Hyperinflation Watch: Amazon Sued For “Price Gouging”

When will we know the hyperinflationary crack-up boom has begun? When the lawsuits begin?

(by Half Dollar) Usually in the installments of the Hyperinflation Watch, I write about one-off examples that lean towards the ridiculous side of price discovery.

I do it to prove a point: The US Dollar has already hyperinflated.

For example, we’ve covered news such as this:

And there was the guy who ate the banana duct-taped to the wall:

Written in December of 2019, oh the irony of how the Era of Decadence has come to an abrupt, epic end.

Of course, when colleges charge astronomical prices, it’s just standard operating procedure, and when the healthcare system bankrupts hundreds of thousands of Americans each year, well, too bad they’re not Federal employees with posh benefits packages and premium, low cost health insurance.

But when a company raises prices, well now, we just can’t have that.

Can we?

Now, I’m not advocating for Amazon in the slightest.

What I am advocating for, however, is for the government to get out of the way and let businesses decide what to charge and let people decide if they want to buy.

It really is as simple as that.

Want to have a legitimate economy and markets?

Then let the economy and the markets sort it out.

The problem is, however, that doesn’t do anything to satisfy our insatiable lust to live in 1984, so we have this news to report today.

There is a point here: Know that when the price-gouging lawsuits begin, the crack-up boom has begun.

Amazon is being sued.

Stinkin’ price-gougers!

From the U.S. Sun:

AMAZON is facing a lawsuit in California over its alleged price gouging of health products during the coronavirus.

In documents filed in the US District Court for the Northern District of California, Amazon.com Inc is accused of “unlawful price increases during the COVID-19 pandemic”.

California’s Unfair Competition Law prohibits raising the price of some consumer goods and services by more than 10 per cent after an emergency has been declared.

Goods include food and drink, cleaning products, personal hygiene products – such as toilet paper – medical supplies, and emergency supplies, such as water, candles and batteries.

Face masks

Amazon is accused of selling face masks at a 500 per cent price hike, increasing from less than $20 to $120;

Pain reliever

Amazon is accused of hiking prices of pain reliever from $18.75 to $62.40, an increase of 233 per cent.

Flour

Flour allegedly increased up to 400 per cent, from $22 to $110, according to the suit.

Black beans

The price rose from $4.65 up to $35.99, an increase of up to 674 per cent, the suit alleges.

Disinfectants

Amazon is accused of hiking prices by 100 per cent, from $14.99 to $29.99.

*****

“Since the COVID-19 pandemic began, its sales in some categories are up more than 1,000 per cent.”

What’s going to happen when bottles of ranch salad dressing cost $35 and not $3.50, or when tennis shoes cost $1,500 and not $150?

Spoiler alert: those prices are coming, and much faster than people realize.

Developing…