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By Phaedrus
Hey Turnpike,
Bernanke pretty much destroyed your paranoid hyper-inflation arguments at his press conference yesterday. How do you feel about that? :lol:
By Turnpike
Sorry, he is part of the problem. The Federal reserve is the problem.

Sorry, everything isn't fine. Well, here it is right from the month of Mrs. Progressive herself. Global food prices, and global food shortages effects our bottom line as well. Unless you listen to

ROME -- U.S. Secretary of State Hillary Rodham Clinton warned Friday that global shortages of food and spiraling prices threaten widespread destabilization and is urging immediate action to forestall a repeat of the 2007 and 2008 crisis that led to riots in dozens of countries around the developing world.
Clinton told a meeting of the U.N.'s Food and Agriculture Organization that urgent steps are needed to hold down costs and boost agricultural production as food prices continue to rise.

"We must act now, effectively and cooperatively, to blunt the negative impact of rising food prices and protect people and communities," she said at the FAO's headquarters in Rome.
The U.N. estimates that 44 million people have been pushed into poverty since last June because of rising food prices, which could lead to desperate shortages and unrest. Clinton said the world could no longer "keep falling back on providing emergency aid to keep the Band-Aid on."
Speaking to a room full of ambassadors to the Rome-based U.N. food agencies, Clinton warned that some countries had adopted "unwise" policies such as export bans during the 2007-2008 food crises "that only made matters worse" by driving up prices, encouraging hoarding and panic buying and discouraging farmers from producing more.
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By Phaedrus
Clinton was speaking only of food prices. The problem of inflating food prices is much worse in the third world than it is here. In poorer countries, staples make up a much larger portion of the diet and of disposable income. Out food prices are typically a mixture of staples and processing. The end consumer price on a basket of goods does not increase as fast as the farm commodity prices and may even decrease due to lower processing and packaging costs.

For another view of the inflation discussion: ... 1305048606
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