And so the death spiral begins.
Oil is just one of the commodities that have been rising in price by 1%/month since Bernanke's policy of "quantative easing" began.
Read, quantitative easing = tax on Americans.
That easing is responsible for rampant inflation in foreign countries...like Egypt...Libya...Tunisia...Greece...Ireland...Iceland...Portugal...Spain...Italy...
Do I need to go on?
Ideas have consequences. Ignorance and arrogance on the part of the #2 most powerful man in the world will have a lasting impact...to the tune of millions dead to starvation (China), revolutions, and the next step...war.
When the riots finally reach our shores...perhaps Congress will wake up. See the Denninger post on the officer boards. Good stuff.
Let's just hope that we realize that we will continue to need a military more than entitlement spending...before we actually NEED the military.
J