Commodities markets have soared on news of a global currency inflationary war by central banks around the world, with gold prices climbing to more than $1,375 per ounce in overnight trading October 14. Other precious and semi-precious metals such as silver, platinum, palladium, and copper also topped recent highs in successive days of trading.
The notes of the latest meeting of the Federal Reserve, released on Tuesday, clearly show the Fed’s next step in trying to solve the problem it has created: Quantitative Easing II, or QE2 (qualitative easing is Fed-speak for increasing the money supply). The meeting lasted more than five hours and consisted of a debate about when to start the process: now, or later.
On September 22, the Business Cycle Dating Committee of the National Bureau of Economic Research (BCDC-NBER) announced that the recession (it began in December 2007) had ended in June 2009. Obviously, all of those out-of-work Americans clogging the unemployment lines and lining up at job fairs didn’t get the good news.
Social Security recipients will go a second consecutive year without receiving a cost-of-living adjustment in 2011, according to various press reports. The announcement, which will formally be made when the federal government reveals Consumer Price Index figures October 15, amounts to what MSNBC says in the subtitle to its article on the subject that the “expected announcement before election couldn't be worse for Democrats.”