Oil broke through $90 a barrel this morning, approaching a three-year high. More good news for the economy. I hate to beat a dead horse (or senior citizen that starved to death), but didn’t Ben Bernanke just go on 60 Minutes last week and make the following declaration:
“Well, this fear of inflation, I think is way overstated. We’ve looked at it very, very carefully. We’ve analyzed it every which way. We’ve been very, very clear that we will not allow inflation to rise above 2% or less.”
Below is a series of one month charts for some things that you might use in your everyday life. Does it look like inflation is well contained? Has Ben Bernanke ever been wrong before? After looking at these charts, what do you think of Bennie’s analytical abilities? How about his lying abilities?