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Monday, May 2, 2011

Checking on Bernanke Inflation

Ben Bernanke's dollar debauchery is hitting Americans very hard. Here are reports about how bad his buck busting inflation is getting:

Sticker Shock -- 

The Fed may deny it, but Americans know that prices are rising. Inflation is back.

“I can’t eat an iPad.” This could go down in history as the line that launched the great inflation of the 2010s.

Back in March, the president of the New York Federal Reserve, William Dudley, was trying to explain to the citizens of Queens, N.Y., why they had no cause to worry about inflation. Dudley, a former chief economist at Goldman Sachs, put it this way: “Today you can buy an iPad 2 that costs the same as an iPad 1 that is twice as powerful. You have to look at the prices of all things.” Quick as a flash came a voice from the audience: “I can’t eat an iPad.”...
Fortune / CNN.com:
Bernanke's fuel, oil's rally -- Commodity inflation is about as transitory as our Chairman Bernanke's economic policies. When they change, so too will the price of oil.
In his press conference last week, Federal Reserve Chairman Ben Bernanke highlighted his belief that high commodity prices are simply transitory in nature. He pegged the current rise in oil prices to both supply and demand. On the supply side of the equation, he noted unrest in the Middle East as currently constraining oil production, which is fair point, especially given the sharp decline in Libyan production. On the demand side, he highlighted the continuing growth in demand from emerging markets.

Interestingly, he made no mention of monetary policy, or a weak dollar, in the role of commodity price inflation...
The Big Picture:
Chart of the Day: National Gasoline Prices --
After initially selling off on the bin Laden news, Oil prices have rallied back to new highs...
NY Post:
New York City prices up by 14% since last year --
The price is not right.

In addition to skyrocketing rent and gas prices, New Yorkers are being nickel and dimed to death, shelling out 21 cents more for a box of Corn Flakes, 29 cents more for a six-pack of beer, and about a buck extra to go to the movies. It even costs more to treat a headache than it did in 2010.

Costs are creeping upward for everything from a coffee-cart cup of Joe to a carton of milk to a TV dinner.

A Post analysis found that rent has risen 5 percent and a sampling of New Yorkers’ common purchases have jumped about 14 percent...

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