4/23/11
Today’s (i.e., Saturday’s, 4/23/11, page A10) Wall Street Journal reports that
“Protests by truckers flared into a third day in China’s biggest port city and shippers offered the first indication that trade was being slowed, illustrating how inflation worries could gum up the world’s No. 2 economy.”
Apparently, as is taking place in this country on a smaller (but perhaps not for long) scale, truckers in Shanghai are parking their rigs because they simply can’t make any money with diesel prices at these levels.
Note also that inflated prices of every day necessities were largely behind the protests in Egypt, Syria, and throughout the Middle East. See my 2/3/11 piece AFTER ALL THESE CENTURIES, THE EGYPTIANS STILL HAVE SOMETHING TO TEACH US.
Hmm…
It looks like the Bush/Obama/Bernanke policy of inflating our way out the debt that is the legacy of a 20+ year public and private spending debauch is wreaking havoc, or worse, on people other than the hapless creditors, who had the good sense not to buy into the “spend all you can as fast you can” mentality that has become so popular in this country, that the policy is designed to punish.
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