Dear Reader,

In a few hours, the government will announce the August CPI number. The TV anchors will smile and say inflation is cooling. They will say 3.3 percent. They will call it progress.

While you watch that, the Federal Reserve's own data tells a different story. M2 money supply just hit $23.22 trillion. An all-time high. The 27th consecutive monthly increase. Up $862 billion since January alone.

Inside today's issue:

• The Number They Won't Show Tonight: The CPI is a thermometer. M2 is the actual fever. The last time money supply hit these levels, groceries cost 9 percent more a year later.
• The Tariff Tax Is Already Here: Trump's 10 percent global tariff went live yesterday. PPI just came in at 5.4 percent annually. Wholesale prices are not cooling. They are accelerating.
• What the Bond Market Already Knows: The 10-year Treasury yield is at 4.78 percent. That is the market saying the Fed is wrong about inflation. Bond traders put their money where their mouth is. Analysts put their opinions on TV.
• Larry Benedict — Oil Skimming: Larry Benedict just released a new presentation on a strategy called "Oil Skimming." It's worth a look. (Brownstone Research)

THE REAL INFLATION NUMBER

Here is what FRED shows you when you actually look:

M2 money supply: $23.22 trillion as of July 2026.
Monthly increase: $102.8 billion.
Gain since January 2026: $862.7 billion.
Amount above the March 2022 peak: $1.43 trillion.

STOP. Read that last number again.

The March 2022 M2 peak is the moment that gave us 9 percent inflation. The grocery store chaos. The mortgage shock. The savings wipeout that hit every middle-class American family.

We are now $1.43 trillion ABOVE that peak. And the government is about to tell you inflation is at 3.3 percent and going down.

"Money Supply M2 in the United States increased to $23,218 billion in July 2026, reaching an all-time high."

They are printing the money. Then measuring the result with a thermometer they calibrated themselves.

THE TARIFF TAX ON TOP

Yesterday, September 10, Trump's 10 percent global tariff went into effect. Canada has already fired back. Twenty billion dollars in retaliatory tariffs on 700 American products, effective September 8. India's effective tariff burden just jumped to 18.3 percent.

On Thursday, the Producer Price Index came in at 5.4 percent year-over-year. Wholesale prices. The prices factories pay before passing costs to you. The September CPI will be the first to reflect yesterday's tariff shock. That number drops in October.

The bond market already sees it. The 10-year Treasury yield sits at 4.78 percent. That is the market pricing in persistent inflation the Fed insists is temporary. Bond traders have $20 trillion on the table. TV economists have opinions.

I have been saying this for 30 years. Every great empire dies the same way. Not from invasion. From the printing press. Rome debased its silver denarius for 300 years before collapse. The Fed has been running its own version since 1971. They call it "monetary policy." I call it theft.

So watch the CPI number this morning. The anchors will celebrate 3.3 percent. Then ask yourself: if inflation is cooling, why is the government's own money supply at an all-time high? That answer matters more than anything they will say on TV today.

Here is the play I am watching right now. I want to show you something after this...

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WHAT YOU CAN CONTROL

The government cannot print gold. They cannot print silver. They cannot print real estate or productive land. Those are the only assets they cannot debase.

I bought my first silver coin in 1965. I have been buying gold since the 1970s. Not because I am a gold bug. Because I have read the history. The money always gets debased. The hard asset always survives.

$23 trillion. They call it liquidity. I call it 23 trillion reasons to own something real.

Pigs get fat. Hogs get slaughtered.

To your freedom,
Robert Kiyosaki
Author, Rich Dad Poor Dad

P.S. Gas prices are skyrocketing right now. Here's what to do... See Larry's oil briefing here.