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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (9668)	7/21/2004 10:48:56 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

321gold.com Doug Noland passes along a little bit of news from the Bloomberg site, where Michael McKee and Jessica Brice quote U.S. Commerce Secretary Donald Evans, who said that he's "not worried that oil prices will lead to higher inflation." If he really wanted to get my attention, he would have said that he is not worried that eating bag after bag of chocolate-chip cookies will lead to higher weight gain. They both make the same amount of sense, although one is much more delicious than the other. But Mr. Evans is not finished sounding really stupid. He went to on say, and I am providing the exact quote, because if I did not you would accuse me of making this up because it is hard to believe that a senior member of the government would say something so ridiculous, "Oil prices have been above $35 to $40 for quite some time now. If that was going to have a serious impact on inflation in this economy, it would have begun to feed its way into it. From what I can tell, inflation remains in check and remains under control." The Fed has raised rates to stem this rise in prices, yet this guy says "From what I can tell, inflation remains in check and remains under control." All the inflation indicators are rising, rising, rising, and yet we get a government doofus saying "From what I can tell, inflation remains in check and remains under control." Oil is staying over $40 a barrel, and yet "From what I can tell, inflation remains in check and remains under control." And then people ask, "Hey, Mogambo! Why are your eyes all glassy and vacant?"