- From Zerohedge: "And Americans are complaining at an average gas price in the mid $3 range. In Europe, gasoline has just hit an all time record of $8.632 per gallon! As HLN.be reports: "tomorrow the price of gas will reach an absolute record. Petrol 95 can hit €1.624 per litre. This breaks the 2008 record of €1.61 per liter." Translated into American this means that a gallon of gas in Europe is now an unprecedented $8.632 per gallon, which will certainly result in Europe literally and metaphorically grinding to a halt."
- From CNN Money:
"Countries that depend on imports and don't grow a lot of their own grains, like many Middle Eastern nations, are also feeling the pain from price pressures. The recent turmoil there, with outbreaks of riots and violent clashes with police and military forces, is partially related to surging food prices.
"What has happened in Tunisia, is happening right now in Egypt, but also riots in Morocco, Algeria and Pakistan, are related not only to high unemployment rates and to income and wealth inequality, but also to this very sharp rise in food and commodity prices," Roubini said.
I'm not sure how this will all turn out.... but I do know one thing, we need to quit printing money. This would send us into an ugly period of deflation with major liquidity concerns arising in the financial sector, but the "too big to fails" need to fail and the financial system needs to take another hit and go through the restructuring process that was intended for 2008 so this country can get back on the right track again.
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