America is facing an inflation crisis, and there’s nothing it can do—because the government won’t acknowledge the problem, writes Ken Kurson of Esquire, in a piece entitled “Let Them Eat iPads.” Why the title? Well, last month some poor soul confronted New York Fed Chairman William Dudley about soaring food prices, asking him when he’d last gone grocery shopping. Dudley replied with what Kurson calls "an observation worthy of Marie Antoinette": “Today, you can buy an iPad 2 that costs the same as an iPad 1, that’s twice as powerful,” Dudley said.
That rosy optimism is a load of crap, Kurson says. Look at staples like fuel instead of tech toys, and it’s clear the dollar is weakening—even though the economy is also weak. That’s the kind of thing that happens “in Third World countries, places in which the currency becomes less trusted by the world.” Now, it’s happening here. "We're in dangerous waters," he concludes. "There's a very real possibility of things we never envisioned"