Rant Time

There's some crap on the internet. (Some good stuff too - like this blog.:))

Just have a look at this one:

http://inflation.us/about.html

Put up by the National Inflation Association.

The by-line: Preparing Americans for Hyper-Inflation.

Who are they? No idea.

No names given. No addresses given.

The statements on this web-site have to be seen to be believed. But I'm sure many do believe them.

Get this one, for example:

"For many decades, most American students went to college to get a job on Wall Street."

What? Those Liberal Arts students? Those med students? Those engineers? Those computer nerds? Those Science students? Those education students? Those ag-science students? Those geology students?

Most of them were wanting jobs on Wall Street?

What balderdash.

Then they get down to something that might be a bit more specific:

"During the months of September and October alone, just in anticipation of the Federal Reserve’s quantitative easing announcement, cotton prices rose by 54%, corn prices rose by 29%, soybean prices rose by 22%, orange juice prices rose by 17%, and sugar prices rose by 51%. Wheat prices are also up 36% since the beginning of July. Despite these huge increases in commodity prices, according to the U.S. Bureau of Labor and Statistics (BLS)’s consumer price index (CPI), food prices only rose 0.3% in September. (The BLS’s October CPI report will be released on November 17th.)"

The reason the price of agricultural products is rising in America has to do with a drought in the mid-West. Yes - a drought. The supply of ag-products is being severely reduced by a drought. Nothing to do with an anticipation of the Fed's QE2 announcement. Unless, somehow, an anticipation of QE2 can somehow reduce the amount of rain falling in the mid-West.

Just more balderdash.

I could go on and on and on.

But what's the point?

This is the sort of rubbish that is being spread over and over and over again about the Fed's QE2.

Any first year economics student who wrote this sort of balderdash would be quickly given a fail and given counselling to suggest other career options.

But - the unknown instigators of this sort of rubbish must have ulterior motives. I wonder what they could be? hmmmm? I'll leave that to your imaginations.

Cheers

Red