Oil price is going up - not because of the dollar or demand but because of Iran. Or, more accurately, Israel's determination not to let the murderous mullahs get the bomb.
What is the U.S. doing about this possibly soon eventuality? The answer will be a key factor in George Bush's ultimate historical reputation. Stay tuned.
Ameliorating Monetary Malpractice
At long, long last the Federal Reserve is waking up to the need to strengthen the dollar. With the connivance of the Treasury Department and the White House, our central bank has been debasing the greenback since 2004. The results have been disastrous: the housing bubble; rising prices; overseas food riots; growing and destabilizing inflation in the numerous countries that have tied their currency to the dollar; and windfall revenue for Iran and Venezuela, the two biggest supporters of global terrorism. The weak dollar is also inhibiting capital investment by businesses. As inflationary commodity turbulence continues, we'll see if the Fed follows through.
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