Oil broke through $90 a barrel this morning, approaching a 3 year high. More good news for the economy. I hate to beat a dead horse (or senior citizen that starved to death), but didn’t Ben Bernanke just go on 60 Minutes last week and make the following declaration:
“Well, this fear of inflation, I think is way overstated. We’ve looked at it very, very carefully. We’ve analyzed it every which way. We’ve been very, very clear that we will not allow inflation to rise above two percent or less.”
Below is a series of ONE MONTH charts for some things that you might use in your everyday life. Does it look like inflation is well contained? Has Ben Bernanke ever been wrong before? After looking at these charts, what do you think of Bennie’s analytical abilities? How about his lying abilities?
OIL
HEATING OIL
UNLEADED GAS
COPPER
CORN
SOYBEANS
WHEAT
LEAN HOGS
COCOA
COFFEE
COTTON
SUGAR
jmarz says:
You had to throw in a Bernanke quote to start off my morning. Now I’m cranky as shit.
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22nd December 2010 at 10:00 am
Cynical30 says:
NUH UH Jim! You obviously lack the foresight that our government has in not considering such commodities in their esteemed inflation calculations. You’re totally not considering the outside forces that can affect the prices as well. I.e.
1) Massive theft of light crude by crustaceans at the bottom of the Gulf.
2) Swarms of unicorns devouring soybeans, corn & wheat in the midwest.
3) The cukoo for Cocoapuffs bird shutting down and nationalizing the pipeline after his successful coup d’état in the Ivory Coast.
4) The military’s lean hog buy up in order to create claymore mines capable of spraying bacon and chitterlings in its continued War on Islam.
Yes, it’s all occurring at the SAME TIME, almost magically in unison with QE2, but you obviously lack the Ivy League education necessary to spot the ecomonic theorem of Utter Coincidence, you plebian knave. Now go back to Walmart and buy a LCD TV on your Capital One card.
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22nd December 2010 at 11:07 am
hugh betcha says:
you forget substitution jim. there is no inflation when substitution is employed.
like instead of
oil use cardboard
heating oil use cardboard
gas use cardboard
copper use cardboard
corn use cardboard
soybeans use cardboard (this one is actually improved by cardboard)
wheat use cardboard
hogs use cardboard
cocoa use cardboard
coffee use cardboard
cotton use cardboard
sugar use cardboard
i’m investing in cardboard, screw gold and silver!
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22nd December 2010 at 12:19 pm
Administrator says:
“As supply and demand find a new normal in the recovering economy, our industry is going to experience margin pressure due to rising input costs.”
Nike CEO this morning
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22nd December 2010 at 2:59 pm
Darwin's Money says:
I tried to listen to Ben’s interview but I couldn’t get past his quivering lip. Is that his tell?
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22nd December 2010 at 8:51 pm
David says:
We broke 90? That’s not the only thing I broke!
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22nd December 2010 at 12:20 am
OverThePeak.com | Blog | World Economic News (Tue 28th. Dec ’10) says:
[...] – 1. 2. 3. 4. 5. 6. 7. . Bookmark on Delicious Digg this post Recommend on Facebook share via Reddit Share on [...]
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22nd December 2010 at 2:22 pm