Dylan Ratigan says that the Fed is printing money to cover enormous theft by the big banks, and that money printing is leading to food inflation worldwide. (Bad weather and speculation on commodities are obviously also contributing to rising food prices).
Bill Fleckenstein largely agrees, telling Ratigan:
- Money printing correlates quite well to rise in commodity prices, but not precisely
- When you “print money out of thin air”, you don’t know where it will go
- Printing money turns the average person into a speculator (think Chinese farmers buying copper)
- 80% of money in countries like Egypt goes to buying food (and that’s for the lucky ones who have jobs)
- 40% of political donations in the U.S. comes from giant banks … so the banks own Washington
- The Fed won’t ever face it’s mistakes, and always just wants to print more money