With that in mind, we encouraged stores in the Los Angeles area to close overnight.” We are gathering information on this terrible tragedy and working with local law enforcement,” 7-Eleven said Monday in a statement, according to KTLA, “Right now, our focus is on Franchisee, associate and customer safety. “Our hearts are with the victims and their loved ones. (RELATED: Starbucks Is Closing 16 Stores Amid Crime And Drug Use Concerns) One customer and one clerk were killed during the thefts on “National 7/11 Day,” while three others are said to be in critical condition. Police in southern California are working to determine whether six robberies committed on Sunday night and Monday morning are connected, according to the Los Angeles Times. Meanwhile, the printing press kept running, and more spending was being proposed.7-Eleven’s corporate leaders recommended Tuesday that all of its Los Angeles-area stores close for a second night to allow police to investigate a series of deadly robberies. ![]() Washington leadership was in no mood to hear the advice. Gwartney, Johns Hopkins University’s much-admired monetary scholar Steve Hanke, and former treasury secretary and presidential adviser Lawrence Summers each sent warnings, predicting that government spending based on printed money would deliver a serious bout of inflation. Yes, much respected Florida State University economist James D. Early on, while the money printing presses were still running, noteworthy economists called for caution and predicted inflation would follow. This gets us back to the trillions in printed stimulus money shipped happily to consumer checking accounts in 20. After all, the word itself refers to inflating the supply of money that then chases a limited supply of goods and services and thereby causes all prices to rise. But looking for ways to reduce overall inflation requires recognizing that inflation is first and foremost a monetary phenomenon. coastal shipping, making it more costly to move petroleum products domestically. We should remove anti-competition policies like the Jones Act, which bans foreign-built or foreign-owned vessels from U.S. ![]() Many analysts (and even Biden’s Council of Economic Advisers) now recognize that, fed by trillions of stimulus dollars distributed in 2020–21….prices had to sail higher….Įasing energy supply constraints and thus making gasoline cheaper will involve encouraging more drilling and more fracking, in addition to rethinking and revising regional formulation differences required by the Environmental Protection Agency that make gasoline more costly. Few have admitted inflation is created in Washington, here to stay, and likely to worsen over the next 12 months. By March 10, the price was another dollar higher at $4.31…For too long now, our political leaders have been unwilling to accept the notion that their policies are the major source of inflation, that the inflation embedded in our economy is not transitory, that inflation is not just associated with sudden supply chain problems, and that inflation is not caused by business leaders suddenly becoming unusually greedy. average price of a gallon of gas in January 2021 was $2.38 in January 2022, the price was about a dollar higher at $3.32. It may be worth remembering that the U.S. ![]() The BLS report showed the food index was up 7.9 percent for the year and, yes, gasoline was up 37.9 percent. ![]() It was the largest increase since 1982…Expressing concern about soaring gasoline prices, President Joe Biden called it “Putin’s price hike.” While shifting the blame for inflation to a foreign despot may be attractive politically, the BLS report tells us that the price surge had nothing to do with Russia’s invasion of Ukraine on February 24, too late to have much impact on the monthlong survey of daily gasoline prices. News from the Bureau of Labor Statistics (BLS) that February’s all-item Consumer Price Index (CPI) skyrocketed 7.9 percent on a year-over-year basis came as no surprise to American consumers. “Blame Washington, not Moscow, for surging inflation,” notes former FTC executive director Bruce Yandle, a scholar at George Mason University:
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