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December 11, 2007



Actually, I'm more worried about the idiots in Congress spending like drunken sailors and the federal reserve cutting interest rates, thereby inflating the money supply and eroding confidence in the U.S. dollar. One of the main factors driving oil prices towards $100 a barrel is the weakening U.S. dollar. If that idiot Bernanke continues to cut rates it will just encourage speculators to bid up the price of oil even more. The global aversion to holding U.S. dollars will get worse if our so called leaders continue policies that weaken the dollar. We're already seeing many oil producing nations demanding to be paid in a currency other than dollars. If the corrupt morons running this country don't change their tune very quickly, then the outcome will be a long recession, if not worse. I'm not so much worried about the short term supply of oil, as I am about the overinflated dollar supply.


If anything, it's not Bernanke but Greenspan who is to blame; his policies flooded the world with dollars when he not only cut interest rates to the bone (far below what was needed, to boot) but kept them there for too long, helping to further fuel the nascent housing bubble.

Bernanke has had the bad luck of inheriting all of those imbalances and having to deal with their consequences; if anything, I'd have to say he's done an excellent job given the circumstances, far better than Greenspan.

But, either way, the point's the same. Oversupply of dollars is not a good thing.

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