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62 comments on DrumBeat: June 4, 2007
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62 comments on DrumBeat: June 4, 2007
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Price of Gasoline
The price of gasoline in America was going up while the value of the dollar was going down.
The graph below shows the Canadian dollar rising. It reached a 30 year highs on June 1, 2007 of over .94 cents.
The once lowly Mexican peso has been rising compared to the U.S. dollar also. The U.S. bought oil from Mexico too.
Years of massive U.S. government budget deficits, debt payments, wage controls, and an unnecessary war have resulted in the dollar taking huge losses compared to stronger currencies.
The decline of easily recoverable light oil reserves and refinery bottlenecks were the major source of woe for the gasoline consumer.
Your average American citizen, who at beast is naive, at worst is an idiot, does not understand currency depreciation. All he sees is that the "greedy oil companies" have doubled the price of gas in the past 5+ years.
Even CNBC and the so-called "economists" have no idea what the actual, classical definition of inflation is - an increase in the money supply. Most think that if prices are rising then that is causing inflation. In fact, rising prices are symptoms of inflation.
Come Quasi, come...