Fortune magazine asks an interesting question: How do you account for the discrepancy between the Fed’s recent assurances that inflation is under control and the 91% of the population (according to a March CNN poll) that’s worried it isn’t?

The answer? The feds focus on what they call “core” inflation. This strips out energy and food from the consumer price index because of their theoretical vulnerability to short-term volatility — magically making inflation seem smaller than it is.

“We’re going to be murdered by inflation!” screams the perennially paranoid Mogambo Guru.

“Things are getting weirder and weirder out there, and I am getting weirder and weirder in the semi-gloom of the Mogambo Bunker Of Ultimate Paranoia (MBOUP), like when I (for some reason) weirdly thought that if I called 911 to report the emergency of a rampant 20% monetary inflation that is going to lead to unbelievable consumer price inflation which will lead to food riots and societal breakdown, it might do some good!The reason I did that was that I am just about to give up using the Mogambo Method Of Societal Change (MMOSC), variously called “crazy drunkard screeching and writing hate mail to the Federal Reserve, Congress, the Supreme Court, the United Nations and all the other lying, thieving, scumbags of the world, most of them Marxist trash who depend on the damned Federal Reserve and their own central banks to create so much money so that they can finance their loathsome socialist/communist agenda.”

According to Bill Bonner at The Daily Reckoning: “In terms of what a dollar will buy in the United States, a dollar is down around 25% so far this century. In terms of what it will buy in Europe, it is down by about 50%.”