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POPSStop Bernanke's Hanky-Panky
But the fact remains that only a weak housing market -- housing costs are weighted to count as more than a third of the Consumer Price Index -- is keeping the official measure of inflation as low as it is. For owner-occupied housing, that's an artificial means of assessment: Mortgage costs haven't fallen even as housing values have dropped. But with food and oil and a huge spate of other commodities all seeing rapid cost hikes, the average person is feeling the pinch in his wallet even as the official index remains low. he latest email arrived from the always-wise economist David Gitlitz, blasting Bernanke: "The Fed chair didn't do any better attempting to explain the ongoing commodity price rally. The CRB spot commodity price index is now at record high levels and has risen by 85% since the Fed began its first quantitative easing program two years ago." And: "At some point, the reality that inflation can no longer be dismissed as a non-issue might become . . .
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POPSSuccinct Summation of Week’s Events (1/14/11) I decided to post this because as an effective summary of a week's economic events. I'll probably do this for several weeks before deciding if there's ongoing merit in replicating it. Comments wold be appreciated.
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POPSSterling Remains Under Pressure Sterling remains under pressure...Bank of England set to confirm increase in QE...Japanese concerned over strength of Yen... CRB index is down more than 12%...G8 leaders confirm recession is worst since World War II...read more at Currencies Direct and MarketClub Updates
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POPSThe Seeds of Inflation Another sign of a bubble. Don't we know we should be experiencing cognitive dissonance in place of our denial?
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POPSSurge for the Dollar Despite Global Fears The dollar surged to a two-year high against the pound and a six-month peak against the euro on Friday, as fears about spreading economic gloom triggered a sell-off in commodities. Against sterling, the US currency notched up its 11th consecutive day of gains – its longest uninterrupted rise in more than 35 years – as markets became increasingly convinced that the US was best-placed to weather the global downturn. The Reuters-Jefferies CRB index, a benchmark for commodities, fell more than 2.5 per cent to its lowest level since late March. The index has fallen almost 20 per cent since an all-time high in July, but is still 22 per cent higher than a year ago.
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