The New York Times reports that the Sixth Street Bridge in Los Angeles “goes dark at night now. So do stretches of the busy 405 freeway and dozens of street blocks across the city.” Times reporter Michael Corkery adds that “In St. Paul, Minn, a man was recently hit by a car and killed while crossing a street near his home where streetlights had gone out.”
Corkery’s explanation for this odd state of affairs is that “Thieves have been stripping copper wire out of thousands of streetlights and selling it to scrap metal recyclers for cash.” We’ve seen this movie before. It’s what happened in the 2000s amid substantial dollar weakness during George W Wormhole +4.8%. Bush’s failed presidency, and also in the 1970s when Presidents Nixon and Carter pursued dollar devaluation as policy.
In short, the inflation problem in the U.S. grows worse by the day. But wait, say the experts, the consumer price index (CPI) continues to decline. The Fed “whipped” inflation with its interest rate price controls.
Read the entire article at Forbes
