QUESTION: Should Michigan Citizens accept the proposed Michigan Fair Tax that would eliminate the Michigan Corporate Income Tax as well as Business Property Tax and EXPAND the Michigan Sales Tax to include Tax on Food, Medical and Services ( Labor )???
My ANSWER: No! With the rising Inflation that we are facing, it would be IMMORAL to place a tax on the most basic needs of every individual.
Transcript of Interview with Jim Rogers: Why Inflation is Raging Worldwide And He Shorted US Treasury Bonds
Chris: So inflation is really out of the bag. Then why is it that the U.S. seems to be experiencing what they claim to be no inflation. What is going on there?
Jim: Well Chris, if you shop in the U.S., you know that there is inflation – whether it’s taxis or tolls or insurance or education or entertainment or food. I mean, the price of everything is going up. It’s only the U.S. Government that says prices aren’t going up. I guess CNBC says that too, but shop – I impore you. Go and try to buy something. Go see that there is inflation in the U.S. just as there is everywhere else. I mean, Chris, people in American pay the same for cotton or rubber or tin or oil as everybody else in the world. So when they say there is no inflation – I mean, I don’t know how there could be possibly no inflation because prices of nearly everything are going up.
Chris: Well, certainly if we look at a chart of commodities going back from about 2002, there was a little spike in ’08, which sort of rippled there, but otherwise you can draw a line with a ruler from 2002 to now. It’s almost ten years where we’ve been in almost double digit commodity inflation – it’s been a very impressive run there.
So one way to look at this then is the U.S. is exporting this inflation and expecting the rest of the world to shoulder that pain. Either the rest of the world accepts higher inflation, or they have to accept a stronger currency to fight it. Either of which is a form of past and current U.S. monetary and fiscal excesses. As a student of history, are their any parallels to tell us what happens next in this story?
Jim: What happens next is the rate of inflation continues to grow eventually; even the U.S. and U.K. will have to acknowledge it. You will see one more price increases make it through to the public. It will lead to higher interest rates. It will lead to a lower standard of living for all of us. Except the ones, of course, who have figured out what’s going on and can invest to protect themselves. But no, this is going to get worse. This has happened many, many times. There is nothing unusual about it. I’m not a very smart guy, I just looked it up. Your listeners can look it up too. Throughout history when it started happening, eventually politicians and economists started saying, “Oh well, don’t worry, it’s a one-shot thing. It’s just because of a bad harvest or bad this or a bad that and don’t worry, it won’t last." But of course, since they either don’t realize what’s going on or because they’re lying about what’s going on, it gets worse before anybody tries to do something to solve the problem. FULL STORY
Dr. Mercola Interviews Rep. Ron Paul