Hoarding is exactly what the government is doing right now by filling the SPR, and frankly it's the best thing that could happen. It drives prices up. High prices encourage demand destruction. They also finance new well development. The hoarded oil gives us a buffer to fall back on once shortages become more prevalent. High prices are what we need in order to adapt to what's coming, and the sooner they happen, the better.
Posted: Wed May 14, 2008 4:00 am Post subject: Re: The Most Dangerous Speech in America
From what I understand inflation has OFFICIALLY been 1,452 % in culmaltively since that period. In real life I would imagine we are probably looking at something looking 3,000-4,000 % culmalative inflation since that period.
If you use this as a reference we are probably looking at somewhere between 4,000 % culmilative inflation.
The sort of taxes he is talking about aren't that much more that what most people probably pay already. You have to remember that social security and medicare taxes were practically nonexistent in the period. Also I doubt that the states levied the sort of taxes then that they do today.
Ironically many middle class people probably pay these super high taxes that Mr. Long is talking about.
Of course in European countries its even worse so I won't go there.
Huey Long's vision is a reality except its the middle class who has to bear those taxes.
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