Another sign that the US has entered a recession?According to a survey released today, US consumer confidence is the lowest it’s been in over a quarter of a century.

This month the Reuters/University of Michigan Surveys of Consumers has fallen to the lowest since March 1982’s level of 62.0.

According to Reuters, this is “when the ’stagflationary’ period of low growth and high inflation was still fresh in the memory of many Americans.”“Some economists think the country is already in recession,” says Bill Bonner.

“What that means is that the supply of goods and services is barely increasing at all. Which means, the extra money has to bid for the EXISTING goods and services.

“No need to beat around the bush about it. What this means is that monetary inflation is driving up prices.

“The price of oil is $112. Wheat, corn, soybeans, rice – all the grains are near record highs too. Many countries are banning exports. Many are controlling prices. Mexico, for example, has price controls on tortillas.

“Of course, the real cause of rising food prices is a falling value of paper money. But only the European Central Bank seems to take its mission to protect the euro seriously – it’s holding rates steady. While the ECB tries to hold the line against inflation, the rest of the world’s central bankers are giving inflation all the slack they can. The Bank of England, following the U.S. lead, cut its key rate yesterday by a quarter-percentage point.”