Fed Staff Increases Its Inflation Forecast

Economic Policy Journal ^ | 4-5-2011 | Robert Wenzel

[GlockThe Vote]

Bump.

[proudpapa]

The main reason food prices are up is because gas prices are up.

Both would be better controlled if we had start drilling for more oil back in ‘08.

Let me be the first to say it: Palin was right, “Drill, Baby, Drill!”

[21twelve]

I should have been more clear in my previous “explanation” and my rant, and put the sarcasm tag on it. However, that IS how lots of folks probably look at it. And it wouldn’t surprise me if Obama DOES try to get price controls on certain things. And the sheeple will be ready for it.

But yes, part of the reason for food, and pretty much everything is in part due to fuel prices. (A freeze in Mexico boosted some produce prices too). Prosperity in China is putting a demand on food as well.

But I think a huge part of the price increases IS the printing of lots of U.S. dollars. And some have speculated that they are doing it so as to pay back our debt. OPEC, and the world, trades oil in U.S. dollars, so is tied directly to the value (or lack thereof) of the dollar. OPEC was looking into the Euro I believe to trade in. Not sure if that will go anywhere.