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Bah! Humbug And A Happy Hyperinflationary Christmas To All

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Zero Hedge
December 24, 2012

There are, according to USA Today, 364 items that need to be purchased to create the ultimate gift basket from the epic holiday song “The 12 Days of Christmas”. Based on PNC Wealth’s Christmas Price index, the cost of this basket is $107,300 in 2012 (up 6.1% year-over-year). Since 2001, when the Fed embarked upon its uber-expansionary monetary policy experiments, the cost of Christmas has risen over 40% faster than the Government’s prescribed CPI (and if we use a different cost-basesince 2006, the cost of Christmas has risen 46% per year on average). And on an even more Bah! Humbug note, there is the important economic question of the Deadweight Loss of Christmas – i.e. gift-giving means consumption choices are made by someone other than the final consumer, with potentially sub-optimal micro-economic effects such as a mismatch with the recipient’s preferences. This wonderfully positive report finds thatbetween 10% and 33% of the value of gifts ‘given’ is destroyed through this inefficiency (with cash – or gold – the least impacted?). Happy Holidays, everyone!

 

Bah! Humbug And A Happy Hyperinflationary Christmas To All 20121223 xmas 0

 

The Deadweight Loss Of Christmas - PDF here

Cost of 12 Days of Christmas in 2005/2006 - PDF here

This article was posted: Monday, December 24, 2012 at 6:44 am





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