That commodities' rampant inflation
Is the fault of Bernank's
May be gentler on Yanks
Than a less US-based explanation.
Federal Reserve Chairman Ben S. Bernanke appeared before a Senate committee yesterday, once again facing questions on the Fed's role in rising prices for food and fuel. Since these commodities comprise a global market in which prices are set by international supply and demand, one may wonder whether the blame directed at quantitative easing willfully ignores the the "£800 million panda in the room." Most knowledgeable observers agree that Chinese demand is a more important driver of commodity prices than US money supply.