS says 1/3 of Americans have less than $1000 in savings, and a fifth have less than $5000 but more than $1K in savings. Which sorta means roughly ~45% have over $5000 in savings. Which doesn’t make sense cuz the median is $3500 but apparently civil service, corporate, and military retirees have a lot of cash in the bank.

Having debts (mortgage) costing significant interest I didn't like the idea of having much cash savings earning much less. I tried to keep it all invested, and had a HELOC as source of emergency cash. Guess what? That can get shut off instantly. During the Great Recession, I read of companies drawing down their credit lines even though they didn't need cash at the moment, sticking it in the bank. I contemplated the same but didn't need it and didn't want to pay for it. The HELOC was then closed due to decline of collateral.

There is cash in the bank, and then there is cash. Banks can get closed. Stories in the news about home invasion robberies, usually victims of a culture that doesn't trust banks. Risk either way.

We do have various stored food, freezer and cans and dry. But not nearly as well prepared as those in rural areas who are self sufficient.

 

[12VoltInstalls]

There is cash in the bank, and then there is cash. Banks can get closed. Stories in the news about home invasion robberies, usually victims of a culture that doesn't trust banks. Risk either way.

Yes, risk either way.

I’ve got that 4-5 months in the bank. But I also have a secret stash that other than maybe a fire nobody would ever find even if I die- and that is a month’s income.

2009 wasn’t a fun time for me economically and then I had a ‘situation’ someone screwed me into in 2015- I’m not ever going through either of those again if I can help it!

 

[Hedges]

I drive a lot for work and am gone 60-80hours/week 6days/week but I made a concerted effort to eat my own food more the summer just passed. I lost about 10# and I gained about $240 a month in my bank balance.

For a time the Covid policies didn't allow us to bring food from home to use indoors at work, and company had food catered for all. That continued until September, and cafeteria was packed. When it ended, vendor's business plummeted. At about $10 per lunch, that's $2500 per year. I mostly bring my own, but buy what they offer occasionally. Mushroom Wellington, baked fresh salmon, some offerings are pretty good.

Obviously many people in the U.S., and branches of government, use deficit spending to buy what they can't afford.
Could be culture in China still favors more fiscal responsibility. Except for their maintaining a booming economy with real estate development in excess of what the market needs.

Panic buying raises prices and causes a transfer of money. Prices are slow to trickle back down, may never reach where they were before.
China has regulated its currency exchange rate to keep manufacturing costs (wages) low, so they continue to have business volume. Workers may get raises, but buying power for imports is reduced.
Perhaps the recommendation to stock up is to raise local prices and cause a transfer of saved cash from individuals to vendors. Maybe that can serve to bail out the industries that have put the nation's economy at risk.

The U.S. solved its problems of a decade ago by devaluing the dollars banks owed (and our savings and income.) Maybe China is solving theirs by getting people to fork over cash.

 

[robby]

Going back to the topic of the thread. I have seen nothing about Chinese being told to stock up on food although I have seen tons of stuff about the Chinese people complaining about the high prices of food. What they are stocking up on is coal or anything that burns. They had an article about how people are stocking up on thrown out clothing and even old boxes for the coming winter. They plan on burning anything they can because coal prices have made coal unaffordable for many Chinese people just as Winter is Coming.