Fed Not to Blame for Rising Commodity Prices, Paper Argues Michael Derby posting about new research from the Fed.
According to the paper, we suffer commodity (oil) shortages from world economic growth. Actually the real story is the information revolution has put constraints on the transportation network.
My real question is, however, if the depression results from commodity shortages, then how does funding Congress with printed money help matters? The aim of the Obama administration is to bail out losers in the restructuring, like Reagan and Bush before him, that is, use debt to avoid restructuring. It is a nonesensical effort to preserve the delusion of a constant exogeneous central government. Chasing windmills has led to five, count them, five middle east wars involving the United States (counting Afghanistan).
The picture of the folly as seen from the Internet with instantaneous communication is much different than the picture our national leaders got with newspaper clippings. They think they are heroes in DC, but to bloggers, it looks surreal. Our leaders in DC look frightened, like their concept of unchanging government, with its own bible, has been exposed.
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