I am not a farmer, never have been. But I sure remeber the late 70's and 80's. The late 70's, interest rates started going up, Paul Volker was the fed guy. Inflation, born during the Vietnam war, with a federal policy of "guns & butter" ( Johnson ) ramped up to double digits. The first war now, pay later. Just like Iraq. To kill it, the fed raised interest rates, several times. House loans got to 14 - 15%. Car loans got to 18%. I know crop prices fell off, largely due to the grain embargo. A lot of people got hurt. I think now the damage is going to be worse. People have on average much more debt. I think the majority of people on this board are miiddle class in income. The working people, the guys in the factories and service jobs, are on average, about 3 paychecks from broke. High fuel prices and rising food prices are stressing them even more. The unemployement numbers are way understated. ( unemployement runs out, you are no longer unemployed, even if you still don't have a job? ) And the inflation numbers are just flat out rigged. And I think the weak dollar is not going to help exports much. We have already exported the jobs, and the dollar would have to fall to ridiculus levels to match wage rates in the 3rd world. I don't see a silver lining.
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