Regular economics commentator on The British based financial website "The Market Oracle" Mike Shedlock voiced his opinion on the root cause of the civil strife in the Middle East, particulary the events in Egypt;
"Blood on Bernanke's Hands
Most of the increases in food prices are due to droughts in South America, floods in Australia, and poor growing conditions in many places.
However, Bernanke's "Quantitative Easing" policies combined with rampant credit growth in China and India have led to increased speculation in commodities. That speculation has forced up food prices.
Please note that speculation in commodities is not a cause of anything. Rather commodity speculation is a result of piss poor monetary policies not only the Fed, but central bankers worldwide."
The Chinese cautioned Bernanke about this endless use of the printing press as they advised, with all common sense, that it would cause a rush of hot money into speculation and ramping up of cost inflation due to commodity buying and hoarding.
Leading Inexorably To Calamity As Palin Pointed Out
The endless printing of money by the Obama administration’s confirmed head of the Reserve Bank ,Bernanke, in a desperate attempt to kick start the American economy, has lead, as Shedlock rightly says, to inflation in commodities. This has led to higher prices and poverty-the natural result of inflation.
Sarah Palin urged a return to "Common sense" economics. Cutting spending, balancing the budget and getting America back on track through financial discipline.
if this, printing press splurge continues, the food riots will come to a neighbourhood near you courtesy of the Obama administration.
Also, if Islamic fundamentalists take over in the Middle East as a result of the rioting, food inflation may also not be the only thing exploding in America.
Can we wait two years for Palin? Will we have an inflationary bust followed by a massive depression?
One thing is certain, the iron laws of economics have not be repealed no matter what magical policies the Obama administration pursues in the name of the “redistribution” then candidate Obama advised “Joe The Plumber” he was going to institute