Okay, so this is a cheap post linking to someone else. However, the topic is important. I don’t pretend to understand a great deal of economics but the more I learn, the more frightened I become for our present condition. Here is another great reason to vote for Ron Paul. Just in case you miss one of the comments to this linked post, I am copying it here:
Dr. Paul has great big brass ones, and more integrity than all the rest of Washington combined. He rocks!
By the way, in case you don’t know it, Bernanke doesn’t and he is lying.
As long as I am merely pointing you to other post, be sure to visit this one. It helps to upack this line of thought a bit better. Here is a quote Chad pulls from an article he links to (some good links in his post):
Consider this: In 2000, when Bush took office, gold was $273 per ounce, oil was $22 per barrel and the euro was worth $.87 per dollar. Currently, gold is over $700 per ounce, oil is over $80 per barrel, and the euro is nearly $1.40 per dollar. If Bernanke cuts rates, we’re likely to see oil at $125 per barrel by next spring.
Inflation is soaring. The government statistics are thoroughly bogus. Gold, oil and the euro don’t lie. According to economist Martin Feldstein, “The falling dollar and rising food prices caused market-based consumer prices to rise by 4.6 per cent in the most recent quarter.” (WSJ)
That’s 18.4 per cent a year, and yet Bernanke is still considering cutting interest rates and further fueling inflation.
Keep saying 2% over and over Mr. Bernanke. Seriously, he is lying.
