I strongly recommend this editorial, published today in the Wall Street Journal, and written by David Ranson.
Inflation May Be Worse Than We Think
Perhaps many people have also noticed that the U.S. Dollar has fallen to new all-time lows yesterday and overnight, and inflation continues to surge even higher. Yesterday, wholesale inflation reached 26-year highs, but this occurred before the recent explosion of commodity prices to new records almost across the board. Inflation measures in future months are certain to rise not only higher, but considerably so. If anything, the plunging Dollar and surging commodities have baked higher inflation into the cake.
Isn't it time, perhaps, for the Bernanke Fed to stop worrying about saving Wall Street bankers, and think more about saving Main Street? Where is Volcker when we need him?
Isn't it time, perhaps, for the Bernanke Fed to stop worrying about saving Wall Street bankers, and think more about saving Main Street? Where is Volcker when we need him?
