The Chinese have been keeping their currency very closely aligned with ours, letting it slip just enough for them to claim that they have let it float. This means that they are also paying higher prices for imported oil and raw materials.
The Chinese oil companies are importing Iranian oil at the current high prices, but the CCP is restricting the oil companies from raising prices. The oil companies are producing just enough gas and diesel to keep from being shut down, they are losing money on every gallon they sell. City bus drivers and truck drivers are constantly looking for diesel for sale. Deliveries are late constantly.
This last winter there was a major kerosene shortage, so people had trouble keeping their apartments warm. The price of pork has doubled, in part because of disease and in part because of farmers not being able to afford higher grain prices. The official inflation rate is 3 - 4 %, the real inflation rate is much higher.
Chinese workers are demanding pay raises to keep up with inflation. Strikes for higher pay are happening. The CCP is trying to keep these strikes out of the news, but the foreign press is reporting them.
What all of this means is that price of imported goods is probably going to go up 10 - 20 % this year. By Christmas Walmart will be raising prices left and right, I wonder how they will advertise that.
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Today's Featured Article - Harvestin Hay: The Early Years (Part 2) - by Pat Browning. The summer of 1950 was the start of a new era in farming for our family. I was thirteen, and Kathy (my oldest sister) was seven. At this age, I believed tractor farming was the only way, hot stuff -- and given a chance I probably would have used the tractor, Dad's first, a 1936 Model "A" John Deere, to go bring in the cows! And I think Dad was ready for some automation too. And so it was that we acquired a good, used J. I. Case, wire tie hay baler. In addition to a person to drive th
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