The government – Republicans, Democrats and the president – are all pointing fingers at those they believe are responsible for rising oil prices.
Sure, they can find scapegoats in speculators or oil producers, and sure, they can mislead the country via the media into believing such nonsense. But when one looks further one can see that not only is the price of oil rising but also gold, silver, cotton, wheat, corn and sugar.
For instance, if one were to look at the 20-year chart of cotton prices, one will see that the price has exploded since July 2010. Commodity prices are rising. Can the finger be pointed squarely at speculators and producers? Can all commodity prices really be attributed to both? Or is there something more sinister going on?
Rising prices are due only and completely to inflation. The Federal Reserve has been creating currency out of thin air for too long, and now we are seeing the disastrous results of such policy.
If we don’t identify the real problem, in time it will be too late. So let’s stop pointing fingers and passing blame. Let’s look at the three fingers pointing back, the three fingers that rest directly on the Fed and the government of the United States.