Yay, inflation

The rest of the world is upset at the Fed’s decision to keep printing money. While I think America should concentrate on fixing the American economy, if we destroy the world’s economy while fixing ours, I doubt we’ll be much better off in the long run.

Since August, when the prospect of more Fed QE became real, cotton prices are up 68pc, sugar prices have risen 66pc and rice is up by a third.

That’s why QE will be blamed for so much more than “unfair” currency devaluations and for imposing a “soft default” on America’s creditors.

This crazy money-printing is going to be seen as the primary cause of Western inflation, food riots and a commodity price spike.