IPFS News Link • Economy - Economics USA
IPFS News Link • Economy - Economics USA
When a month ago the CEO of Wal Mart Americas told the world to “prepare for serious inflation“,
the Chairman laughed in his face, saying it was nothing a 15 minutes
Treasury Call sell order can’t fix (granted net of a few billions in
commissions for JPM). 4 weeks later the Chairman is no longer laughing,
having been forced to hike up his inflation expectations while trimming
(not for the last time) his economic outlook. “U.S. consumers face “serious”
inflation in the months ahead for clothing, food and other products,
the head of Wal-Mart’s U.S. operations warned Wednesday talking to USA Today.
And if Wal-Mart which is at the very bottom of commoditized consumer
retail, and at the very peak of avoiding reexporting of US inflation by
way of China is concerned, it may be time to panic, or at least cancel
those plane tickets to Zimbabwe, which is soon coming to us.” In light
of that perhaps today’s words of caution from Wal Mart CEO Mike Duke
will be taken a tad more seriously (yes, even with the $50 billion in
“squatters rent” that the deadbeats spend on iPads instead of paying
their mortgage: that money is rapidly ending). Warning is as follows: “Wal-Mart’s
core shoppers are running out of money much faster than a year ago due
to rising gasoline prices, and the retail giant is worried. “We’re
seeing core consumers under a lot of pressure,” Duke said at an event in
New York. “There’s no doubt that rising fuel prices are having an
impact.” Tell that to Printocchio please.