Food for thought: Obama is a tourist in his own country. Seems he knows as little about us as we know about him. Funny. Or scary if this guys gets elected.
In the “more dire predictions” category, Jim Juback from MSN (moneycentral.msn.com) thinks oil will continue its price rise. He sites geology and geopolitics. I often read his columns and they are quite good on the whole.
He omitted what I believe to be the major cause of this, and other, inflation. Government central banks producing huge quantities of fiat currency.
In “The Economics of Ron Paul”, Lew Rockwell writes:
“In Dr. Paul’s view, if we seriously paid attention to the teaching of economics, and the population understood those truths, the central bank would be closed, the bureaucracies would be shut down, taxes would be repealed, spending programs would be abolished, and regulations would be stripped from the books – for all these efforts to manage society not only fail to achieve their stated objectives; they also reduce our living standard and artificially restrict the scope of freedom in our lives.”
“Dr. Paul writes that freedom is all of a piece. You can’t pick and choose. Moreover, it is impossible to speak of the future or of human needs without trusting economic freedom and disempowering the state to intervene in every area of life. Without sound money, there is no protection for savings and property, nor capital accumulation, nor long-term investment, nor entrepreneurship, nor social advance. Without the right to own and control property, we have no real say over our lives. Without the freedom to make contracts, to take risks, and to live in whatever peaceful way we choose, there is no hope for the future.”