Inflation is rising faster than it has since 1982. The Labor Department says annualized inflation is at 6.8%, but that’s just what they are admitting. They conveniently leave things like food and gas out of the equation, claiming those categories are too volatile. Too volatile? Give me a break; what is not volatile these days. So the real question is: What is the true inflation rate? In this discussion, financial forecaster Phillip Patrick of Birch Gold Group is joining us.
Q&A for your interiew guest Phillip Patrick:
- Phillip, We’re seeing widely varying inflation numbers, with the government exempting specific large categories like gas and food, claiming they are too volatile to include in their formulations. Is that a fair way of measuring our pain?
- If you don’t eat or drive, that’s fair…
- If we measure by the Fed’s formula from the 90s, we’re seeing closer to 10% inflation.
- What do you believe the actual inflation rate is?
- Can you give us an example of some sectors experiencing significant price hikes?
- Energy prices have surged 33.3% since November 2020. Gasoline is up 58.1%. Oh, but gas is exempted from government inflation numbers.
- With trillion dollar bills like Joe Biden’s ‘Build Back Better’ initiative, how much longer do you think inflation can be contained to the current 7% to 15% level of inflation before it turns into runaway inflation?
- Inflation isn’t contained today. It’s already bad. Who’s to say we are not already in the beginning period of runaway inflation?
- I think Americans are already waking up to the reality we won’t be able to keep kicking this debt can down the road, simply because we’re seeing today the inflationary effects of the last 18 months of government spending.
- Can you give us an example or two of runaway inflation and what we should look out for?
- By the time the Weimar republic of Germany’s economy entered technical hyperinflation, the reichsmark had already lost 97% of its value. Other examples include Zimbabwe where their currently became worthless. In each of these cases, inflation began accelerating, just about the way it is now.
- With the costs of virtually everything increasing, is there any safe haven left to preserve our wealth?
- It’s a challenging environment to navigate — I think it’s a case of understanding where our issues lie and what’s an effective tool to hedge the numerous risks we face today.
- Commodities generally have intrinsic value, though many tend to volatility. But with everything volatile during an escalation of inflation, it can be a good idea to find a time-tested store of wealth such as precious metals.
- Where may we get more information on inflation and precious metals as a potential hedge against inflation?
- Information in these conditions is critical because you start to see solutions once you see the big picture. At Birch Gold Group, our mission is to empower Americans to take control of their financial futures. Our website is https://BirchGold.com/
Phillip Patrick is a Precious Metals Specialist and a spokesman for Birch Gold Group. He was born in London and read for his politics and international relations degree at the prestigious University of Redding. He spent years as a wealth manager at Citigroup in London’s Wall Street before taking his current position with Birch Gold Group in 2012.
CONTACT: Jerry McGlothlin 919-437-0001 or Celinda Hawkins at (432) 349-2736 or email your requested date and time for an interview to jerry.specialguests@gmail.com
