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Sunday, February 6, 2011

Hell-bent Money Printing --> Rising Food Prices --> Arab World Instability


DylanRatigan.com:
Food for Thought -- Dylan Ratigan and Bill Fleckenstein discuss how the Fed's money printing pump has helped create exploding world food prices, which are "strangling" poor people, especially in the Arab world. It's a "food bubble."

Ratigan says the Fed's "hell-bent" money printing is designed to cover up the 2008 massive mega-bank theft. The theft is the Fed basically using trillions of newly created dollars to make-up the losses at these "too-big-to-fail" banks.

Bill Fleckenstein makes these points:
  • Money printing correlates quite well to rise in commodity prices, but not precisely
  • When you "print money out of thin air", you don't know where it will go
  • Printing money turns the average person into a speculator (think Chinese farmers holding back their cotton crop)
  • 80% of money in countries like Egypt goes to buying food (and that's for the lucky ones who have jobs)
  • 40% of political donations in the U.S. comes from giant banks ... so the banks own Washington
  • The Fed won't ever face it's mistakes, and always just wants to print more money to solve any financial problem.
  • Fed policies consistently promote the misallocation of capital
courtesy: George Washington's blog
----
update:

Paul Krugman presents the counter-argument. He says it's not the Fed's dollar devaluation/inflation causing higher food prices, it is the weather. Weather might be a factor, but it's dominated by a blizzard of paper money.

Paul Krugman / NY Times:
Droughts, Floods and Food -- So what’s behind the price spike? American right-wingers (and the Chinese) blame easy-money policies at the Federal Reserve, with at least one commentator declaring that there is “blood on Bernanke’s hands.” Meanwhile, President Nicolas Sarkozy of France blames speculators, accusing them of “extortion and pillaging.”

But the evidence tells a different, much more ominous story. While several factors have contributed to soaring food prices, what really stands out is the extent to which severe weather events have disrupted agricultural production...

zero hedge

Calculated Risk

Mish's Global Economic Trend Analysis

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia