Lost in the media euphoria yesterday and today over Barack Obama's clinching of the Democratic Party's Presidential nomination (more about that in my next post) were the comments by Federal Reserve Chairman Ben Bernanke which appear to suggest that maybe, JUST MAYBE, someone at the Fed has finally realized that yes, the collapse of the dollar is playing a part in the rise in prices here in the U.S. (the cost of a barrel of oil being the most obvious example): http://www.realclearpolitics.com/articles/2008/06/bernanke_backs_king_dollar.html. More importantly, it looks as though some steps may finally be taken to strengthen the Greenback.
I'm no economist, and yet I realized this long ago. What took the eggheads at the Fed so long?
1 comment:
It sounds good and I like that they have an alternate plan ready, besides just raising interest rates.
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