Who is responsible for the commodity and food inflation? Bernanke denies that it is the Fed. And, of course, the cause of inflation is hard enough to prove in a domestic economy, much less from policies followed by other central banks.
Quietly crude oil has recovered from the $50 price it hit at the end of 2006. We will all have to await the start of the U.S. summer and the hurricane season with interest. Could crude hit its records again?